Chama Savings Account

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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
  • 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

Frequently Asked Questions

Who can open a BOA Chama Savings Account?

This account has been tailor-made for formal and informal savings/investment groups (popularly known as Chamas) such as investment clubs, merry-go-round groups, dynamic groups, etc.

Is there a minimum operating balance?

No, once the account is operational, there will be no minimum operating balance. In addition, a free current account will be provided with free standing orders to savings account.

Will the account earn any interest?

Interest of up to 3% p.a. is paid to the savings account and 2.5% to the current account.

Can we access an unsecured loan as a Chama once we open this account?

You are able to access unsecured loans ranging from Kes.100, 000 to Kes 1,500,000 Secured loans ranging from Kes. 100,000 to 50MIO.

What do we need in order to access a loan facility?

Borrowing can be done by both registered and unregistered groups. The scope of the loan will be limited to wealth creation activities.

Will the loan be secured?

Yes, the loans will need security to be provided including Directors’ guarantees. Group members can also co-guarantee one another.

What is the repayment period of Chama loans?

The loan repayment period is up to 48 months for unsecured and upto 60 months for secured.

Does BOA provide financial advice and guidance on investment options?

BOA will assign a dedicated Relationship Manager to work with each Chama and who will also be involved in the Chama Loan processing. Chamas will also gain access to free regular Chama Clinics which will be conducted by the bank.

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