Chama’s are a commonplace amongst not only for the older generation but friends, employees; alumni use it as an investment and savings vehicle. Previously the success of a Chama was based on fidelity to the contribution schedule and a straight forward treasurer. However, there’s always was accompanied by hiccups.

To solve these banks have created innovative products that ensured that this niche is captured. The service provider Safaricom hasn’t been left behind. It has successfully created M-Pesa Chama account that blends the mobile transfer and real-time monitoring of portals. In addition to this, the Chama account offers checks and balances against fraud by signatories.

Requirements for opening Safaricom M-Pesa Chama Account

M-Pesa has made it easy for registered Chamas and to adequately save money and monitor its movements. The registration procedure is also not demanding and allows a single member to open an account on behalf of the Chama.

However, there are Chama account forms that can be obtained from Safaricom shops that should be duly completed. In addition to this, copies of IDs of three signatories and Chama registration certificate are required to complete the registration process.

Chama forms can be obtained online by visiting chama@safaricom.co.ke or sending an SMS to 21366 with the words CHAMA.

The average processing time is 48 hours if all the requirements including the binding contract between Safaricom Chama service and the Chama are fulfilled.

Notification successful registration of Chama usually is made through telephone from SAFARICOM.

Safaricom creates a Chama portal after successful registration through which members listed in the registration documents can carry out oversight of their monies. Also, bank transfers can be facilitated but with exclusivity to only those specified on the registration forms.

Activation of the Chama portal usually is initiated when a representative of the Chama sends an email to  cham@safaricom.co.ke.

Why a Chama Account

• Enhanced accountability member can easily oversight through the portal
• Easy to transfer money from your M-PESA to Safaricom Chama circles without additional charges (standard M-Pesa charges apply)
• No charges for opening the account
• Access to loaning, credit and other financial instruments from lenders affiliated to Safaricom M-Pesa like CBA and KCB