Why do we need FOSA as Kimisitu Sacco??
FOSA stands for Front Office Services Activity
FOSA (Front Office Services Activity) is a SACCO product that offers basic banking services like those offered by commercial banks.
Front Office Service Activity (FOSA) has evolved and been embraced by most Savings and Credit Cooperative Societies (Saccos) in recent times to become the major revenue generating venture. It was adopted by Saccos in response to the recent competitions from commercial banks and micro finance institutions posing threats to the membership of the co-operative movement. Societies conducting FOSA business are licensed and regulated by the Sacco Societies Regulatory Authority (SASRA).
Why do we need FOSA
The Society recognizes it can no longer operate using the traditional SACCO methodology. It must brace itself for competition with mainstream banking and financial institutions. With the advent of Front Office Service Activity (FOSA), the Society needs to develop very attractive and innovative products and to continuously re-brand & re package them according to market needs and tastes.
With the cut throat competition witnessed over the past few years, the Society is responding to this by opening a FOSA as an additional business line. Through this, the Society intends to improve its service delivery to existing members as well as recruit more members into the Sacco.
The Society has upgraded its ERP system which has a module for FOSA. The Board will present a proposal to the 2018 AGM for approval to start a FOSA.
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