11. The investment schemes, and before you start
Before you start. Both schemes are in Draft on the live platform today. Until an administrator opens a scheme, you cannot see it under Open schemes, join it, or pay into it.
An administrator opens a scheme like this (you do not do this yourself):
- A Programme Administrator or system administrator opens Investment schemes.
- They select Manage on the scheme.
- They set Status to Open.
- They enter the Trustee, Custodian bank, Fund manager, Auditor and the Custodian collection account shown to members.
- They save.
When the scheme is open, it appears under Investments, and the collection account appears under How to contribute. Do not pay any account until you see it there.
SCAFI and SAIF side by side.
| SCAFI (Series 1) | SAIF (Series 1) | |
|---|---|---|
| Full name | SAPZ Civil Service Agricultural Funding Initiative | SAPZ Agro-Investment Fund |
| Who it is for | Civil servants through their cooperative, the public, the diaspora | Retail and institutional investors, development partners, the diaspora |
| Where you join | On DFFMS, from your account | On an SEC-licensed crowdfunding platform |
| Series size | ₦250 million | ₦100 million |
| Length | 60 months | 12 months, rolled over |
| Price per unit | ₦1,000 at issue, then the NAV | ₦1,000 at issue, then the NAV |
| Dividends | Yearly, after 5% withholding tax | Yearly, after 5% withholding tax |
| Redemption | Paid within 7 working days | Paid within 7 working days |
Who holds the money. The cash sits with an SEC-licensed custodian bank (for SCAFI, Sterling Bank). A trustee protects investors' interests, a fund manager runs the investments, and an auditor checks the accounts each year. DFFMS keeps the register: who joined, who paid, how many units each person holds, and every approval.