One of the ways to grow financially is through Group Savings (Chamaas). However, many people regret getting into Chamaas when the Treasurer disappears or there is a problem with the management. Here is how to safely form a Chamaa.
1. Organize yourself into a group of about 10 other people who you trust and who are disciplined.
2. Draft the Group’s Constitution
3. Have a meeting and elect group officials. Make sure you elect a Chairman, Secretary and Treasurer. Have the minutes witnessed and registered.
4. File an Application with the Ministry of Labour and Social Protection. Attach your groups constitution, minutes of the meeting above, a list of all members duly signed and copies of the National Identity Cards of all group members.
5. Pay the Application fee – 1000 shillings.
6. In one week, you will receive a registration certificate from the Ministry.
7. Get both legal and financial experts to guide your Chamaa through property purchases and tax obligations.
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