Kimisitu Sacco to launch FOSA Services

BySacco Review

Apr 27, 2018 ,
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By Wesley Ken

Kimisitu Sacco plans to introduce a Front Of¬fice Service Activity (FOSA) wing to offer basic banking services to members.
The front office will enhance efficiency in providing services to its members to meet their banking needs and other financial services which will complement products and services offered by the back office services.
The Society recently held its 2018 Education Day where members charted a future strategic direction for the Sacco and set up calendar of events for this year.
If approved by members during the March Annual General Meeting in March, the Sacco will launch the FOSA services allowing it to offer basic banking services like those offered by commercial banks.
“We shall break the ground in July 2018 where the Sacco offices will relocate to rented or leased space around Kilimani/Upper Hill area,” she said.
Addressing members during the occasion, Florence Oile, the chairperson of the Sacco, encouraged the members to take up more loan facilities for investment so as to have an alternative source of income.
Kimisitu Plaza Building project is also on course. So far, the Society has evaluated and contracted Mutiso Menezes International as the consortium in charge of the project.
The design process is currently underway and presentations are to be made to the members during the AGM.
Front office services will also enable the society to have enhanced deposit mobilization and improved lending capability.
It will also lead to increased business activity for growth, that is, turnover and liquidity to satisfy members’ needs through diversified services and an improved reputation.
This will enhance member’s confidence in the Society and will be encouraged to participate more.
The chairperson said that last year was a challenging and unique year characterised by political uncertainties, resulting in increased donor funding uncertainties especially in the Non-Governmental Organisations (NGOs), who are the Sacco’s main clientele and other organizations.

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