ISO Launch October 2015

Kenya Police Sacco Front Office Service Activity commonly known as POFOSA. This is a service that promotes one of our priorities of bringing services closer to members. Among products offered are;

Savings & Deposit accounts services

Members are given a chance to open an account where they can make deposits and accrue savings, which shall be available to the at their convenience.

Cheque Clearing

Account holders at the POFOSA can deposit cheques from other banks. Cheques take a maximum of 4 days to clear and have the money available to the account holder

Bankers Cheque

All SACCO payments relating to members are processed through their POFOSA accounts. Members may at this point request for bankers cheque(s). Bankers cheque processing fee is Kes 100. Maximum cheque amount is Kes 500000 (Five hundred thousand).

Loan clearing (Bridging)

Clearing of internal and external loans attracts a 10% interest of the balance to cater for unclaimed future interest which the member could have paid if the loan had been paid through the normal check off process

Salary Processing

The account holder accesses his/her salary through the POFOSA account. Their salaries are processed much faster than in other financial institutions. The SACCO benefits by charging Kes 100 for salary processing which is lower compared to what other financial institutions charge.

Salary Advances

Salary advances are available to members whose salary is processed through the POFOSA. There are 3 salary advance products and the include;

  • FOSA Advance - This product is repayable in 3 months duration and at interest rate of 2% per month
  • FOSA Flex - Is a product repayable in 6 months and at an interest rate of 3% per month
  • FOSA Golden - This is a newly introduced product, it is repayable within 9 months at an interest of 4% on reducing balance

Share Boosting

This an advance that enables the members to boost their deposits in order to qualify for bigger loans. The SACCO charges 10% of the advance. The member instantly enhances their deposits through this product and enjoys dividends at the end of the year on these amounts boosted.

ATM Services

Account holders are issued with VISA branded ATM card that enables them to access their funds from any VISA branded ATM/POS outlet worldwide. The ATM charges vary. Withdrawal from Co-operative Bank ATM is normal charge of Kes 33 other VISA branded ATM charge Kes 220. Members can also do their shopping using this debit card.