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GUSII MWALIMU SACCO PRODUCTS AND SERVICES

BOSA Products FOSA Products

1. Development Loans 1. Salary advances -1 month Salary Advance

• Given up to 4 times a member’s shares Where salary accounts holders can be advanced a portion of the
(subject to 1/3 of basic salary rule) expected end month salary.

• Repayable in between 12 -to- 84 months 2. Salary advances – 4 months Salary Advance
• These loans are amortized and are offered
• Members get an advance payable for up to four installments.
at affordable interest rates. • Interest charged is 10% of the amount advanced.

2. Refinancing Loans 3. FOSA Loans (12 months, 24 months & 30 months)

• These type of loans are given to members • Payable up to a maximum of 30 months:
who could already be having development • Given to members of whose salary or pension is channeled
loans that have already been substantially
serviced but still need more financing. through FOSA account for the entire period of the loan.
• FOSA Loan issued has a charge on Co-op shares in addition to
• Refinancing loans are payable in between
36 -to- 84 months guarantors attached.
• A negotiation fee will be charged on the full loan amount
3. School Fees Loans • The interest charged on this loan is 1.15% p.m reducing balance

• School fees loans are given to members to 4. Asset Finance
carter for their school fees needs.
This loan is given to finance purchase of Asset. The SACCO finances
• It is repayable in a maximum of 12 months up to 80% of the total cost of asset.
• Affordable interest rates at diminishing
5. Institutional Advances – 4 months Advance
balance are offered
This is for corporate institutions meant to bridge quick gaps in
4. Emergency Loans cash flows.

• Given to members to carter for unplanned FOSA SERVICES
for occurrences
1. Salary, pensions and produce payment – The FOSA affords
• These loans are given on the same day
that they are applied. members a pay point for their salaries, pension and agricultural
produce.
The SACCO gives its members BOSA Services
in the form of Welfare service 2. Members’ personal Loan clearance – The FOSA clears

WELFARE SERVICES members personal Loans in order to take another new personal
Loan.
Burial Benevolent Fund-BBF
3. Fixed deposit accounts – where member with funds that
Used to accord members and their immediate
families a decent burial have no immediate use are deposited in a fixed deposit account
where safety is guaranteed and then they attract a reasonable
Monthly contribution is ksh.100 rate of return.

PERSON. ENTITLEMENT (Kshs). 4. Sale of Banker’s cheques

Self 40,000. Plus 10,000 for coffin 5. 24 hour- In-house ATMs, Mobile banking and SACCO-link
Spouse. 20,000.
Own children. 10,000. cash dispensation – Gives members’ flexible and alternative
(Children below 18 years.) access to cash from their FOSA account(s) at any given time.

Risk fund. 6. Corporate accounts for Institutions – Institutions can

An insurance scheme for all SACCO members. open account that will enable them access credit facilities from
Monthly contribution is kshs.100. the SACCO.

7. Mobile Banking – Launched to enable members to transact on

their accounts via mobile fund transfers.

Gusii Mwalimu SACCO Society Ltd,
Gusii Mwalimu Complex, 1st Floor, | P. O. Box 1335-40200, Kisii- Kenya, | Tel: 058 – 2030357, Fax: 058 – 2031021,

E-mail: info@gusiimwalimusacco.co.ke | Website: www.gusiimwalimusacco.co.ke

21| SACCO Star Magazine