The Board has introduced several products that include;

Instant Loans-This is a product of the FOSA to enable the society redeem the other financial institution loans. We propose to charge a minimum interest rate of 15% p.a and charge a loan processing fee of 1 % of the loan granted. This loan may be granted to the members irrespective of the amount of savings in the back office. The source of the money should be from borrowed funds and the savings products in the FOSA.


Loans Clearance-We will continue to charge 10% of the loan being cleared. This is an internal arrangement with no cash outflows. This product is meant to reduce the reliance on our competitors to clear outstanding loans.


Loan Risk Fund/Self Contribution towards Loan Insurance-The Society charges 2% of the loans granted in order to offset the insurance premiums paid to the insurance Companies.


Instant Withdrawal of Deposits-Charge of 10% of the net refund will be levied on members who want their refunds before the expiry of 60 days notice.


Payment of Interest on savings account-The society shall pay a modest interest on savings account holders if a member maintains a minimum balance of 10,000/= for a period of one month.


Micro Finance Facility-We will charge an interest of 15% per month on all credits acquired through this facility due to high risks and cost of monitoring.


Advances Repayable within Six Months-Attracts a flat rate of 3% per month. A maximum repayment period will be 6 months. This facility should be granted only to the members whose salaries are processed through the FOSA.


Sacco Link (ATM Card)-The society now operates ATM in conjunction with co-operative Bank
Medical Account-Will attract an interest rate of 3% p.a and as per the agreement. The interest rate paid will depend on the duration the money is going to be held in the FOSA and the amount.


School Fees Account-Attracts an interest rate of 3% p.a and as per the agreement. This product will reduce the level of borrowing towards the payment of school fees and members return will earn dividends


Holiday Account- Attracts an interest of 3% p.a and as per the agreement. The product will help members to take their families for holiday.


Staafu Njema Account-Attracts an interest of 3% p.a and as per the agreement. This product is meant to help the members plan for weddings and weddings anniversaries.


Wedding Account- Attracts an interest of 3%pa and as per the agreement. This should depend on the duration the amount the amount is going to be held in the FOSA and the amount.


Junior Account- Attracts an interest rate of 3% p.a and as per the agreement. Tours and holidays shall be arranged for the children who are account holders.


Fixed Deposit Account-This will be negotiated depending on the amount of money and the duration of the deposit. The interest rate is negotiable depending on the market forces.


Save As You Earn (SAYE)-Attracts an interest rate of 5% as per the agreement. This should depend on the duration the money is going to beheld in the FOSA and the amount.


Business Account- Attracts an interest rate of 3% p.a and as per the agreement. This should depend on the duration the money is going to be held in the FOSA and the amount.


Christmas/Idd Ul Fitri Account-Attracts an interest rate of 3% p.a and as per the agreement. The product is meant to assist our Christian and Muslim brothers and sisters

Salary In Advance-Will be charged an interest rate of 5% and recoverable with one month and this product will only be granted to members whose salaries are processed through the FOSA.


Group Projects-The Society encourages members to form groups and invest in group projects. Interest charged will be as per prevailing rates of the BACK office and conditions of the BACK office loans should apply. The cheque may be written to the owner of the business members want to buy or as directed byte group.


Other Products of The Society
Fundilima Sacco Society continues to offer the following products: