CHAMA ACCOUNT

Micro-finance Groups 01 December 2019

The Savings account is tailored for formal and informal groups with the aim of saving while earning a high rate of returns and recurring and preparing for investment opportunities. Group/Chama-savings account is for groups or individuals who has a membership of 5 and above. Targeting Boda Boda Chamas, Table banking groups, Community or Family chamas, investment clubs and merry-go-round groups Community Based organizations (CBO's) and many others.

Features

Account for customers in groups of 5 or more
Mpesa deposits using paybill number 400200
Operating balance of atleast 500
Free cash deposit
Regualted withdrawals per the groups wishes
Free Standing orders from members to group accounts
No ledger Fee

BENEFITS

Competitive interest rates on savings
No minimum monthly contribution once account is operational
Access to individual loans for group members against chama account
Group Loan can be advanced up to 5 times the groups savings
Free standing orders to the Chama savings account for Sacco Members
Members can individually access loans
Free members education on sacco products as well as consultancy
Access to Fosa cheque books and bankers cheques

Requirements

A duly completed account opening form.
Two coloured Passport Size Photographs of the main signatories
Original National Identity Card or leal form of identification
Minutes appointing signatories to the account and list of members and their roles and signatures
If registred provide a certified copy of the registration certifcate from social services or come with original

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Micro-Finance Groups

CHAMA ACCOUNT

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