In the previous post, we looked the Bank of Africa ‘Chama Account’ and the value add services it offers investment groups.
We continue looking at the options Chama’s have when it comes to bank accounts, loans and other benefits.In this post we look at the Consolidated Bank’s product targeting investment groups called Vuna Chama
To loop in as many groups, Vuna Chama Account is open for both Incorporated and non corporate investment clubs. Being a medium sized bank with a local network of 17 branches in major commercial towns in Kenya, your Vuna Chama Account will be easily accessible in many locations and can be reached by members in many commercial towns outside Nairobi.
Here are key things you should know about the Consolidated Bank ‘s Vuna Chama Account.
To open the Vuna account your group must be registered with the relevant authorities.
For incorporated groups, the bank requires several documentations such as Certificate of Incorporation, Articles and Memorandum of Association, List of directors, company’s PIN certificate and directors’ resolution to appoint bankers.
Your investment groups‘ officials who are will be transacting business on behalf of the Chama must also produce their own original and copies of identification documents and passport size photographs.
The Vuna Chama Account is affordable given that you can open it with just Ksh 2, 000.
For informal groups to qualify to open a Vuna Chama Account, the group must produce a certificate of registration from the department of culture and social services.
The application must be accompanied by the group’s constitution, list of members and their contact addresses and minutes of meeting appointing bankers. The Bank will also be interested in knowing the kind of business that a particular investment group is engaged in.
Once an account has been opened, the bank may provide a cheque book, bank statements and other normal banking services as well.
To access credit, the Consolidated Bank will consider the the amount of savings your Chama has and the kind of investment you are planning to make. This can be discussed with the bank. The Vuma Chama Account charges an interest of 1.5 % on loan per month.
The Consolidated Bank also offers interconnectivity services with other financial services providers and mobile phone related services making it easier for Chama members to make their savings and deposits from many locations. The M-systems service enables group members in the Diaspora to send their contributions from abroad directly into the bank through a secure system.
The Vuna Chama Account has several other benefits. For example it comes with free mentorship. Your investment group members will also become automatic members of the Consolidate Bank business club where they will be able to network with other business people. Chama members will also have access to investment loans for shares, land, property and other financial products offered by the bank.
Do you belong to a chama that banks using the Vuna Account?
This post was written by Martin Njuguna
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