Salary Advance is a special cash advance facility based on salary. It is available to all members who channel their pay via FOSA. The product is designed to meet one’s short-term financial needs. Whereas one had to apply for the advance and submit together with a current pay slip, the facility is now a mobile based loan applied and disbursed through the Kimisitu mobile banking platform.
- 80% of net salary graduated up to a maximum loan amount of KSh.500,000
- Tenor-maximum 4 months
- Interest Rate: 6% one off deducted upfront
- Security: Salary
- Salary is processed through the FOSA Savings account