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