Below is the difference between BOSA and FOSA:

BOSA stands for Back Office Services Activities. Here, a member makes a prescribed minimum contribution (Non withdrawable deposits) every month. This money is used as collateral for loans in which you borrow 4 or more times. Such deposits are only withdrawable on cessation of membership; good thing is that you get back 100% of your savings.

FOSA stands for Front Office Services Activities. This is the banking arm of the SACCO which offers savings as well as transactional accounts to which you can access your money while you are still a continuing member of the SACCO. Such accounts may be used as a salary pay point and funds may be accessed through Visa branded ATMs, Mobile banking and over the counter at our FOSA. The ATM card can be used over the counter at all Co-op bank branches.


Source link

February 11, 2024

Written by: