In this article we are going to look at the investment group focused account offered by the National Bank of Kenya, the Super chama Account.
First off all, a little bit about the bank.
The National Bank of Kenya is partly government owned and enjoys a large presence of 55 branches across the country all interlinked and offering modern mobile related and cash transfer services. The bank can be an ideal vehicle for savings and investment for people spread in different parts of the country and seeking to use the bank’s range of products or money transfer services.
The bank offers a wide range of banking services, investment opportunities and advisory services to individuals and groups intending to make investments.
The NBK product targeting Chama’s is called the ‘Super Chama’. This is a savings account specifically targeting nuclear and extended family members, registered and non-registered groups who are in dire need to save with an ultimate objective of borrowing against the savings.
The account comes with an attractive package characterized by low operating balances and zero operating costs as well as loan facilities based on a group savings for purposes of investing.
For a group to operate a Super Chama account you need Ksh 1,500 which is the minimum opening balance. The bank will give you free monthly statements and a
standing order facility for the account without maintenance or ledger transaction charges.
For your groups to open the Super Chama account, you must fill an application form available at the bank. In addition to the minimum deposit, a group must produce their registration details and certification and at least three signatories whose identification
documents and passport size photographs must be given to the bank.
It is important also for groups intending to open a Super Chama account to furnish the bank with other information such as group constitution, list of members, their contact address and minutes of meeting appointing bankers.
Once a Super Chama account is operational, groups are eligible to loans secured up to 100 percent of their deposits. The loan depends on the accumulated savings of your group. You can be given credit of upto 3 and a half times what you have saved at the time of loan application.
The facility offers loans from a mi
nimum of ksh 50,000 and has a credit ceiling of ksh10 million payable in flexible terms. Advisory services are extended to loan accounts.
You can get other details such as the period of operating an account before loan application, interest on savings, interest payable on loan account, repayment period and other terms on the loan from your nearest branch.
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