Front Office Activity Services (FOSA)

Hazina society has now ventured into Front office service to meet the members banking needs and additional financial services to complement products and services offered by the Sacco (Back Office). The Front office services are aimed to provide diversified products to accommodate members savings and credits demands.
Fosa services will be accessed by members in all counties in the republic of Kenya through Sacco link Cards with unlimited coop-Bank ATMS /M-Pesa network and other Visa branded ATMS. The advent of FOSA Activities will culminate to Easy access to Credits and funds, enhancement on Saving culture and decongestion/decent ration of services in the Office and service outreach.

FOSA PRODUCTS:

1. FOSA ACCOUNTS:
Requirements for FOSA account Opening

  • FOSA membership application form
  • One passport size photo
  • Copy of ID
  • Birth Certificate for Jewel Account holders

i. Salary Account
Features:

  • Unlimited withdrawal
  • Salary processing fee of kshs 100.00

ii. Ordinary Savings account
Features:

  • Minimum operating balance kshs 500/=
  • Interest earned on savings at 3% p.a
  • Minimum balance to earn interest kshs 3,000.00
  • Unlimited withdrawals

iii. Premium Savings Account

  • Minimum operating balance kshs 1,000/=
  • Minimum interest earning balances kshs 5,000/=
  • Interest on Savings Accounts 5%
  • Withdrawal is quarterly.

iv. Fixed deposit account
Features:

  • Minimum Deposit kshs 20, 000/=
  • Maturity withdrawals after 3 months. (Interest rates negotiable subject to prevailing market rates)
  • Forfeits interest if money recalled before agreed period

v. Jipange Savings account
Features:

  • Minimum opening balance kshs 500/=
  • Minimum account balance kshs 500/=
  • Minimum monthly contribution kshs 500/=
  • For holiday savings
  • Withdrawal after every six (6) months
  • Savings attract 5% interest p.a
  • Minimum balance to earn interest kshs 10,000/=


2. ADVANCES PRODUCTS:
i. HSF Salary in advance
Features:

  • Any member whose salary is paid through Hazina Fosa Account
  • Recovered once within one month
  • Limited to net pay
  • Commission charged at 10%
  • Subject to approval/ confirmation of pay slip


ii. HSF Okoa advance

  • Interest rate 1.25% per month
  • Repayable in 12 months
  • Maximum loan kshs 200,000.00
  • Guaranteed by atleast two guarantors


iii. HSF Special advance

  • Interest rate 1.2% per month
  • Repayable in 24 months
  • Maximum amount Kshs 400,000.00
  • Guaranteed by at least two guarantors


3. FOSA LOAN PRODUCTS:
i. Karibu Loan
Features;

  • Granted to FOSA account members
  • Recoverable through payroll direct and/or standing orders from savings account.
  • Amount up to Kshs. 4,000, 000.00
  • 3 months FOSA statements
  • Repayment period of up to 48 months
  • Interest rate of 1.25% per month on reducing balance
  • Last 3 months pay slips
  • Commitment from employer for salaried employees

4. HISA LOAN:

  • This is a credit facility to boost member deposits for loaning purposes
  • An interest of 5% is charged
  • The interest as well as Hisa loan will be recovered from the loan issued


5. OTHER PRODUCTS AND SERVICES:

  • Bankers cheque
  • M-PESA Services
  • Hazina Sacco cheque encashment
  • Dividend payment processing
  • Standing orders
  • EFT and RTGS
  • Dividend in advance /dividend loan. Advanced starting from October of each financial year @15% upfront.
  • ATM card processing fee


M-PESA

  • The Sacco has a registered M-Pesa agent
  • Loans , refunds ,allowances can be sent through M-Pesa to members on request but the member must provide a copy of the ID Card and indicate a mobile number which is M-Pesa registered.
  • Maximum amount Ksh. 140,000/=


M-SACCO
The Sacco is in the process of incorporating M-BANKING