Mshiriki Current Account: The Answer to a Better Saving Culture

Do you find saving by yourself to be difficult? Do not worry as a Chama could be the answer that you have been looking for.

The Co-operative Bank of Kenya (Co-op Bank), through its Mshiriki Current Account, have the solution that will help you and your Chama achieve financial freedom.

Co-op Bank believes that coming together is the beginning, keeping together is progress but finding the right financial partner tends to be the ultimate goal of achieving Chama members’ financial freedom. This is why Mshiriki Current Account came into existence.

Mshiriki Current Account is a transactional account for groups and Chama’s, registered or informal, to support their financial goals safely and securely.

Features that come along with the account include the following:

1. No minimum operating balance
2. Access to funds as many times as required
3. Cheque withdrawals making reconciliation easier
4. No monthly ledger fee
5. Free withdrawals
6. Free deposits
7. Groups can access group loans
8. Convenient mobile banking and internet banking available
9. Cheque book costs 10 shillings per cheque leaf on the requisition

Requirements for a group to qualify opening Mshiriki Current account include

1.Originals and copies of National Identity Cards of the official signatories

2.A minimum opening balance of 2,000 shillings

3.For registered groups, the following are necessary:

1. i) Group Constitution
2. ii) Letter of introduction from the registering authority

iii)Group minutes resolving to open the account

iv)List of members with ID Numbers and signatures

4.For informal groups, signatories to open a joint account are necessary. Here group Registration Certificate and Introduction Letter are not required.