This product is to enable members introduce their chamas to the SACCO and have savings which in return earn interest based on the period the savings are held by the SACCO. The returns on the funds shall be applied as follows:
|
PERIOD (DAYS) |
RETURN (PER ANNUM) |
|
181+ |
11% |
Other terms and conditions;
1. The chama MUST be introduced by an existing active member of the SACCO.
2. The chama can be a registered or unregistered group.
3. Minimum amount and duration of investment is Ksh. 100,000/- and 6 months respectively.
4. The investment by the chama will operate in the introducing member’s SACCO account but liquidated (redeemed) to chamas bank account ONLY.
5. An agreement/MOU MUST be signed between the chama officials and the SACCO and, witnessed by the introducing member.
6. Minutes/resolution by chama members authorizing investment in the SACCO MUST be availed.
