List Of Chamas In Kenya

By | December 13, 2022
0 Comment

List Of Chamas In Kenya

An informal cooperative society, usually for pooling and investing savings.

In this article Keweb.co tries to answer the question by publishing the full list of Chamas in Kenya

Below are the full List of Chamas In Kenya

These are groups / Chamas and Companies registered under Social Services and companies Act respectively. Chamas /Groups and corporate shall be classified under class – C membership.

Eligibility for Group Membership.

Each group must be registered by Registrar of Societies. The registration certificate must have a current stamp stamped within the year by Social Service. Each group member must be a Kenyan citizen aged 18 years and above. 

 Group Membership Joining Requirements

The group is required to fill the membership application form and attach the following:

  • Minutes listing all members with members’ signatures authorizing the officials to join the Sacco.
  • Group constitution.
  • Group registration certificate
  • Copies of National I.D. for group officials and the group members.
  • Pass port photograph for group officials.
  • KRA PIN for each group official.
  • Home Address for each group member.
  • Each group must have 4 signatories to the account who are 3 group officials and one group member.

Pay entrance fee of Ksh. 3000.00 The group shall save a minimum of Ksh. 5000.00 per month in deposits.

Group Loan

  • Advanced at 4 times Chama’s deposits
  • Interest rate of 1% per month on reducing balance
  • Maximum repayment period of 36 months.
  • Maximum of Ksh. 30,000,000 and Ksh. 40,000,000 for corporates

 Loan Requirements

  1. Regular contributions for 4 months
  2. A fully filled application form
  3. Group minutes authorizing for loan application
  4. The purpose of the loan must be within the Group’s constitution.
  5. Form committing the officials.

Loan Guarantorship

  • Group members may guarantee the loan in full using individual member’s deposits.
  • The loan can be secured by other approved collateral or a combination of both

Business Ideas for Chamas in Kenya

Below are the Business Ideas for Chamas in Kenya

Real Estate

Agribusiness

Stock Market

Treasury Bonds

Tourism Sector

How are chamas registered in Kenya?

These are groups / Chamas and Companies registered under Social Services and companies Act respectively. Chamas /Groups and corporate shall be classified under class – C membership. Eligibility for Group Membership. Each group must be registered by Registrar of Societies.

What are the benefits of a chama?

  • Chamas Help People Pool Resources Toward Investment Projects.
  • Chama Is the Perfect Avenue to Boost Your Savings.
  • Chamas Can be Great During Emergencies.
  • Knowledge Sharing About Investments.
  • Chamas Help Provide a Diverse Investment Portfolio.
  • Chama Members Can Access Cheap and Sometimes Interest-Free Loans.