Ask a favour, give a favour, earn a Fava

Incentives for Early Users

We'll shortly be announcing details of a scheme to encourage user activity levels in the early days of Favabank by offering incentives for certain account activities. We can't formally announce the scheme until we have created our cooperative legal structure, which will be in place prior to our official launch later in 2012.

At this stage we would like to state the general aims of a scheme which will ideally involve being able to allocate share ownership to 5,000 early users. The shares may be in a virtual format until Favabank becomes viable and able to support the administration aspects involved in paying dividends.

There may be a prerequisite for a recipient of shares to be a Favabank cooperative member having paid a cooperative subscription, or if a share allocation scheme appears to be unfeasible then we could consider offering discounted or Free cooperative membership. All of the specific details will be announced prior to official launch.

Above we refer to the achievement of certain account activity goals as the basis on which we can offer shares, this may be along the lines of the following:

It may involve completing a profile and uploading a photo, inviting a couple of friends and vouching for their authenticity, having a friend vouch for your authenticity, posting an ad, posting a social comment, maintaining account activity for a specified period (e.g. remain active for over a year).

Specific details of the scheme will be announced around the time that we announce the confirmation of our legal status as a cooperative. In the meantime, please refer to our plans regarding the cooperative at 'Favabank as a Cooperative'.

Perhaps you're worried about your Gran who lives too far away for regular visits. Perhaps you could use Favabank to find someone in her neighbourhood who would be willing to check in on her from time to time.