HOW TO FORM A CHAMA (GROUP SAVINGS)  SAFELY IN KENYA?

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.

©MasiboLaw
Where we solve your legal problems quickly and affordably.

Published by masibolaw

I help ambitious entrepreneurs to overcome legal and regulatory obstacles while growing their businesses.

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