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SACCOs are member-owned financial institutions that provide savings and credit services to their members. In India, there are many SACCOs that tend to offers the best services in the form of financial assistance and services for banking. In an attempt to give superior services to their members, they make sure that their members are secure with their services and that they are the important beneficiaries of these facilities. The SACCOs, therefore, offer their members options that will recommend financial assistance in any kind of situation and conditions that the members could be present in. To do this, SACCOs implemented the front office facility activities (FOSA). The basic function of a Sacco is Banking.
As a SACCO member, mainly a deposit-taking one, it is completely based on your interest to receive the best quality front office services from your Sacco. So, what can you look forward to from your Sacco with regard to front office services?
Let’s talk about front office services also called FOSA. FOSA is a service that provides services to Sacco members which is similar to those recommended by traditional commercial banks. The front office services (FOSA) is the banking part of Saccos that provides basic and affordable banking services to reach the requirements of the members’.
A Sacco with better front office services will make sure that they arrive with different ways to cover the mixed tastes and assumptions of their ever-growing membership. They will arrive with products and services that make sure that each member is served in their offer for financial freedom. They provide multiple services and a huge number of products of which could be advantageous to their members who make use of these services.
The Front Office Services Activity (FOSA) products will range from accounts with multiple attributes, financial products with advanced features to different loan products. FOSA goals at reaching the member's banking requirements in addition to financial services to compliment products and services provided by the Back Office of the Sacco. They give different products to accommodate the savings of the member and credit requirements. FOSA can be used by all the members through Sacco link Cards, ATMs, or M-PESA networks. Some of the FOSA products in Saccos involves:
This is one of the products that you can commonly look for. This is a transactional account through Sacco where as a member you can have the access to process your salary. This salary account generally covers characteristics such as unlimited withdrawal and salary processing.
The characteristic of this account involves interest gained on savings, limitless withdrawals.
The fixed deposit account is an investment account that is open to the members of the Sacco. If you have some additional money, you can create an account for a fixed deposit and put it there for some time and you can gain good interest at the Sacco. Maturity withdrawals are generally after three to six months where the interest will differ subject to prevailing market rates. Keep in mind that interest is received in the account if you leave the money for the full period. If you recall the money before the accepted period then you gain no interest on the money
This is a very special product modified to controls the numerous and instantaneous short-term requirements that need on-the-spot financial solutions. There are two types of advanced products that you can look forward to from the front office of your Sacco.
The Advance products are also provided by FOSA which covers Salary in Advance for salaried persons and it is open for any member whose salary is given through the FOSA account, recovery is done once within one month, net pay is limited, with a commission charged and subject to approval on confirmation of payslip.
This is where a member can receive advance money that is not connected to the salary, members with other sources of earnings that are not related to salary can access advances through this product. This product is based on the savings to qualify. Keep in mind that this type of advance is protected by at least two guarantors.
As a Sacco member, through FOSA you can have the access to a loan in the Sacco. Some of these features of this loan involve: the loan is permitted to FOSA account members which are redeemable through payroll direct and/or standing orders from a saving account.
FOSA offers banker's cheques to customers at the lowest cost.
This service is geared towards serving the customers which affect the payments to other institutions or persons without coming into physical touch with money. Customers are essential to give particular instructions to FOSA to pay institutions or persons. This service makes sure that it saves your time as you don’t have to physically visit the institutions or persons to make the payments. Other products and services particularly provided by the FOSA service involve the provision and the use of M-PESA services in the access of the services, plus payment processing for dividends, as well as payment of fees for ATM card processing.
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