Nagrik SA was formed in November 2010 as a social club. It was formed with the intention to recruit like-minded business men and women who reside in the Centurion Tshwane area and who share common interest to form a co-operative society with the focus on providing or procuring much needed financial services for its members. On 30 June 2013, Nagrik SA held its first Annual General Meeting (AGM) whereby the proposed formation of Nagrik SA Financial Services Co-opeartive was accepted unaminously.
Nagrik SA is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.
It is a registered Co-operative Financial Institution (CFI) under the supervision and regulation of the Co-Operative Banks Development Agency (CBDA).
Nagrik SA values are based on the seven principles of co-operation and include self-help, self-responsibility, democracy, equality, equity and solidarity. In the tradition of co-operatives, we believe in the ethical values of honesty, openness, social responsibility and caring for others.
Voluntary and Open Membership
Nagrik SA is a voluntary organisation, open to all persons able to use their services and willing to accept the responsibilities of membership, without gender, social, racial, political, or religious discrimination.
- Democratic Member Control
Nagrik SA is a democratic organisations controlled by their members, who actively participate in setting their policies and making decisions on the principle of one member one vote. Members serving as elected representatives are accountable to the membership.
- Member Economic Participation
Members contribute to and democratically control the capital of their co-operative. At least part of that capital is usually the common property of the co-operative. The co-operative’s surplus is either distributed to its members in proportion to their transactions with the co-op, or directed to other activities approved by the membership.
- Autonomy and Independence
Nagrik SA is autonomous, self-help organisation controlled by its members. Nagrik SA enters into agreements with other organizations on terms that ensure democratic control by its members and maintains its Co-operative identity.
- Education, Training and Information
Nagrik SA provide education and training for their members, elected representatives, managers, and employees so they can contribute effectively to the development of Nagrik SA. Nagrik SA also strive to inform the general public – particularly young people and opinion leaders – about the nature and benefits of co-operation.
- Co-operation among Co-operatives
Nagrik SA serves its members and strengthen the co-operative movement by working in solidarity with other co-ops.
- Concern for the community
Nagrik SA works for the sustainable development of our communities through policies approved by its members.
Rajkot Nagrik Sarkhari Bank Ltd (RNSB)
Nagrik SA has fostered links with Rajkot Nagrik Sarkhari Bank Ltd (RNSB) and its CEO is the former Chairman of RNSB. RNSB have agreed to provide technical and operational support to enabling Nagrik SA to become a fully-fledged Co-operative bank in South Africa and for this objective to become a reality. RNSB has been in existence for over 50 years and has amassed assets of in excess of Indian Rps 30.0bn.
Finacus Solutions Pvt Ltd – India
Finacus Solutions Pvt. Ltd. is a solution provider to the Banking and Financial Institutions across the globe, catering to needs of specialist product requirements of this industry. Finacus Solutions invests its skills and effort into building solutions that would provide the best user experience and content relevance with a keen eye on performance and to provide scalable, reliable, long term software solutions to support complex Banking operations.
Nagrik Financial Services Co-operative Limited aims to become the leading Co-Operative bank in South Africa.
View our constitution here