Chama Savings Account

Chama Savings Account image of puzzled buiding


The objective of the product is to provide investment groups with an opportunity to organize monthly contribution through deposits made and to earn an interest of funds maintained. They are also able to access credit facilities based on deposits held among other credit assessment criteria.

Target Market:

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


  • Access to e-Chama
  • No monthly charges
  • Interest is paid to the savings account for balances above Ksh 20,000 with one withdrawal allowed per month.
  • No minimum monthly contribution
  • Chama Loan can be advanced up to 6 times the groups savings
  • Free standing orders to the Chama Account for BOA account holders
  • Assignment of a dedicated Relationship Manager
  • Access to free regular Chama clinics


  • Minimum opening balance of Kes 5000
  • Unsecured loans ranging from Kes.100, 000 to Kes 1,500,000 Secured loans ranging from Kes. 100,000 to 50MIO
  • Borrowing can be done by both registered and unregistered groups.
  • Need to have saved for 6 months with BOA for borrowing purposes.
  • Scope of loans include but not limited to Plot/Property purchase, asset finance, mortgage and treasury bills.
  • Longer repayment period, up to 48 months and 60months for unsecured loans
  • Security to be provided including Directors guarantees
  • Group members can co-guarantee one another
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