FOSA stands for Front Office Services Activities .This is a Section within our operations Department through which members can open and operate FOSA savings accounts and get loan facilities. FOSA operates like a bank.All payments to members are made through our FOSAs (e.g Loans,Dividends)
We have branches in Nairobi, Kisumu, Eldoret, Nakuru and Mombasa. We are in the process of opening other branches.
What are the requirements of opening a FOSA Savings account?
One must be an active member of Harambee Sacco. After which you fill in a FOSA Account Opening form, attached with a copy of your National ID card, or Military Service Card, and two colored passport photos
Can I receive my salary through my FOSA Account?
Yes, you can. All you need to do is instruct your salaries section to remit your salary through FOSA. Our FOSA Bank salary code is indicated on the FOSA remittance form, which you are required to fill.
It is important to note that by processing your Salary through Harambee Sacco FOSA,You can get loan advances at affordable rates.
What is SASRA?
SASRA is an abbreviation for the Sacco Societies Regulatory Authority. This is the institution mandated by law to regulate the activities of Saccos so as to observe prudential financial standards. In short it acts like Central Bank which monitors banking activities in the country.
How does SASRA affect our Operations?
All FOSA operating Saccos will now be monitored by SASRA, they will be giving monthly reports to SASRA and they are expected to operate under very strict financial rules.
Can I continue being a member of Harambee Sacco long after I have retired?
Yes you can. You can have your pension pass through your FOSA Account and therefore have Harambee Sacco be your paying agent. you can also save your lump sum cash through the FOSA Savings Account.
As a retired member, you are also entitled to self guaranteed loans of up to 90% of your savings. • You can also get a loan times 3 or 4 of your Savings if you get guarantors who are on payroll
Loan repayment can either be through a bank standing order or our M-Pesa pay bill No. 525200 or cash deposit at no additional cost.
Is a member of Harambee Sacco eligible to get an ATM card?
Yes all Harambee Sacco members are eligible to have a Sacco Link visa enabled Sacco Link Card. All that a members needs to do, is visit any of our FOSA branches, Fill in the ATM application card form and the card will be delivered in that branch within three weeks.
Is a member eligible for an M-Sacco account with Harambee Sacco?
Yes any member can register for this service.One simply needs to send an SMS with the following text("register") along with your Membership number or personal number to our short code 21920,you shall receive a response as soon as you are registered.Thereafter you will be able to access msacco facilities such as our mobile loan "M-Boosta" and other advances.You will be able to query you savings account and transfer money to your M-Pesa at your convenience.
What is Sink Fund?
As the name suggests, this is a fund created to offer insurance service to our loan portfolio. Like the vehicle insurance, the money is only important when a member dies and he has a loan as it protects his shares from being attached. A portion of the funds is also given to his/her immediate family to help offset the funeral expenses.
What are the requirements when making a claim against the Sink fund?
The family of the diseased must write a letter requesting for the funds.
One must make a copy of the ID of the next of kin.
You must also produce a letter from the dead person's former employer confirming their death.
One must also produce a burial permit (for the payment of the funeral expenses).
You must bring a copy and the original death certificate. a copy of the deceased last payslip and letter of administration.
You must also provide the deceased persons ID copy or surrender form.
What happened to our Harambee Sacco Plaza Shares (for old members)?
It is important to note that anyone who still holds a Harambee Sacco Plaza Share Certificate is eligible for a refund of the face value of that certificate. This is because all HPS shares were reverted back to the Sacco and the plaza is now the property of all Harambee Sacco members, this is because the Plaza was build with funds from a bank loan and people who joined Harambee Sacco long after the Plaza was build helped repay the bank loan. It is on this basis that the Plaza was reverted back to the Sacco.