Diaspora Chama Account makes saving for Back-at-Home projects easier

It’s human nature to associate and integrate closely with other people, especially people with an identical or similar focus and pursuits in life.

That’s why people form clubs, ‘merry-go-round’ Chamas, Sports Clubs and so on. This joining of interests has brought unprecedented growth to our society, especially the empowerment of minority groups.

On a complementary hand, the banking sector continually strives to be at par with the needs of their clients. It has enabled financial dialogue, innovation and spawning of specially-tailored packages by stakeholders in the banking sector.

With KCB Bank, for instance, there’s a whole range of options for anyone doing business with them. There’s a huge category of accounts: current, transactional, and investment for the average working clients, or business people.

However, the groundbreaking entry is the Tuungane Chama Account, an investments group solution that’s meant to cater for both registered and non-registered groups with a main objective to have an account where they can consistently save their money. What’s more interesting is that it’s tailored for people living in the DIASPORA.

After a few months of saving, the Tuungane Chama members have a borrowing facility against their savings. That’s a great opportunity for a group to pull off huge investment projects back in the country, and not break the bank while at it.

For starters, chama members living in the Diaspora, say, Texas or Minnesota, do not have to all be in Kenya at the same time – which is an uphill endeavor, to synchronize travel schedules would be difficult.

The account also attracts a very competitive interest rate on savings, which translates to faster achievements of set targets. And, all this is easy to monitor, as the account has easy access to internet banking all day, every day, via KCB Bank’s mobile banking app.

The Tuungane Chama account operates without neither a minimum operating balance, nor minimum deposits. Whatever amount a member manages to save in their day to day hustle, can be channeled to the account, which also do not attract monthly operating charges.

The chama members also get to enjoy free Financial Investment Advisory from KCB Bank. This is vital to enable the members easily identify attainable investment opportunities in the open market, and how to get to them. Considering crazy work schedules that prevail in the diaspora, this is really helpful for members that would otherwise be too pre-occupied to study the market at length.

The really encouraging aspect of this account is the lending package attached. After a period of saving by the registered chama, they have an ability to access Tuungane Chama Loans up to an incredible 8 times their savings, to channel towards a project of their choice. This is, however, capped at a possible maximum of Ksh.50 million; itself, a huge sum of capital.

That’s very empowering. A group can embark on a project, finish it and fall back to repay the loan on friendly installments, as they cultivate resources towards a second target.

For all development-conscious people living in Texas, Minnesota, or other states and countries in the diaspora, and had been handicapped by lack of a centralized means of saving as a group, this is the ideal savings package. The Tuungane Chama/Investment Group Account is tailored to address such issues, and help spur your growth both locally and abroad.