FOSA Products
Savings
Deposits
Share Capital
This is a unit of ownership of the SACCO and members earn dividends on the same annually when declared.
The Share Capital is not withdraw-able but can be sold or transferred to an existing member upon one’s withdrawal from the SACCO.
The minimum share capital is KSH. 40,000.00 paid in installments (Increasing by 5,000.00 per year till 2023).
Member Deposits
Deposits are savings accumulated by members which may be used as collateral against borrowings from the Society and shall only be refunded when a member withdraws from membership and has fully repaid all his/her debts and is free from guarantee.
FOSA Deposits
Member contributes a minimum of KSH. 1,000 every Month. FOSA deposits is available for those who do not contribute but wish to get big loan advance. FOSA deposits is paid interest at a competitive rate annually.
Withdrawable
Deposits
Fixed Deposit
- We offer competitive interest rates for the fixed deposit account.
- Contract arrangements for between three months and one year.
- Fixed deposit certificate can be used as a collateral for any SACCO loan.
FOSA Product Features & Benefits
Ordinary Savings Account
Features
- Minimum operating balance of KSH. 1,000.00
- No monthly charges
- Interest calculated monthly but paid annually
- Quick access of salaries
- Loan granted channeled through the ordinary savings account
- Easy access of cash: ATM and M- banking services Transaction via mobile phone upon registration at the branch or via USSD Code *346#
Children Savings Account
Requirements
- Parent’s original and copy of National ID/Passport.
- Original and photocopy of child’s birth certificate.
Benefits
- Account for customers aged 18 years and below.
- Free to open the account.
- Minimum operating balance of KSH. 1000.00
- Withdraw limited to 3 times per year.
- Interest earned annually.
- Annual fun day.
- Free intra-account transfer.
- Quarterly withdrawals.
- Three free school fees cheque leaves per year.
Group Savings Account
This product is tailored to suit the needs of investment groups. It targets both incorporated groups and non- incorporated groups.
Requirements
- National Identity Card or passport.
- One colored passport size photograph for each signatory. To be provided or taken at the branch.
- Introduction letter from an account holder / utility bills in the names of the directors/statement for another bank account.
- Resolution to open the account.
- Certificate of Incorporation, Memorandum and Articles of Association for Limited Companies.
- Opening balance of KSH. 5,000
- List of all group members, their contacts (including physical address) and their business activity.
