A chama's savings often sit in a bank account earning little while members decide what to do next. A unit trust account lets the group earn in the meantime, with the same controls it already uses.
Agree the goal first
Money the group may lend or pay out at short notice belongs somewhere it can be reached quickly. Money set aside for a plot, a building or a bigger investment can be locked away for a fixed period and earn more for it.
- Ready cash: Mfalme Money Market Fund, with no lock-in and withdrawals paid within two business days.
- Money the group can set aside: Wekeza Fixed Income Fund, with a lock-in the group chooses from one to twelve months and the return for that period known before you start.
Keep the controls you trust
The account is opened in the group's name, and withdrawals need the signatories named in your minutes. No single member can move the money alone.
What to prepare
- The group's registration certificate.
- Minutes naming the signatories.
- Each signatory's ID and KRA PIN.
Statements for every meeting
Every month the group receives a statement showing contributions, withdrawals and the value of its units, so the treasurer's report and the fund's record say the same thing.
