M-Chama Groups Savings A/c

M-Chama Account Eligibility

  • M-Chama account is open to both registered & non-registered Chamas’/groups.
  • Any group formally registered under the laws of the land by the government of Kenya.
  • Groups introduced to Postbank by an NGO/CBO which as a bank we have signed a Memorandum of Understanding (MoU deed) with.

M-Chama Account Registration Requirements

  • Group Constitution/By-Laws.
  • Group valid certificate of registration (for unregistered groups, an introduction letter will suffice from the umbrella NGO or Church).
  • Minutes of a meeting agreeing to open an account at Postbank and signed by a majority of members (observing at least 2/3rds members attendance).
  • Copies of Identification document of designated signatories.
  • Copy of PIN Certificates of each signatory.
  • A valid group resolution document authorizing group officials to open an account at Postbank including defined operating instructions and listing of group members by official name, ID number, Mobile number and signature or thumb mark.
  • Completed account opening & debit card application forms (SB11B & ATM1).
  • 1,800 search fee payable on application (applies to registered groups operating independently and with no reference from an Umbrella CBO or NGO).
  • Any amount of cash is acceptable to validate the account Kshs.600 personalized card fee charged from account on application.

M-Chama Account Value Proposition

  • Security of funds to members; money banked in the group account ensures safety unlike when stored in a box or entrusted to an individual for safe keeping.
  • Transparency in managing group funds; all withdrawals from group account are communicated to designated members through a text i.e. SMS notifications.
  • Access to Chama funds 24/7; facilitated through use of group officials mobile phones.