M-Chama Groups Savings A/c
Product (service) targets both registered and unregistered groups (Chama’s) categorised in terms of formation as follows;
- Any group that is officially registered by the government of Kenya under the Society Act whereby its operations are governed by a constitution through By-laws.
- A group that is introduced to the bank by an NGO which the bank has signed an MOU with.
- M-Chama ensures security of funds to members of a group; money safely in a bank account.
- Ensures transparency in managing group funds; SMS notifications are sent designated members linked to the group account for tracking to reinforce accountability of their group officials.
- Easy, secure and convenient access to group funds 24/7 using their mobile phones.
- Provides choice/options for transactions; group members are able to deposit and withdraw at any Postbank branch, Mashinani agent and M-Pesa outlets.
- Various payment functionalities are available; namely:
- Savings & Membership fee contribution
- Loans disbursement & repayment
- Social welfare funds collection & share out among others.
- Flexible opening & operating balance.
- Personalized card issued to group officials is exclusively operated over the counter.
- Unlimited withdrawals; members can perform as many withdrawals as supported by the available account balance using all the bank channels except the ATM.
- Deposits are unlimited and performed at no extra cost; through Postbank branches, Postbank Mashinani & M-Pesa agents.
Subscription to M-Chama service is free. However, respective money transfer charges apply on transactions conducted on the subscribers’ platform. The following charges apply:
- Depositing is free however, M-pesa charges apply for those who use paybill number 200999.
- Withdrawal across the counter is Kshs.70.
- Internal cash transfers from a group account to a personal account within Postbank is free of charge.
- Mobile phone withdrawal through USSD attracts a minimum fee of Kshs.59 depending on the amount.
- USSD gateway access fee is Kshs.2 (chargeable on airtime)
- Personalized Card fee (Optional) is issued at a fee – Kshs.400/=
- Group Constitution/by-laws.
- Registered groups: group valid certificate of registration
- Unregistered groups: a letter of introduction from the caretaker NGO.
- Group resolutions/minutes captioning agreement to open an account at Postbank.
- Valid IDs (originals + copies) of designated group officials.
- List of group members profiled by: Name, ID number, mobile number (if applicable) and signature or thumb mark of the applicant.