“Coming together is the beginning, keeping together is progress but finding the right financial partner is the ultimate goal in achieving chama members’ financial freedom!”

Most local banks will ask for the following in order to start your chama’s account:
•    Memorandum of Articles of Association/ Group Constitution
•    Registration Certificate
•    Copy of KRA PIN’s for the Directors and the company.
•    Originals and copies of National Identity Cards of the official signatories
•    Group Registration Certificate
•    Letter of introduction from the registering authority
•    Group minutes resolving to open the account
•    List of members with ID Numbers and signatures
•    Copy of KRA PIN
Some banks also have a minimum required opening balance, while other do not have.

Different banks offer different features to chamas. You can find out the benefits in each bank before you decide which one to settle on. Some features your group can enjoy are such as free E-statements, internet banking, a cheque book, access to sizeable loans based on account status (sometimes even up to 10times the available balance)a dedicated account Relationship Officer, some banks also acquire interest on available balances, chama investment loan (for purchase of land, construction, buy ready built and equity-release loans, movable asset acquisition), access to free chama clinic regularly, group working capital solutions for members and M-collection and Lipa Na M Pesa integration.