In Kenya, there are many Saccos which tend to provide the best services in form of financial aid and banking services. They ensure that their members are comfortable with their services and that they are the major beneficiaries of these services. The Saccos therefore provide their members with opportunities that will offer financial assistance in any kind of situation and circumstances that the members could be trapped in. Hazina Sacco Society Ltd thus is one of the Sacco Limited in Kenya that provide the best financial assistance and development aid.
Hazina Sacco Society Ltd has ensured that they come up with variety of ways to cover the varied taste and expectations of their ever growing membership. The have recently come up with products and services that ensure that every member is catered for in the bid for financial freedom. They offer variable services and among them include the Front Office Services Activity (FOSA) which hosts a lot of products and services which could be beneficial to their members who use these services to the best of them.
The Front Office Services Activity products range from accounts with various features, advance financial products to various loan products. FOSA aims at meeting the members banking needs in addition to financial services to compliment products and services offered by the Sacco Back Office. They provide diversified products to accommodate members’ savings and credit demands. FOSA are to be accessed by all the members through Sacco link Cards with the unlimited Co-op Bank ATMs or M-PESA network and other VISA branded ATMs. Some of the FOSA products of Hazina Sacco Society Limited include;
FOSA accounts: this is one of the products that the FOSA kitty of Hazina Sacco Society Ltd offer. The accounts are varied and include the Salary account whose features include unlimited withdrawal and salary processing fee of Ksh 100, Ordinary Saving Account whose features include minimum operating balance of Ksh 1000, interest earned on savings at 3% p.a, unlimited withdrawals and minimum balance of Ksh 3000 in order to earn interest, Premium Savings Account which include minimum operating balance of Ksh 1,000, minimum interest earning balances of Ksh 5,000 with the interest rate earned on saving accounts being 5% and withdrawal is done quarterly, Fixed Deposit Account where the minimum deposit is Ksh 50,000, maturity withdrawals is after 6 months where the interest is negotiable subject to prevailing market rates and the forfeit interest if money recalled before agreed period, Jipange Saving accountwhose main features are a minimum operating balance of Ksh 500, Minimum account balance of Ksh 500, minimum monthly contribution of Ksh 500, and the minimum balance to earn interest is Ksh 10,000.
FOSA Advance products: Also offer by FOSA is the Advance products which include HSF Salary in Advance with features such as open for any member whose salary is paid through FOSA account, recovery is done once within one month, limited to net pay, commission charged at 10% and the subject to approve confirmation of pay slip, HSF Okoa Advance where the member can get an advance of up to Ksh 200,000 repayable in 12 months and the interest rate is 1.5% per month which is guaranteed by at least two guarantors and HSF Special Advance where the interest rate is 1.8% on a loan payable in 24 months and the maximum amount that can be borrowed by a member is Ksh 400,000 guaranteed by at least two guarantors.
FOSA Loan products: are various and can be access by any member of the Hazina Sacco Society. The major loan product include Karibu Loan with the features such as, the loan is granted to FOSA account members which is recoverable through payroll direct and/or standing orders from a saving account. The maximum amount that can be borrowed is Ksh1, 000,000 with 6 months FOSA statements. The repayment period of the loan is up to 36 months with the interest rate of 1.25% per month on the reducing balance.
Other products and services specifically offered by the FOSA service kitty include the provision of a bankers’ cheque to the members, the provision and the use of M-PESA services in the access of the services, the Hazina Sacco Cheque encashment, Dividend payment processing, standing orders as well as payment of ATM card processing fee. This Sacco also ensure that the members can use the M-PESA services as they are registered with M-PESA agents and the services they offer to include the use of M-PESA is that loans can be offered, refunds, allowances and all of which are sent to the members interested through M-PESA on request but the members must provide a copy of the National I.D and indicate the mobile phone number which the money would be sent to.