M-PESA Chama Account ; How It works

M-PESA Chama Account is a service being offered by Safaricom to groups or chamas to allow them to collect funds conveniently and securely. By getting M-PESA Chama Account, they enjoy all the perks that come with it to help you run your Chama effectively.

Requirements for opening an M-Pesa Chama Account

Unlike group bank accounts which requires at least three signatories to open, this account can be opened by a single member either online or offline

For authenticity purposes, the member has to produce a copy of group/chama registration certificate, ID copies of three group officials and their KRA pins. These documents must accompany a dully filled Chama Account form which can be obtained at any Safaricom shop or Care Centre countrywide

This form can also be obtained by simply sending the word ‘CHAMA’ to 21366 or email chama@safaricom.co.ke. Upon submission of the application form and signed contract, the account is ready within 48 hours. The applicant is notified via telephone call

Funds transfer from this account to bank is seamless. The group can transfer funds from this account to its preferred bank account any day, any time. The whole process is seamless.

The group representative initiates the process by simply logging into a portal access or by sending an email to chama@safaricom.co.ke. Funds can only be transferred to a bank account provided in the application form. When savings hit the Sh100 million limit, the group is notified and requested to transfer funds immediately.

 Accountability guaranteed

Unlike other group accounts where only officials can obtain bank statements and other financial records, the M-Pesa Chama account allows all members to monitor the group’s financial records at the click of a button

The group representative simply need to register the rest of the members and provide them access to the group’s saving portal The group is not charged to open or save on this platform. However, members are charged normal M-Pesa rates to deposit on the account

Other benefits include easy access to credit facilities offered by Safaricom in partnership with other banks like Commercial Bank of Africa (CBA) and Kenya Commercial Bank (KCB)