The following technology-based services are provided by the SACCO:-
M PESA Service.
This is a money transfer service from SACCO to members using mobile phones. The members can also make deposits and loan repayments through M-PESA Pay Bill Number 532200.
ATM Service
This is a facility that allows members to access funds from their FOSA savings accounts using Co-op Bank SACCO link card from Co-operative Bank ATM cash point or any other VISA branded ATM. The following applies:
- Withdrawal from CO-OP Bank ATM which currently cost Kshs.30.00 Maximum withdrawal per day is Kshs 40,000.00.
- Withdrawal from any other Visa Branded ATM cost may vary from ATM to another but is estimated on average at Kshs.200.00.
- The SACCO link card is also used to pay for goods and services in some stores eg Petrol Stations and Supermarkets e.t.c.
- With the same card members can withdraw up to Kshs300, 000.00 from any CO-OP Bank branch at a cost of Kshs 100 through Point of Sale (POS) over the counter.
- Members MUST request the office to activate the ATM card once they receive the ATM pin number.
Real Time Gross Settlement (RTGS)/ Electronic Funds transfer (EFT)
This is a service available in the SACCO for transfer of funds to members’ accounts in other banks.
Loan Clearance Facility
Members are reminded that the SACCO has a facility to clear outstanding loans except Biashara/Biashara loans and Asset Finance Loan. All loans are cleared by the SACCO including development loans, other SACCOs and bank loans as follows:
- Short term loans at 8% recoverable up-front.
- Long term loans also at 8% recoverable upfront.
- Development loans at 10% to take same type of loan.
- Clearance of other Bank and SACCOs loans is 1%.
Sale of Bankers Cheques.
On behalf of Co-operative bank, the SACCO sells bankers cheques to members at a cost of Kshs 100 per leaf.
Mobile Banking Product.
The SACCO is in the process of introducing a mobile banking product where members will be able to access various services including limited credit facilities. This service will be rolled out in due course and all members will be notified accordingly.
