BENEFITS OF A FOSA ACCOUNT
- Free account opening
- No ledger fees /monthly charges
- Affordable charges
- Quicker or faster loan processing
- Faster payment of dividends, Burial Benevolent fund & Risk Claims
- Bridging/Loan Top up facility available
- A Mwalimu Debit card –
- Credit facilities/Advances
- Mobile banking
- Internal and external standing orders
- Early salary processing
- Funds transfer – RTGS and Bankers’ cheques
- Cheque clearing
- Competitive interest on savings account with balance of 6, 000 and above
- ATM services
- Internet Banking
FOSA ACCOUNTS
Our FOSA members can open one or more of the following accounts:
- SAVINGS ACCOUNT: Enjoy no ledger charges and earn interest on savings at the end of every
- SAVE AS YOU EARN (SAYE): Used to save for a certain period for a particular purpose after which one can access the
- FIXED DEPOSIT ACCOUNTS: earn interest at competitive rates with our fixed deposit
- SCHOOL FEES ACCOUNT: can be used to set aside funds for school fees, to be accessed at that time it is
- HOLIDAY ACCOUNT: save and take some time out yourself or with your family with our holiday
- JUNIOR ACCOUNT: an account used by our members to put aside funds for their children and also helps teach the young ones the importance of saving and helps them acquire a saving culture as they grow
- BIASHARA ACCOUNT: is an account tailor made for members operating their businesses
FOSA ADVANCES
Type of Advance Maximum Amount issuable Twelve (12) months’ advances Net Salary x 12 or SAYE x 12 Thirty (30) months advance Net Salary x 20 or SAYE x 20 Thirty six ( 36) months advance Net Salary x 20 or SAYE x 20 Salary – in – advance 80% of the expected Net Salary Advance against expected Dividend Issued between October and the Dividend issuance month
