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Frequently Asked Questions (FAQs)

What is FOSA?

FOSA (Front Office Services Activity) is a SACCO product that offers basic banking services similar to those offered by commercial banks. FOSA however is not a clearing agent with Central Bank of Kenya (CBK) and therefore cannot clear.

What is the difference between FOSA and BOSA savings?

FOSA savings can be withdrawn over the counter (this is a banking facility). BOSA savings are monthly SACCO remittance and can only be withdrawn upon retiring from Sacco membership. FOSA savings can be used to offset BOSA loans or boost BOSA savings. BOSA savings cannot be used to offset loans unless upon default. FOSA is an innovative product to enhance the members’ convenience and boost the SACCO’s income.

Who is eligible to access Unison Sacco Credit facilities?

Members admitted in accordance with the membership policy

When does a member become eligible for a loan?

A member becomes eligible after a minimum membership period of three months and on fulfilling all requirements of a specific loan product. Members who transfer their deposits from another Sacco are exempted from the waiting period.

How is a loan application made?

A loan application must be done in writing on prescribed forms which must be fully filled. The applicant must attache all relevant documents. Alteration will not be allowed.

What is the difference between Shares, Deposits and Savings?

Shares:

  • The amount representing a member’s portion in the equity of the society as a co-owner
  • No member other than a Cooperative Society shall hold more than one-fifth (1/5) of the total shares
  • Shares are not used to determine the eligibility of a borrower or a guarantor
  • Shares are not withdraw able but are transferable

Deposits

  • Every member must make regular deposits towards alpha deposits in accordance with Savings and loans policies
  • They are not withdrawn in part or in full as long as a person is a member of the Sacco
  • These deposits may be used to determine the eligibility of a borrower or a guarantor

Savings

In addition to shares and deposits a member may invest in a saving account. The Sacco provides the following savings products:

  • Imani savings
  • Junior star savings
  • Seasonal savings
  • Ordinary savings
  • Fixed deposit
  • Save as you earn savings

Who decides on what interest to charge?

Interests on loans are reviewed from time to time by the BOD on recommendation of Management.

Can a member capitalize interest rebates or dividends to boost ones shares?

Yes, that is allowed. All that one needs to do is to instruct in writing

Can a member use dividends or interest rebates to clear loans?

Yes by communicating the same in writing

What are the acceptable Securities for a loan?

  1. Guarantors
  2. Deposits in the SACCO
  3. Land
  4. Buildings
  5. Vehicles

Who is eligible to be a guarantor?

Any active member in good standing is allowed to be a guarantor provided that one has not over guaranteed.A guarantor must be willing and able to repay the loan guaranteed if the loanees fail to pay.

What is the role of a guarantor?

Guarantors are jointly (together) and severally (individually) liable for the repayment of a loan in the event of the borrower’s default.

What are the rights of a guarantor?

  1. The right to obtain a copy of the letter of guarantee or contract of guarantee and any other documents in relation to the loan transaction
  2. The right to the information on the outstanding balance of the account of the borrower with the Society subject to the borrowers consent
  3. The right to be indemnified by the borrower for any payment made to the Society. This means that he can sue the borrower for the amount that he has paid to the Sacco

What does a borrower need to know about a the loan the he is guaranteeing?

  1. Loan amount
  2. Repayment period
  3. Applicant source of income
  4. Applicants term of employment
  5. Applicants retirement date
  6. Applicants contact details
  7. Any other details relating to the applicants character

What are available disbursement channels?

  1. EFT(Electronic Funds Transfer)
  2. RTGS(Real Time Gross Settlement)
  3. Cash withdrawal from the teller
  4. M-BANKING
  5. ATM

Can one clear a loan in full before repayment is over?

Yes, that is allowed.

Who is a nominee?

  1. A nominee is the person designated by a member to receive the proceeds of any payable funds upon the death of the member
  2. All members are required to provide details of nominee(s) upon registering as members
  3. One can change and/or update his/her nominee information as when and need arises

Can one alter loan repayment period during the repayment of the loan?

On loanees request the repayment period may be altered at any stage of repaying the loan provided that the request is within the limits of a particular loan term, and is endorsed by all guarantors, if extension.

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