August 31, 2012   by

Tuungane Account – Kenya Commercial Bank

We continue looking at the options Chama’s have when it comes to bank accounts, loans and other benefits. Lets take a look at the option the Kenya Commercial Bank (KCB) has to offer.

KCB is the largest bank in Kenya with 222 branches in all major towns and has good regional network across East Africa.

KCB

KCB

Subsequently, the bank gives investment groups an opportunity to save and grow their saving in all parts of the country and the entire East African Community region. As the EAC integration opens up the free flow of goods, labor and capital, people doing business can take advantage of KCB’s presence in these countries to finance their projects.

Investments groups can also pool together using large branch network as distance would not be a hindrance to saving and wealth creation as deposits or transactions can be made in Kenya, Rwanda, South Sudan, Tanzania and Uganda.

KCB offers the Tuungane Account (Swahili for pool together) which is available to registered and non-registered societies such as chamas, investment clubs, investment companies, welfare groups/clubs, merry-go-rounds, women and youth groups.

Account opening

To open the account , your group should produce compliance with the registering government bodies as well as submit proper documentation.

The features of the Tuungane Account are designed in an attractive way for big and small groups alike. The account has low opening and operating balance, no maintenance or ledger fees and minimum monthly deposits are allowed.

The current account enables you to make payments through cheques or access your money on a regular basis to meet your group’s transactional needs. The bank can grant loans of up to 90% of the deposit amount in the investment account at base rate.

Loans

Once a group has opened a Tuungane account , they can access other loan products offered by the KCB group such as Mortgage and Construction Financing.

The bank offers 90 % financing for the purchase of residential houses. For commercial properties, the bank gives 80% financing. It also advances money to buy or build income generating housing units.

KCB’s subsidiary S&L mortgage division has set up mortgage centres in all 168 KCB Bank branches in Kenya. The S&L is the region’s largest Mortgage financier currently contributing 13.5 % of the total Kshs 130 billion KCB loan book.

With 40 years in the loans and mortgage business, investments clubs can rely on it to actualize their home owning dreams or advise on investment in real estate and property ownership. The S&L mortgages have now been expanded from the initial Kshs 250 million a borrower can access up to Kshs 1 billion per single project.

Once a group has opened a Tuungane account , they can access other loan products offered by the KCB group such as Mortgage and Construction Financing.

The bank offers 90 % financing for the purchase of residential houses. For commercial properties, the bank gives 80% financing. It also advances money to buy or build income generating housing units.

KCB’s subsidiary S&L mortgage division has set up mortgage centres in all 168 KCB Bank branches in Kenya. The S&L is the region’s largest Mortgage financier currently contributing 13.5 % of the total Kshs 130 billion KCB loan book.

With 40 years in the loans and mortgage business, investments clubs can rely on it to actualize their home owning dreams or advise on investment in real estate and property ownership. The S&L mortgages have now been expanded from the initial Kshs 250 million a borrower can access up to Kshs 1 billion per single project.

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This post was written by Martin Njuguna

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1 Comment

    DANIEL MUTISYA
    on January 30, 2016, 4:27 PM

    WISH YOU CONTINUE TO STRENGTHEN THE WEAK TO BUILD KENYA.


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