FOSA

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