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

	No monthly charges
	Competitive interest paid on deposits at 4.5%.
	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.

	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.

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

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