The Kenyan economy for decades now has been facing difficulties in absorbing the available human resources, with every year colleges and universities in Kenya producing thousands of qualified personnel. The fact that not all the trained graduates in Kenya get employment has triggered many to form groups which are commonly known as “chamas in Kenya” to spur their living. The government of Kenya has also been in forefront encouraging unemployed youths in Kenya and women to form groups in order to work together and uplift their living standards. The idea of people coming together to form chama in Kenya is that one, when they combine their forces it will be easy to come up with quality strategies, ideas and also be in a position to implement the efficiently unlike as individuals. The other benefit of chama in Kenya is that banks and other lending institutions in Kenya will easily give loan to a group than to individuals with reasons of collateral required or attached.
Faulu Bank among other Kenyan banks has been in forefront providing loans to Chamas in Kenya with favorable and affordable rates that any group can manage to repay back. For chamas in Kenya to access loans with Faulu Bank in Kenya, they have to be registered and have an active Faulu Bank account in Kenya. Faulu Bank in Kenya has categorized chamas in three categories for the purpose of registration.
First type of chama in Kenya as grouped by Faulu Bank in Kenya are the informal groups in Kenya which are required to have the following documents to be registered; a complete joint Faulu Bank account opening form, Original and Copy of National ID or valid passport of account signatories and a recent colored passport photos for all signatories.
The second category of Chama in Kenya as grouped by Faulu Bank in Kenya is Registered Groups and Associations in Kenya, and the following is required before registration; a complete Faulu Bank account opening form, Original and copy of National ID or valid passports, one recent colored passport photos for all signatories, Registration certificate, Constitution and Minutes of resolutions to open Faulu Chama Account in Kenya.
The third category of chama as grouped by Faulu Bank in Kenya is Institutions and companies in Kenya. For institutions and companies in Kenya, the following documents are required prior to registration with Faulu Bank for loans; a complete Faulu Bank account opening form, Original and copy of National ID or valid passport, one recent colored passport photos for all signatories, Certificate of registration memorandum and articles of association, Pin certificate and minutes of resolution to open Faulu chama account.
A registered chama with Faulu Bank in Kenya will enjoy the following benefits; borrowing loans as a chama from Faulu Bank at a rate of 125% per annum, up to 6 years repayment period, all chama members can have individual loans in Kenya and finally borrowing loan up to 10 times the chama’s savings.
Faulu main banking branches within Nairobi are located at OTC Nairobi, Kawangware, Kayole, Kariobangi and Kiserian. There are other Faulu Bank branches outside Nairobi located mainly on district Headquarters in Kenya, for example, Thika town, Machakos and Eldoret.
Register your Chama in Kenya today with Faulu Bank and enjoy the benefits that can change your living standards.