FOSA (Front Office Service Accounts) for our Members.
As Kenya-Great Britain Diaspora (KGBDS) grows and embraces advances in Technology, members require systems that creat and provide a one stop shop for their financial needs. FOSA (Front office Service Accounts) system will meet members’ banking needs hitherto provided by banks only. Fosa an extension for additional financial products and services to complement those already being offered by the Back Office Services Accounts (BOSA)
Benefits to our members
- Provide other short and long term credit at competitive and friendly interest rates (apart from the usual ones that exist)
- There will be No need to worry about 2/3 rule so long a members salary is processed through the Fosa account. There are many of our members working in Kenya after relocation or online but being paid in Kenya. Access their salary in advance when in need.
- Members will Process their salary through FOSA at cheaper rate than the banks
- Dividend and interest on deposits will be processed easily at their convenience through FOSA.
- Provision of a saving facility to the members, eg. Those who are landlords in Kenya are able to collect their tenants rent..
- Higher returns on dividends and rebates since the Sacco will generate more revenue
- The sacco is in the process of offering access to ATM services (through Sacco Link Card), thus easy access to funds.
- Access their money immediately the loan are authorized through their FOSA account
- Non-tedious Choice of how they distribute the remittances/contributions they make between various FOA Account.
- Other benefits include Offering of standing orders to account holders
Benefits to the Sacco
Members are a stakeholder/owners of the saccoThe benefit when the Sacco benfits through:
- Increase in Sacco Liquidity
- More income generation channels hence more returns to the shareholders in form of higher dividends and interest on savings
- Attractive to new membership hence increase in numbers and benefit as a group through a of leverage of accounts of scale position. Higher number is a strength in many areas like negotiating interest rate paid for saccos investments,which increase their annual dividends payout