FOSA ACTIVITY Details

FOSA ACTIVITY

(Front Office Savings activity-Offering bank services)

Saving Services

• Normal Savings Account
  • ID Card photocopy
  • Ksh. 650 for opening account

  • Interest bearing balance ksh. 2000 and above.

     

• Fixed Deposits Account
  • Has high interest earning return
  • Copy of ID Card
  • Minimum amount of ksh. 10,000 and above
  • Maturity period is from 3 months and above
• Other savings accounts.
  • Junior account
  • Christmas account
  • School fees account
  • Emergency account
  • Coffee development fund account
  • Youth enterprise account
  • Micro-credit account
  • Dividend account

FOSA Loan products.

• Advance.
  • For individulas whose salaries are channeled through FOSA account
  • Eligibility;50% of the net salary
  • Repayment period of 1 month.
  • Interest rate of 10%
• Short-Term Loans.
  • Loaned up to 2/3 of the net payee channeled through FOSA account.
  • Repayment period of of 12 months
  • Insurace fee of 2% payable upfront
  • Appraisal fee 1% repayable upfront
  • Interest rate of 5% per month.

Micro-credit Loan.

• Given to small and large scale business enterprise
• Individuals involved in any business for at least 3 years and above.
• Belong to a registered group
• Should be a group of 5 or more
• Should purchase class B shares
• Should have monthly deposits contribution and open a savings account
• Repayment period of 1 st Loan-12 months,2nd Loan-24 months,3rd Loan-36 months.
• Interest rate is 12.5% fixed on yeraly outstanding balance.
• Insurance fee 2% payable upfront
• Appraisal fee 1% payable upfront.