This archive report was first published on 2 August 2019.
Diaspora Chama Account: A Game-Changer for Back-at-Home Projects ¶
It's no secret that people living in the diaspora often face challenges when it comes to saving and investing in projects back home. However, KCB Bank's Tuungane Chama Account is changing the game for these communities.
Launched to cater to both registered and non-registered groups, the Tuungane Chama Account is designed to facilitate consistent saving and provide a borrowing facility against savings. This means that after a few months of saving, members can access loans up to 8 times their savings, capped at a maximum of Ksh.50 million.
What's more, the account operates without a minimum operating balance or minimum deposits, making it accessible to members with varying savings capacities. The account also attracts a competitive interest rate on savings, translating to faster achievements of set targets.
One of the most exciting features of the Tuungane Chama Account is its lending package. After a period of saving, registered chama members can access loans up to 8 times their savings, which can be used to channel towards a project of their choice. This is a huge sum of capital, and it's empowering groups to embark on projects they may have otherwise been unable to undertake.
For development-conscious people living in the diaspora, the Tuungane Chama Account is a game-changer. It provides a centralized means of saving as a group, making it easier to achieve set targets and invest in projects back home.
As KCB Bank continues to innovate and cater to the needs of its clients, the Tuungane Chama Account is a testament to the bank's commitment to empowering communities and facilitating growth.
Published on August 2, 2019.
