Posted on November 23, 2023

INTEREST ON DEPOSITS ADVANCE 2023 IS NOW OPEN!

We are glad to announce the rollout of the advance of interest on deposits popularly known as Dividend Advance to run from Monday 20th November 2023 to Wednesday 31st January 2024. The advance will be applied and appraised on the mobile platform (USSD *605*5# and QC wallet App) then disbursed to the FOSA account for onward access by the member.

Product Features:

Maximum qualifying amount is up to 50% of the 2022 interest on deposit paid.

• The loan runs from 20th November 2023 to 31st January 2024 with no extension.

• The advance will be applied, appraised, and disbursed on the QC wallet mobile with exceptional manual processing.

• Processing of the advance is real time for mobile applications with funds disbursed to a member’s FOSA account. Processing of manual applications will be done within 48 hours.

• Manual applications should be sent strictly on the email [email protected] and a CRM number obtained for any follow up.

• The interest rate is 6% for mobile applications and 8% for manual applications which is to be recovered upfront.

• The advance will be fully recovered from the final interest on deposits payable for 2023 once approved by the AGM.

• Members with loans in arrears/ defaulted loans or with QC loans recovered and deposits not reinstated and members who have withdrawn membership will not qualify for the advance.

We further remind you of the ongoing bridging interest waiver promotion on Premier and Instant loan ending this month. Members also stand a chance to win a fully paid holiday when they introduce new members to join the SACCO.

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