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Nairobi Province, Nairobi

Chamas /Groups and Corporate Membership

Chamas/ Groups and Corporate Membership

These are groups / Chamas and Companies registered under Social Services and companies Act respectively. Chamas /Groups and corporate shall be classified under class – C membership.

Eligibility for Group Membership.

 Each group must be registered by Registrar of Societies. The registration certificate must have a current stamp stamped within the year by Social Service. Each group member must be a Kenyan citizen aged 18 years and above. 

 Group Membership Joining Requirements

The group is required to fill the membership application form and attach the following:

  • Minutes listing all members with members’ signatures authorizing the officials to join the Sacco.
  • Group constitution.
  • Group registration certificate
  • Copies of National I.D. for group officials and the group members.
  • Pass port photograph for group officials.
  • KRA PIN for each group official.
  • Home Address for each group member.
  • Each group must have 4 signatories to the account who are 3 group officials and one group member.

Pay entrance fee of Ksh. 3000.00 The group shall save a minimum of Ksh. 5000.00 per month in deposits.

Group Loan

  • Advanced at 4 times Chama’s deposits
  • Interest rate of 1% per month on reducing balance
  • Maximum repayment period of 36 months.
  • Maximum of Ksh. 30,000,000 and Ksh. 40,000,000 for corporates

 Loan Requirements

  1. Regular contributions for 4 months
  2. A fully filled application form
  3. Group minutes authorizing for loan application
  4. The purpose of the loan must be within the Group’s constitution.
  5. Form committing the officials.

Loan Guarantorship

  • Group members may guarantee the loan in full using individual member’s deposits.
  • The loan can be secured by other approved collateral or a combination of both