Earlier this year, Finnlemm Sacco rebranded its Chama/Corporate Account. Chamas have become a common savings vehicle in Kenya today. Initially considered a women’s venture, it is now common to come across groups that are comprised of men. Many Chama’s have graduated to become investment vehicles. This is a sign that these groups have the potential to transform the lives of members.
Qualities of a good Chama:
- Have a common goal, objective, vision and mission that is familiar with all the members.
- Have a good management; the board of directors and investment committee. The board and committee should have members with appropriate skills and experience in different fields. Its board should be able to outsource good quality investments.
- Be able to come up with and implement its strategic investment plan within a set duration.
- Have a calendar of meetings for the board, committee and all the Chama members.
- Have a better accountability on its activities, perform high level of due diligence and keep clear financial records.
- Have a good communication structure from the board, committee and to the entire members through a common channel.
- Formalize its investment and fund its investment
- Position itself with a preferred investment partner
