FOSA Services

Fosa Services.

  1. Savings

All the members transactions are done through this account e.g. cash deposit, loan processed are posted to this account, and dividends are also paid through these accounts.

Requirement to open ordinary savings accounts.  

  1. Photocopy of one’s ID card.
  2. 1000 which acts as a minimum account balance.
  3. Dully filled and signed form.
  4. Passport and signature captured by the office.

 

Benefits to ordinary savings account holders 

  1. No withdrawal limits.
  2. ATM cards provided on request.
  3. M-banking services provided on request.
  4. No charges on deposit.
  5. 3000 and above to earn interest.

 

 

 

  1. General Savings

This is an account meant for members who do not have salaries especially the business people. All their transactions are made through this account. Dividends are also paid through the account.

 

Requirement to open ordinary savings accounts.  

 

  1. Photocopy of one’s ID card.
  2. 500 which acts as a minimum account balance.
  3. Dully filled and signed form.
  4. Passport and signature captured by the office.

 

Benefits to ordinary savings account holders 

  1. No withdrawal limits.
  2. ATM cards provided on request.
  3. M-banking services provided on request.
  4. No charges on deposit.
  5. 3000 and above to earn interest.

 

  1. Fixed Deposit Account

This is an account designed to enable the society members to save their chunks of money for investment or planning purposes for limited period thus fulfilling their need as well as keeping their savings secure. The longer the term the higher the interest that will be paid on the FD.

Requirement
1) Must be a society member.
2) Photocopy of ID card.
3) Dull filled and signed form.

 

Other attributes to fixed account
1. Minimum fixed amount of Ksh. 50,000.
2. Minimum fixed period of one month.
3. If one withdraws before the agreed period lapses, one looses the right of earning the agreed interest.

 

 

 

  1. Teens Account

This account is designed to improve & educate the young stars on the importance of saving at an early age. The account is opened in the name of the child below eighteen (18) years but operated by the parent or guardian.

Requirements
1. Copy of the child birth certificate/notification.
2. Photocopy of identity card of the parent/guardian.
3. Withdrawals from this account can be made at most 3 times in a year.

 

Benefits
1. Competitive interest rate.
2. Provision of home banking kit.
3. Free standing order.
4. Teens Fun-day for the teens account holders once in two years.

 

 

  1. Tusomeni Account

The account is designed to help members save for future events such as school fees, college/ university fees or other projects.

Requirements
1. Photocopy of Identity card.
2. The account is withdrawable three times in a year.

Benefits
1. No commission or ledger fee charged.
2. Competitive interest rate.
3. Free standing order.
4. Convenient way of saving for one’s education as well as for the children.

 

 

 

  1. Pamoja Account

The product targets groups offering accounts for safe keeping of group/welfare money mobilized by groups for different purposes such as clan welfare, group project etc. Such groups include clans, Merry-go round who pool money for investment, or for unexpected events.

Requirements;

  1. A list of group members.
    2. Photocopies of Identity cards and for the signatories.
    3. Ksh. 500 opening balance.

Benefits;
1. Competitive interest rate.
2. Safekeeping of money.
3. Unlimited withdrawals.

 

 

 

  1. Mstaharabu Account

The product is specially designed to enable members save for holiday such as Christmas, Easter, Idd etc. It is a convenient account to save for a planned project. The account holder saves for a specified period of not less than eleven months and withdraw is done at the expirely of that period. You can withdraw in the month of December.

Requirements
(i) Photocopy of Identity card.
(ii) Kshs 500 opening balance.

 

Benefits
(I) No Bank charges
(ii) Free standing order
(iii) Competitive interest rate

 

 

 

  1. Murabaha Account

This is the basic savings product that do not earn interests. It is a non interest bearing product. All the credit products are posted to this account. No dividend is paid to holders of this account.

Requirement to open Murabaha Account.
1) Photocopy of ID card.
2) Kshs.1000 which acts as a minimum account balance.
3) Dully filled and signed account opening form.
4) Passport and signature captured by the office.

 

Benefits to ordinary savings account holders
1) No withdrawal limits.
2) ATM cards provided on request.
3) M-banking services provided on request.
4) No charges on deposit.

 

 

 

  1. Current Account

The product is designed for members who intend to own SACCO personal cheques. All the society transactions that are made through the SACCO personal cheques.

Requirements to open Current Account.

1) Photocopy of ID card.
2) Dully filled and signed form.
3) Passport and signature captured by the office.

 

 

 

 

  1. Institution Account (Savings)

This is an account opened by an institution such as schools, Churches, Organization etc.

Requirements
(i) Certificate of Registration.
(ii) Photocopies of identity cards copies of signatories.
(iii) Kshs.1000 minimum account balance

 

Benefits
(i) No conditions on withdrawals.
(ii) Ksh.3000 and above to earn interest.
(iii) No charges on deposits.

 

 

  1. Fosa shares

These are savings purposely meant for members who would wish to access Inua biashara product in future. They earn interest in deposits at the end of the year at the same rate as Bosa deposits. Fosa shares are refundable once a member withdrawals Fosa membership.