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ByJuma Chai

Nov 17, 2019

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.

Advance Dividends

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.

Juma Chai

A writer dedicated to providing the world with the best insights into Africa.

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