It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose.
The first Friendly Society established in the Bahamas was founded in 1834 in Nassau on Emancipation Day. Friendly Societies have evolved much since then to stay current and relevant. Today, a friendly society (sometimes called a mutual society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking and financial services. It is similar in structure to a credit union in the U.S.
Virtually every political organization, campaign, church, small business or professional organization in The Bahamas is organized as a Friendly Society.
The Friendly Societies Act states, in part, “It shall and may be lawful for any number of persons to form themselves into a society for their mutual relief; to raise funds for that purpose; to make, alter and amend rules for the government and guidance of the same; and to inflict fines and penalties upon members of such society, who shall or may offend against such rules.”
“Societies may be established under this Act, for any of the following purposes (that is to say) —
(a) [BANKING] for the relief, maintenance or endowment of the members, their husbands, wives, children, kindred or nominees, in infancy, old age, sickness or widowhood;
(b) [INSURANCE] toward making good any loss sustained by the members by fire, flood, or shipwreck, or by any contingency, whereby they shall have sustained any loss of or damage to their live or dead stock, or goods, or stock-in-trade, or the tools or implements of their trade or calling;
(c) [INVESTMENTS] for the frugal investment of the savings of the members, for better enabling them to purchase food, clothes or other necessaries, or the tools or implements of their trade or calling, or to provide for the education of their children or kindred:
(d) for any other purpose which shall be certified to be legal by the Attorney-General, and which shall be allowed by the Minister, as a purpose to which the powers and facilities of this Act ought to be extended.
(***Download a copy of the Friendly Societies Act.)
Become a member: When you join the Sovereign Friendly Society, you can experience the financial services, insurance options, and investment solutions SFS provides.
Open an account: Open an account with Fusion Financial and get your Aquaponics (or related) business operating safely, legally, and far more efficiently.
Reach out: If you have any questions, please email Info@SovereignFriendlySociety.com or call +1.866.347.3321