The purpose of Chama Loan is to enable formal and informal groups such as chamas, self help groups, welfare groups, partnerships and investment groups to acquire loans for wealth creation and welfare activities for members.
Chama Loan is ideal for organized groups comprising 5-35 members, who have opened an account with Family Bank and have registered their group formally or informally.
- Borrow up to three times your group savings amount
- Flexible monthly repayment period of up to 48 months
Groups constituted as companies, cooperatives & partnerships will be required to provide relevant registration documents
- Certificate of incorporation
- Memorandum & articles of association
- Company's PIN certificate
- Board of Directors resolution to appoint bankers and relevant signing mandates
- KYC documents of all directors
- Annual returns of the company
- The group is advised to open a Fortune Investment Account (Chama Account) and save for at least 6 months to qualify for loans
- All the signatories of the group shall be over 18 years of age and possess a national ID or valid passport