Kingdom Bank has clarified the requirements for opening a chama account following a public inquiry by a customer seeking guidance on the process and loan access conditions.
Responding to a query from Jackson Kamonde, the lender detailed the documentation needed for investment groups wishing to formalise their banking operations.
According to the bank, chamas must present a certified copy of their certificate of registration to confirm legal status. They are also required to submit a certified introduction letter from the District Social Development Officer (DSDO) indicating the names of authorised officials.
Additionally, groups must provide a certified copy of minutes authorising the opening of an account at Kingdom Bank, specifying the branch, the authorised signatories, and clear signing instructions.
Other mandatory documents include a copy of the group’s constitution, a duly completed and signed account opening mandate, as well as copies of national identity cards and KRA PIN certificates for all authorised officials.
The bank noted that these requirements are intended to ensure accountability, proper governance, and security of members’ funds.
While the response focused primarily on account opening requirements, Kingdom Bank indicated that chamas seeking loan facilities must meet the bank’s lending criteria, which may include account activity history and compliance with internal credit assessment policies.
The clarification comes amid growing interest among chamas seeking structured financial services as group savings and investment schemes continue to expand across the country.
