FOSA pRODUCTS
FOSA Products
The objective of operating front office services is to avail additional credit facilities to members, and specifically short term advances. The objects for which the SACCO Society is established are to organize and promote the quality of life of the members by providing quality financial products and services.
The following are our range of Front Office Services Activity (FOSA) accounts, loans and services. FOSA offices remain open from Monday to Friday, 8:00PM to 5:00PM and on Saturday from 8:00AM to 12:00PM
Savings Account
- Minimum operating balance is 500
- No monthly charges
- Account holder can borrow advance for upto 6 months depending on the account transactions
- Account holder can make monthly contributions through check–off system
Children's Account
- Account for members’ children who are 18 years and below.
- The account will be in the name of the child/children but operated by the Member.
- No ATM service on this account.
- Free school fees cheque issued
- Low minimum opening balance
Fixed Deposit Account
- Allows members to save large sums of money at negotiable.
- Withdrawable deposit account.
- Short term investment Plan, ranging between 1 to 12 months.
- Earns competitive interest rates for the period the money is held in the account.
Salary Advance 1
- 15% Upfront,
- Given half net pay of the member,
- Monthly Basis.
Salary Advance 2
- 25% Upfront,
- Repayment in 10 months,
- Must be a FOSA Member
Instant Loan
- 15% Upfront,
- Given at 3 times of a member’s deposits,
- Interest rate of 1% per month,
- Maximum repayment period of 12 months.
Premium Loan
- 15% Upfront,
- Given at 3 times of a member’s deposits,
- Interest rate of 1% per month,
- Maximum repayment period of 24 months.
Karibu Loan
- Interest rate of 1% per month,
- Repayment period is 12 months,
- 1/3 of the amount to be re-tained as shares.
Micro Loan
- 15% Upfront,
- Maximum repayment period is 36 months
Smartphone Loan
- 1% upfront
- Repayment in 12 months,