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B.O.S.A (Back Office Services and Activities)

B.O.S.A (Back Office Services and Activities)

Back Office Services Activity (BOSA) enables a member to make deposits and access credit services.To qualify for credit facilities in the Sacco one must fulfill the following conditions:-

  • Must be above 18 years and avail copy of identification card.
  • Must be in cell group of five (5) members and maximum of (20) members as a guarantors.
  • Must be a person of high integrity, honest and trustworthy.
  • Must have been a member for continuous 3 months and must have paid entrance fees.
  • Must have accumulated the prescribed minimum deposits-Must have no delinquent loan.
  • Must be committed to save while meeting the loan obligation.
  • Must attach copy of identification card.


B.O.S.A LOAN PRODUCTS:

1. Development Loan / Normal Loan

  • Loan granted after 6 months of savings.
  • Maximum repayment period is 72 months.

For members in groups and cell groups:

  • For cell groups minimum membership is 5 and maximum 20.
  • Interest rate is 1% per month on reducing balance.
  • All loans shall be guaranteed by all members of the group/cell groups.

NOTE: Any loan above ksh.1 million shall be secured with a title deed/logbook.

For members with BOSA accounts who wish to borrow individually:

  • Interest rate is 1.35% per month on reducing balance.
  • All loans must be fully secured with logbook/title deed.

NOTE: Cell groups, Groups/Churches and BOSA individual loans multiplier is 3 times of savings 1st loan and 4 times subsequent loans.

2. Short-term loan

  • Loan granted to BOSA members but must be within multiplier and fully secured.
  • Maximum loan amount is Ksh.300,000.
  • Maximum repayment period is 24 months.
  • Interest rate is 1% per month on reducing balance.
  • Can run concurrently with BOSA Development/Normal loan.

3. Ownshare loan

  • An Individual will be granted 80% of his/her share deposits.
  • Granted after 3 months of saving.
  • Maximum repayment period is 24 months.
  • Interest rate is 1% per month on reducing balance.

Loan categories

  • 10,000 to 300,000 payable within 12 months
  • 300,000 to 1,000,000 payable within 24months
  • 1,000,000 to 3,000,000 payable within 36 months
  • 3,000,000 to 4,000,000 payable within 48 months
  • 4,000,000 to 8,000,000 payable within 72 months
  • All at affordable interest of 1% reducing balance.

BOSA deals with groups i.e. Group Accounts, Cell Groups & Own Shares Loan

 

All loans below Ksh. 300,000.00 are paid via FOSA

Ukristo na Ufanisi Sacco

Contact Us

Riruta Head Office
ACK Emmanuel Church Riruta
Opposite Kawangware Primary School
Tel: +254207650581
+254720339673
E-Mail:info@ukristonaufanisicoop.com
ukristonaufanisi@yahoo.com

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