Chama Account

The new Chama Account is now a wealth creation channel since the Chamas can borrow as much as 3 times their deposits for wealth creation purposes.

Target Market:

• Tailor made for formal and informal savings groups (Chamas) such as investment clubs, merry-go-round groups, dynamic groups etc

Benefits:

• No monthly charges
• Competitive interest paid on deposits at interest pegged on market rates.
• No minimum monthly contribution once account is operational.
• Flexible savings period
• Formal groups can borrow up to 3 times the level of their deposits.
• Inclusion of a free current account with free standing orders to the savings account.
• Interest paid on the current account.
• Inclusion of Fixed deposit account with competitive interest rates.
• Free standing orders to the Chama account for BOA account holders.
• Quarterly Chama clinics.
• Assignment of a dedicated Relationship Manager who will also be involved in the Chama loan credit processing.
• Longer Repayment period, up to 48 months.

Features

• Chama would have to be formally registered company for borrowing purposes.
• Need to have saved for 6 months with BOA.
• Scope of loans to be limited to wealth creation activities.
• Loan amounts to be based on the group’s savings – Up to 3 times of savings.
• Minimum lending of Kshs 500,000 and a maximum of Kshs 50,000,000.
• Security to be provided including Directors’ guarantees.
• Group members can co guarantee one another.

Required Documents:

• 1 colored passport size photo per signatory.
• Resolution to open an account.
• Original ID or passport
• Certificate of incorporation (for borrowing purposes).

Opening an Account
Click below to:
Print Account Opening Forms
Locate the nearest Bank of Africa branch
Send an e-mail to obtain further information