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FOSA PRODUCTS

NO

PRODUCT

REQUIREMENTS

INTEREST RATE

REPAYMENT PERIOD

1

FOSA PRIDE

· Operate account in Fosa

· Monthly salary must have passed through Fosa for 3 months

· Net salary must cover loan repayment and interest and retain a take home of shs.2000/=

· Maximum loan of kshs. 250,000/=

1.5 % per month

24 months

2.

PRIDE RELOADED

· Operate account in Fosa

· Loan granted 4 times saving in pride saving account.

· Minimum of 10 guarantors

· Maximum loan of kshs. 350,000/=

0.85% per month

36 months

3.

SALARY ADVANCE

· Operate account in Fosa.

· Monthly salary must have passed through Fosa for 3 months.

· Qualifies for 80% of the net salary.

· Interest is recovered upfront.

13% per annum recovered upfront

12 months

4.

SALARY IN ADVANCE

· Operate account in Fosa

· Monthly salary must have passed through Fosa for at least 3 months.

· Maximum amount accessible is equal to net salary

5% per month recovered upfront

Repayable within 1 month

5.

BIASHARA LOAN

· Issued to members who have saved through Mwananchi account.

· Granted up to four times savings in Mwananchi account to a maximum of shs. 500,000/=.

· Repayment through FOSA standing orders.

· Loan can be refinanced at 20%

· 1.5% per month.

· 1% appraisal fee

· 1% insurance fees

Repayable in 24 to 36 months

6.

FOSA CHAMA LOAN

· Issued to those who have saved through Group Account.

· Granted to a minimum of shs.500, 000, repayable in 12 months at an interest rate of 1.5% per month.

· Repayment through FOSA standing orders.

· Loan can be refinanced at 20%

· 1.5% per month.

· Appraisal fees of 1% will be recovered.

· Insurance fees of 1%

Repayable in 24 months

7.

FOSA SCHOOL FEES

· Maximum amount is ksh. 150,000

· Mode of payment is ksh. 20,000 cash and the rest is free bankers cheque to the school

· Interest rate is 1.20% per month on straight line

· Maximum repayment period is 15 months

8.

FOSA ANGALAU

· Eligible to those whose salary pass through fosa but can’t qualify for a loan in back office

· Maximum amount is ksh. 20,000

· Interest rate is 15% recovered upfront on straight line method

· Maximum repayment period is 2 months

9.

HUSTLERS LOAN

· Must be a hustler saving account holder

· Must operate the account for 4 months to qualify for the loan

· Maximum loan is 1.5 times the balance in hustler account

· Can only access 50% of the saved amount after loan is granted

· Can be repaid by either standing order from hustlers account or direct cash payment or paybill no: 638018

· Interest rate is 12% charged upfront

· Insurance charge is 12% upfront

· Maximum repayment period is 6 months

FOSA ACCOUNTS

NO

ACCOUNT

REQUIREMENTS

1

ORDINARY SAVINGS ACCOUNT

· Opening balance kshs.1000/= if not a Sacco member.

· Minimum balance kshs.500/=

· Interest will be determined from time to time

2

HOLIDAY SAVINGS/XMAS SAVINGS

· 12 months maturity

· Minimum savings of kshs.500/= per month.

· No monthly charges.

· Open to non-members

· Interest will be determined from time to time

· Withdrawal done once per year

3

ASILI SUPER SAVER

· Minimum opening balance kshs.10,000/=

· Withdrawal done quarterly

· Interest will be determined from time to time

4

BARAKA SAVINGS (CHILDREN)

· ID of parents /guardian or passport

· Birth certificate of the child

· Minimum balance khs.1000/=

· Interest will be determined from time to time

5

EDUCATION SAVINGS SCHEME

· Not withdraw able for 12 months

· Interest determined from time to time

· Free bankers cheque

· Premature cheque clearance –kshs.500/=

6

FOSA MWANANCHI

· Group account

· List of group members with their contacts and signatures

· Registration certificate of the group

· Minutes resolving opening of account

· Photocopies of ID of signatories

· Two photographs –passport size of office bearers

· Minimum opening balance - kshs.5000/=

8

FIXED DEPOSIT

· Minimum deposit – kshs.50,000/=

· Minimum period 3 months and no maximum period.

· Interest rate is 6% per annum.

· Interest is negotiable depending on the amount and duration

· Withdrawal before maturity attracts 2% penalty and interest earned will still be paid.

· Interest is calculated on a prorata basis

9.

HUSTLER’S ACCOUNT

· Fill in the hustlers application for account

· Attach both passport and id copy

· No minimum and operating balance

· Can withdrawal anytime and withdrawal charges apply

· No minimum and maximum balance

10.

MALKIA SAVINGS ACCOUNT

· This account is designed for the ladies

· Fill in the malkia saving account application form

· Attach both the national id and recent passport photo

· Only charged on withdrawal

· No minimum opening balance.

· No operating balance

· Earn 10% interest per annum.

· Interest is credited to the account monthly

· Withdrawal is done on quarterly basis

· Minimum interest earning balance is ksh. 5,000

· A voucher of ksh. 5,000 in December for account with ksh.200,000 balance for 6 months proceeding December.

  1. FOSA SERVICES

No

 SERVICE

REQUIREMENTS

1.

CHEQUE ENCASHMENT

· 3% or kshs. 300/= whichever is higher.

2.

BANKERS CHEQUE

· Ksh. 100 per leaf

3.

POS

· Maximum withdrawal-kshs.200,000/= per day

· Withdrawal from Cooperative bank or COOP KWA JIRANI

· Charges kshs.110/=.

4.

M-SACCO

· Access to FOSA account using mobile phone

· Registered member of Safaricom and M-ASILI

· Kshs.30,000/= per withdrawal.

5.

ATM SERVICES

· Khs.33/= per withdrawal with coop bank and kshs.220/= from any other bank

· Have ATM card with valid pin

· Maximum withdrawal is kshs.40,000/=

6.

FOSA ACCOUNT OPENING

· Filling of account opening forms

· ID photocopy

· 2 passport size photos (current)

· Minimum opening balance-kshs.1000/=

· Minimum account balance kshs.500/=

· No overdraft facility

7.

SALARY PROCESSING

Members

· Fill in salary processing form

· Submit to the office

· Charges ksh. 55 when members salary pass through fosa

Non- Members

· Open a saving account

· Fill in the salary processing form

· Submit to the office