FOSA is important in the following ways:
It generates income just like BOSA
It enables Chuna Sacco to offer utility services like ATM services, mobile banking services, salary processing, top up facility and others.
Our current operating status and licensing dictates that FOSA and BOSA to continue on complementary basis. Chuna cannot do away with one and continue with the other.
Let us safe for a better future and make CHUNA compliant and stronger.
Members deposits are refundable except share capital. However share capital is also refundable through the following procedure:
Share capital can be sold to a new member who is joining the sacco or an existing member.
The society will create a fund - share transfer fund to be used to refund money to those members who will not find somebody to buy the shares.
However, let it also be said that share capital left in the sacco will continue earning dividends.