Front Office Services Activities (FOSA) is the banking arm of Mwalimu National that provides basic and affordable banking services to meet members’ needs.
Salary in Advance
- The Interest Rate is 5%.
- Maximum amount borrowed is 80% of your net salary or S.A.Y.E
- Repayable @ the end of the month
FOSA Instant Credit(24 Months)
- FOSA instant credit (24 months)
- Interest rate @ 1.5% per month on reducing balance
- Repayment period is 24 months.
- Maximum amount granted is your savings under S.A.Y.E x16
FOSA Instant Credit(12 Months)
- Interest rate is 1.25% Per month.
- Repayment period is 12months.
- Maximum amount granted is your net salary x16.
- Maximum amount granted is your savings under S.A.Y.E x10.
Interest rate is dependent on the repayment period in that;
- 1 month @ 5%
- 2 months @ 6 %
- 3 months @ 7%
- Maximum amount a member can borrow is up to 80% of his/her net salary or S.A.Y.E
- Principal and interest amounts are recoverable at the end of each month.
This is a percentage of expected dividends that are normally paid earlier.
- The interest rate is between 7.5% and 5% depending on the time a member requests for the advance dividends.
- The maximum amount requested is 75% of your expected dividends.