FOSA
INTRODUCTION
As our Society has continued to grow, there has been an urge to provide a one stop shop for all our members’ financial needs. Towards this end, the Sacco operates a FOSA to meet members’ banking needs hitherto provided by banks. The FOSA also extends additional financial products and services to complement those offered by the back office.
OBJECTIVES
- Provision of saving facility to members
- Enable processing of members’ salaries and dividend payments
- Provide short and long term credit at competitive interest rates.
- Provide ATM services (through Sacco Link Card), thus easy access to funds
- Encashment of Cheques
- Sale of bankers cheques
- Offering standing orders to account holders
- Enable Sacco payments to members through their FOSA accounts
FOSA Loan Products
A. SMART LOAN
- Given at 3 times of a member’s deposit
- Interest rate of 2% per month on reducing balance
- Maximum repayment period of 24 months.
- A member must channel salary through FOSA
B. DIAMOND ADVANCE
- Maximum repayment period of 3 months.
- A member must channel salary through FOSA section
C. SALARY ADVANCE
- Maximum repayment period of 1 month.
- A member must channel salary through FOSA
- You only qualify for half your net salary
- Available after 15th of every month
- 10% of the amount taken repayable on salary receivable
D. SALARY IN ADVANCE
- Maximum repayment period of 1 month.
- A member must channel salary through FOSA
- You only qualify for half your net salary
- Available from 6th to 15th of every month
- One can still qualify for a salary advance if your payslip allows
E. CHEQUE ADVANCE
- Payment on cheque deposits before maturity
ELIGIBILITY
- The FOSA services are for all members of the Society.
REQUIREMENTS FOR FOSA ACCOUNT OPENING
- FOSA account application form
- Passport size photo
- Copy of National ID / passport
- Birth certificate for Jewel account holders
