BOSA Savings Accounts
Back Office Services Activity (BOSA) enables a member to make deposits and access credit services. The Deposit Accounts in BOSA include the following:
1. Member Deposits
These are non-withdrawable savings but are refundable on exit. The minimum contribution is Kshs. 3,000 per month or 10% of basic salary whichever is higher. All members who have not attained the above minimum monthly contribution are encouraged to do so.
Benefits of member deposits
- Gives members the ability to access loans in multiples of 3, 4, or 5 times on one's deposits.
- Member earns a competitive return in terms of interest rebates.
- Enables the SACCO to maintain liquidity.
- For an Asset Finance Property Loan, one must have been a Sacco member for at least 2 years. The minimum monthly contribution is Kshs. 5,000 and the loan is issued up to 10 times the member's deposits.
2. Share Capital
This is a unit of ownership, not withdrawable but transferable to an active member upon exit from the Sacco.
Benefits of Share Capital
- Member earns attractive returns on dividends which are declared annually.
- Enables the Sacco to drive its operations.
- It's a long-term investment option for the members.
Share Capital for Individual Members – Kshs. 20,000 (minimum Kshs. 1,000 each at Kshs. 20)
NB: The same was approved in 2022 with a grace period of up to 2025
3. Micro-finance Savings
This is a savings account for Small and Micro–Enterprises. Members can access credit 3 times the savings depending on the product. Micro-savings accounts are as follows:
Micro-groups Joining Conditions
- Registration certificate from relevant government agency/department.
- Minimum number of members in a group is five (5) for investment groups and ten (10) for micro-credit groups.
- Original and complete copy of the group's constitution (memorandum) and certified by Sub-County Social Development Officer (SCSDO).
- Each official who is a signatory should submit a current photocopy of the original identity card or current passport and one colored passport size photo.
- A letter from the Sub-County Social Development Office introducing the authorized group.
- Minutes of the meeting where a resolution was passed to open an account with Jamii SACCO duly certified by the Sub-County Social Development Officer (SCSDO).
- Minutes stating the terms and conditions of borrowing and withdrawing of group funds from the SACCO.
- List of all group members indicating their full names, identity cards numbers, personal cell phone numbers, email addresses & specimen Signatures. Payment of entrance fee of Kshs. 300 per member.
- KRA PIN certificate and Credit Reference Bureau (CRB) report for all group members.
Biashara Savings
This savings account is available to all members who operate businesses. Credit features of the Biashara Savings account are:
- Credit is considered in multiples of 3, subject to ability to pay and acceptable security.
- Loan approval is based on graduated levels.
