Is a current account where members can access loan given, refunds and other transactions. It is linked to the ATM and M-banking services.
Salary Processing Account:
Salary processing is a facility for members who channel their salary through the FOSA. The Sacco charges a commission of 100/= for processing. The members can access their salary using Sacco link ATM card and M-banking application or over the counter.
Values of channelling salary through Shirika Fosa:
- Member can apply salary advance upto 60% with interest of 5% recovered one off when salary is received:
- Short term loan with repayment period of 3 and 6 months.
- FOSA loan with repayment period of 60 at an interest rate of 1.08% reducing balance per month.
- Once we receive the schedule, we pay the member even as we wait for the employer to pay us.
- Should you not have M-banking or ATM Card (Sacco-link) You will need to apply together with salary processing form to improve convenience
Requirement for processing Salary through FOSA
- Filled salary processing form
- Bank clearance from the previous bank
- Copy of Sacco-link card
- Filled TSC bank form (for tsc members)
- Copy of your ID card