Mshiriki Current Account By Co-operative Bank of Kenya

We all need to save at some point in life. In most cases, we save for a rainy day ahead. But in some cases, we save for a better future. Saving is not as easy as many people think. It requires high levels of financial discipline at a personal level.

For the majority of the people, saving is a lonely journey that one has to purpose to undertake till the end with so many destinations along the way that look like real ones. But to some, it does not have to be a lonely journey but a purpose for togetherness.

The need to save as a team gave birth to Chamas. These are investment groups that come together to save for a certain ultimate investment goal. “If you find saving by yourself to be difficult, a Chama could be the answer,” says Co-operative Bank.

“We are here to help you and your Chama achieve financial freedom,” adds Co-op Bank who have a Mshiriki Current Account tailored towards helping and enabling individuals and investment groups to save and find their financial freedom.

Coming together is the beginning, keeping together is progress but finding the right financial partner is the ultimate goal in achieving Chama members’ financial freedom. Mshiriki Current Account is a transactional account for groups and chamas, registered or informal, to support their financial goals safely and securely.

Features of Mshiriki Current Account:

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 Ksh 10 per cheque leaf on requisition

Requirements for a Mshiriki Current Account:

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

2. Minimum opening balance of Ksh 2,000

3. For registered groups, the following are necessary:

   • Group Registration Certificate
   • Group Constitution
   • Letter of introduction from the registering authority
   • Group minutes resolving to open the account
   • List of members with ID Numbers and signatures
   • Copy of KRA PIN

4. For informal groups, the following are necessary:

   • Signatories to open a joint account
   • Copy of KRA PIN
     (NB: Group Registration Certificate and Introduction Letter are not required)

Start your savings journey today.