Chama Accounts
Provides you with an opportunity to transact as well as save towards a certain project with your respective groups. This product is suitable for Investment Clubs, Chamas, Community Based Organizations (CBOs) and Welfare Societies.
Why choose Rafiki Chama:
- Start small: Open with just KES 1,000
- Earn more: Earn high and competitive Interest on your savings yearly
Member Perks:
- Financial Education: Free training for all members.
- Exclusive Discounts: Save on medical and last expense insurance.
- Access loans with interest rates on reducing balance.
Benefits
- Free chama training
- Free book keeping software.
- No monthly charges
- Free bankers cheque
- Cheque book
- Competitive interest rates
- The groups not registered as limited companies are assisted with the registration process
- The groups can access loans up to 100% for common project.
Requirements
For Joint Accounts:
- Copies of IDs for all account holders
- 1 passport photo each
- Minimum opening balance: KES 1,000
For Self-Help Groups / CBOs / SACCOs / Churches:
- Certificate of registration
- Stamped constitution from the relevant ministry
- Minutes of meetings (signed by all signatories and stamped by the ministry)
- List of all members and signatories.
- Ministry approval letter to open the account.
- IDs and passport photos of signatories
- Minimum opening balance: KES 1,000
- KES 500 search fee
- For Partnerships:
- Certificate of registration
- Partnership agreement
- Resolution to open the account (signed by all members)
- Statement of signing mandate and account signatories
- IDs and passport photos of signatories
For Limited Liability Companies (LLCs):
- Certificate of Incorporation
- Memorandum & Articles of Association
- Resolution to open the account (typed on company letterhead or formal format)
- Signed by at least 7 directors (or all if less than 7)
- Include account signatories and signing mandate
- Must be sealed
- Company KRA PIN certificate
- IDs and KRA PIN copies of signatories
- Passport photos of signatories
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