Bosa Loans

·         Normal loan

Regular Savings for three months or more upon joining will enable one to qualify. The loan maximum amount is three times your total free Bosa deposits at the time of application.

Loan repayment is monthly from 1-60 months depending on the amount of the loan.

Guarantors’ Deposits + borrower’s Deposits> Loan applied plus  interest.

Loans are credited to the member’s FOSA account

·         School fees loan

Original and copy of school fees structure.

Original and copy of report form.

Amount applied must be equal or less than the school fees quotation

If cheque, to be written in favour of the school/institution.

Maximum loan is three times free Bosa Deposits

Maximum repayment period is one year.

·         Emergency loan

Regular Savings for three months or more upon joining will enable one to qualify. The loan maximum amount is three times your total free Bosa deposits at the time of application.

Loan repayment is monthly for 12 months

Guarantors’ Deposits + borrower’s Deposits> Loan applied plus interest.

Loans are credited to the member’s FOSA account

·         Top up loan

This loan is issued to members who already have a normal loan.

One must have paid 50% of the existing loan.

Front Office Savings Products

1.  INDIVIDUAL/JOINT ACCOUNTS

·         ID copy

·         Colored passport size photographs

2.  GROUP ACCOUNTS

·         ID copies and originals of signatories

·         Colored passport size photos of signatories

·         Copy and original certificate of registration.

·         Copy and original by-laws/constitution

·         Copy and original minutes authorizing to open account

·         Introduction letter from relevant Gov. ministry in case the group is still waiting for registration certificate.

·         Deposits can be made anytime by anyone

·         Withdrawal can be made anytime by signatories in accordance with their signing instructions.

3.  JUNIOR ACCOUNTS

·         ID copy and original of parent/guardian.

·         Colored passport size photo of parent/guardian

·         Colored passport size photo of child.

·         Copy and original birth certificate.

·         Parent/guardian to operate the account until the child attains 18 years of age.

·         Deposits can be made anytime by anyone.

·         Withdrawal can only be done by parent/guardian anytime.

4.  INSTITUTION ACCOUNT

·         ID copy and original of signatories

·         Colored passport size photos of signatories

·         Copy and original of certificate of registration

·         Copy and original of by-laws/constitution/memorandum of understanding/articles of association as applicable.

·         Copy and original minutes authorizing account opening

·         Deposits can be made anytime by anyone.

·         Withdrawal can only be made by signatories as per the signing instructions.

5.  SCHOOL ACCOUNTS

·         ID copy and original of signatories

·         Colored passport size photos of signatories

·         Copy and original certificate of registration

·         Registration of business name certificate in case of private schools

·         Copy and original minutes authorizing account opening.

·         Parents can be asked to pay school fee into this account and take the deposit slip to school for receipting.

·         Withdrawal can only be made by signatories as per signing instructions.

6.  RENT COLLECTION ACCOUNT

·         In case of an individual or joint account, opening procedures are the same as opening individual or joint FOSA accounts.

·         One must be a member of the Sacco

·         The SACCO acts as an agent of the landlord in collecting rent on behalf of the landlord.

·         Favorable rent collection commission.

Member to enter into an agreement with the SACCO for rent collection agency.

Back office Savings Products

1. Shares

2. Deposits

FOSA Loans Products

1.  GROUP LOANS

Given to individual members of the group with the approval of the group. The group to deposit 20% of the total loan amount into the group’s FOSA account. Members pay their loans during group meetings.

2.  INSTITUTION LOANS

Given to institution with active FOSA accounts

The institution must deposit 20% of the loan amount and retain it in the account for the period of the loan.

The loan is repayable in monthly equal installments

3.  RENT ADVANCE LOANS

This loan is given to member landlords whose rent is collected by the Sacco.

The amount is determined by the monthly rental income.