Please find all your possible frequently asked questions on everything concerning ACL and how we operate here.

You can also download a copy of these FAQs by clicking this link. 

Q1: Who Can Join ACL?

A: Amalgamated Chama Ltd (ACL) is the “Chama of Chama’s” open only to member groups of the Kenya Association of Investment Groups

Hence for your investment groups to join, they first must join the Kenya Association of Investment Groups.

Q2: How Can My Group join ACL?

A:  Your group officials must fill in an application form. Filling the application form fully is very important for ACL to have reliable information about its shareholders.

Investments can be made in a minimum lot of Kshs 120,000. Where Kes 20,000 goes towards registration and Kes 100,000 is capitalized to shares at the prevailing share price when a deposit is made.

Your officials will also be required to, read and understand the articles and memorandum of association and sign the shareholders agreement.

Q3: Can the group receive a presentation briefing from ACL? 

A: ACL can attend during your chama meeting and present about its activities. This is also a good platform for group members to ask any questions that they may have.

It is critical that all shareholders have a long-term investment outlook.

 Q4: How many shareholders will be accepted? 

A: ACL is only open to investment groups and we do not envisage more than 100 shareholders.

 Q5: My Group is not a KAIG member how can we join

A: Joining KAIG is fairly straightforward, you can download an  application form from the website, have it fully completed and returned with a cheque of Kshs 15,000 (Kshs 5,000 one off joining & Kshs 10,000 annual)

The KAIG offices are at Suite 103 , Mercantile House Koinange Street. Alternatively you can call the office on 020-3517967 or 0737-773106 to arrange collection for your payment.

 Q6: What are the benefits of joining KAIG

A: KAIG is the bond that brings investment groups together for their mutual benefit.

KAIG members enjoy numerous benefits namely access to preferential terms from various service providers (Banks , Stockbrokers etc) , monthly investment workshops, networking opportunities with other groups , lobbying , free meeting room for their officials, access to investment opportunities just to name a few.

 Q7: Can a group invest more than Kshs 1m

A: Yes the Kshs 1m is only a minimum. Investments are accepted in lots of Kshs 1m,2m, 5m and 10m.

 Q8: What ownership evidence do we get for our investment

A: You will get a share certificate in your groups name.

 Q9: What is the current share price

A: The share price changes every 6 months.

 Q10: Will the share price change

A: Yes, the share price will change periodically as the company grows. Hence it is in your interest to pay your Kshs 1mn commitment as soon as possible to attract a favorable price.

It is only once you pay the entire Kshs 1mn that you will receive a share certificate for your investment.

 Q11: Can we pay the Kshs 1m minimum investment in instalments

A: That is possible with a payment plan that is acceptable to the board.

However the share price will crystallize only when you reach the Kshs 1m mark.

 Q12: Does ACL have an Investment Policy can it be availed to me

A: The investment policy will only be availed to paid up shareholders who must sign the shareholders agreement which has the neccesery confidentiality clause’s

 Q13: What are the benefits of my group joining ACL


  1. Early bird discounted share price
  2. Access to investment area’s your Group cannot easily invest in
  3. Periodic Bonus issues
  4. Dividends from Year 4
  5. Investment and life skills presentations at bi-annual briefing meetings
  6. Networking with other serious members
  7. Reputational capital
  8. Significant capital appreciation upon listing.

 Q14: Does ACL have a motto

A: Yes. The motto is “Mobilizing Capital for Africa by Africa”; The overarching objective is to make its shareholders financially free, and in the process make many others discover saving and investing as the route to wealth creation.

 Q15:Does ACL have a website and social media fan base

A: Yes the website is and our Facebook Page is on

 Q16: Does ACL have a full time secretariat

A: Yes, Situated at Merchantile House Suite 103, Koinange Street.

 Q17: Does a chama joining ACL have to be a KAIG member

A: Yes, KAIG is the bond that holds us all together.

 Q18: How much capital does ACL intend to raise

A: ACL intends to raise minimum Kshs 1 billion by 2015

 Q19: Where will the money be invested


  1. In real estate, syndication and private equity mainly
  2. Acquisition of superior growth listed businesses
  3. A portion shall also go to support/co-invest in profitable projects KAIG member groups may be undertaking

 Q20: Will you start investing before you raise the entire Kshs 1 billion

A: Yes we will start investing the money raised immediately to give early returns to early shareholders?

 Q21: Must a member sign the shareholders agreement

A: Yes, because it is in their best interest to read, fully understand the business model and commit themselves long term.

It is also important to read and fully understand the articles and memorandum of association.

 Q22: Will investments only be in Kenya

A: Kenya will be the initial starting point but the intention is to invest in other Afrian countries which offer superior investment returns/

 Q23: How at ACL are investment decisions made

A: The board of ACL upon receiving suitable investment proposals, will refer to the relevant task force for recommendation and once given a go-ahead, is forwarded to a licensed CMA professional for assessment.

Based on the written assessment received the board will make the final investment decision

All written professional assessments will be available for inspection by shareholders.

 Q24: Where will ACL be based

A: ACL is based at the Kenya Association of Investment Group’s offices at Mercantile House, First Floor, Suite 103

The board however intends to buy suitable office premises in future to establish a permanent presence and to house KAIG.

 Q25: Can investment undertaken lose money

A: Investment is a risk and at times no matter how rigorous the investment assessment  analysis is, some investments go down in value

The investments ACL will undertake are of higher risk than average hence the reason of pooling together of resources from Chama’s to diversify away the risk of individual groups investing directly in these high risk assets.

In the long term, since we shall only be investing in what we deem to be good businesses, we have no doubt that we shall make good money – very good money because we shall have invited very many others to make it with others!

 Q26: Why are the meetings held at 6:30am

A: Our research has shown this is the best time to hold a serious meeting given the busy lives we lead which are aggravated by the ever increasing traffic jams in Nairobi.

Our meetings will last 2 hours and hence by 8:30am members will be released to go to the work places, businesses or their other engagements.

The early timing also weeds out non serious investors as if one cannot wake up early to make money they may not be the right partners for us. “We want to make our money early – before breakfast!”

Q27: Will ACL be open to partnering with foreign investors

A: Yes ACL will position itself as an expert in investment in Africa , available as consultants and partners to foreign investors interested in Africa.

 Q28: How will we be kept informed on our investments in ACL

A: This will be done through a monthly “e-shot”, written quarterly investment updates , Bi-annual investor briefings and annual AGM attendance.

A full time secretariat is in place to handle all shareholder related issue’s and communication.

 Q29 : Can I form a Chama to join ACL

A: Forming a Chama takes time and resources and the KAIG secretariat will be available to asssit and guide you form a serious and sustainable group which can invest a part of its assets in ACL

 Q30: What led to the formation of ACL

A: ACL was formed as a result of KAIG member requests to have a Central Fund to assist them invest in areas that require significant capital and professional expertise which they cannot individually do.

There was also the need to have a “Big Brother” investment partner to co-invest with them in suitable investment opportunities they identify.

 Q31: Will ACL compete against my Chama

A: Not at all! ACL was formed to assist your group get exposure to asset classes they cannot readily invest in individually and to be the best practice “Gold Standard” reference point to help your group grow.