What are the roles of SACCO?
Today, Saccos not only provide loans to their members, they also offer investment opportunities, agricultural facilities for farmers, create employment, housing solutions, and so much more. This is in turn causing increased socio-economic development in the country.
What is BOSA and FOSA?
Back Office Savings Activity (BOSA) Loans. Front Office Savings Activity (FOSA) Loans.
What is FOSA in a SACCO?
Front Office Service Activity (FOSA) are financial services that enable Safaricom Sacco members to have affordable and convenient savings avenue for cash transfers ,depositing and withdrawing money without having to carry cash.
What are the SACCO products?
Products Offered By SACCO
- EMERGENCY2 LOAN.
- EMERGENCY6 LOAN.
- EMERGENCY20 LOAN.
- SCHOOL FEES LOAN.
- NORMAL OF 24 MONTHS.
- NORMAL OF 36 MONTHS.
- NORMAL OF 48 MONTHS.
- NORMAL OF 60 MONTHS.
How are SACCOs organized?
SACCOS are democratic, member driven organizations which provide loan and saving products to their members. Members often share a common bond by working for the same employer, belonging to the same church, working at the same market, or living in the same community.
How do you manage a SACCO?
PRINCIPLES OF GOOD SACCO GOVERNANCE
- Participation.
- Transparency and Easy Access to Information.
- Accountability.
- Consensus Orientation.
- Efficiency and Effectiveness.
- Equity.
- Respect for Rules, Policies and Regulations.
- Strategic and Visionary Leadership.
What is the difference between FOSA and Bosa in Saccos?
The Front Office Services Activity (FOSA) is a system which performs banking like activities for the SACCO. The system is fully integrated with the Back Office Sacco Activity (BOSA).
What are FOSA activities?
Front Office Savings Activity (FOSA) Loans
- Granted to FOSA account holders whose salary passes through FOSA or with regular savings.
- Maximum repayment period of 48 months.
- Interest rate of 1.17% per month on reducing balance.
What is full Bosa?
Full Form of BOSA – Bidirectional Optical Sub Assembly.
What is share capital in a Sacco?
a) Share capital is the equity or core capital of the Sacco and represents each member’s ownership of the Society in terms of shares. b) In simple terms it is the sum of money the Shareholders/Owners pay into a business entity.
How do SACCOs operate?
Like banks, SACCOs accept deposits and make loans—but unlike banks, SACCOs are not in business to make a profit. Banks exist to make money for their stockholders, not for their depositors. SACCOs exist solely to serve their member-owners, and benefits are returned in lower loan rates and higher deposit rates.
How do you run a successful SACCO?
What does Bosa mean in text?
Noun. bosa. (Helsinki slang, usually in the plural) female breast.
What are dividends in a Sacco?
The return on share capital is referred to as dividends. In some cases, SACCOs refer to them as a bonus, however, the Income Tax Act gives bonus and dividends the same meaning. Members who own share capital in a SACCO receive dividends as a percentage of their investment in the SACCO.
Can one withdraw shares from Sacco?
Shares are not withdrawable but are transferable to another Sacco member upon exit of membership. The minimum number of shares owned by a member is 1500 shares worth Kshs 30,000 with each@ Kshs 20, which earns dividends to the member.