We are pleased to announce and update all our customers/members that we have revised our interest rates and terms on our BOSA and FOSA loan products, as indicated below :-

1. FOSA Daima loan (60 months)

 Reduced the interest rate of 8.7% per annum.

2. FOSA Flex Loan (48 months)

 Reduced interest rate of 8.3% per annum.

3. FOSA Fahari Loan (36 months)

 Reduced the interest 7.91% per annum.

4. Top up on Fosa Daima

 Flex and Fahari loans to attract a commission on 5% on outstanding balance. (Applicable to new loans granted at 1.2 % interest).

5. Fosa flat rate top up commission

 Reduced from 8% to 5% on outstanding balance to enable members migrate to the new rates. (Applicable to FOSA Flex loans outstanding before 1/12/2016). We are here to accommodate you and your every automotive locksmith need no matter if you drive a motorbike, a hatchback, an SUV, truck, or any other kind of private or commercial vehicle

6. A member can access all FOSA loan products at the same time subject to repayment ability provided that total loans at FOSA do not exceed Kshs.2,000,000/-. A maximum limit of Kshs. 1.0 million has been removed.

FOSA Daima 60 8.17
FOSA Flex 48 8.03
FOSA Fahari 36 7.91
Mahitaji Loan 1 1.2
Bima loan 12 11.38
Shares Investment Loan 12 11.38
Dividend Advance 1 5

Fosa Savings Products

FOSA Savings Savings facility
This is a Members’ transaction account
No ledger fees
Salary Processing
Competitive interest rate on savings
Reliable Visa branded ATM services
Free Internal Standing Orders
No limitations on cash withdrawals
No monthly charges
Opening/minimum balance Kshs. 1000/=
Fixed Deposits Account Minimum deposit Kshs. 50,000/=
Minimum period 3 Months
Interest rates determined from time to time in line with prevailing market forces
Junior Savings Account Savings Account for Sacco members’ children
Interest rates determined from time to time
ID/Passport of Parents/Guardian is required
Birth certificate/notification of the child
Minimum Balance kshs. 500/=
Holiday Savings Account Enables Members to save for their holidays
Interest will be determined from time to time
Elimu Savings Account Enables members to save for educational need
Free college bankers cheque
Interest determined from time to time
Pamoja Savings Account Group Savings account
Registration Certificate of the Group
Minutes resolving opening of the account
Photocopies of ID of Signatories & two passport size photos
Competitive interest (determined from time to time).

Other Fosa Services

  1. i. Msacco Services
  2. Access to FOSA account using mobile Phone
  3. Must be registered with MPESA
  4. ii. ATM services
  5. Can access cash at Bank’s ATM and Point of Sale with an ATM card and Valid Pin
  6. Used for shopping in any outlet with a VISA sign
  7. Kshs. 33/= per withdrawal with Co-op bank and kshs. 220/= with other banks
  8. iii. Salary processing
  9. Processing fee of Kshs. 100/=
  10. iv. Point of sale(POS)
  11. Withdrawal from Co-operative Bank or Co-op Kwa Jirani
  12. Maximum Withdrawal Kshs. 300,000 per day
  13. v. M-PESA servicess
  14. As per the Safaricom charges

Other lending terms for Bosa & Fosa

  1. vi. Loan Top –up
  2. A new loan to clear outstanding loan balances
  3. Instant Commission of 5% on the amount cleared
  4. vii. Deposit Boosting
  5. Granted to boost BOSA deposits for loaning purposes
  6. 100% of members deposits subject to a maximum of 750,000/=
  7. Commission of 15% on the amount granted for boosting
  8. One off recovery upon loan disbursement
  9. Applicable to both BOSA and FOSA loans
  10. viii. Hifadhi Advance
  11. Allows retirees to access part of their deposits
  12. A back office product for Sacco Members who have retired from service upon attaining the retirement age awaiting pension processing from their employers
  13. Partial withdrawal up to a maximum of 50% of the net deposit after clearing of outstanding loans
  14. Issued once per year


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