There are three ways of joining Amalgamated Chama Ltd. These are:
A. INVESTMENT GROUPS – CHAMAS
For an investment group to become a member of ACL : –
- Your Group MUST be member of the Kenya Association of Investment Groups – If Not Please join
- Fill in the application form and pay a joining fee of Kshs 20,000.
- Invest either in 1m(Champion), 2m(Bronze), 5m(Silver) or 10m(Gold)
- Put a monthly standing order for a minimum of Kshs 10,000.
- Sign the shareholder’s agreement & get your share certificate
- Attend shareholders briefing meetings.
B. HODARI INVESTMENT GROUP – CHAMA FOR THE CHAMALESS
- Is a facility to enable individuals to participate in ACL – i.e. the “Chama for the Chamaless”
- Nominee account is already opened with Njoroge and Regeru Advocates for the Hodari Investment Group
- To qualify to join, an individual would be vetted by the ACL Chairman and after admission, s/he will pay the K Shs 1 million capital, plus KShs 50,000 joining fee and make a commitment to pay Kshs 480,000 in the next two years.
- Target membership of Hodari is 100 individuals.
- Just before listing ACL on a stock exchange, this SPV (Hodari) will be dissolved and shares transferred directly to the individual (hitherto nominee) shareholder.
C. YOUTH WING – MABINGWA INVESTORS
- This is open to people aged between 0-35years. It also targets Student Groups who are members of KAIG.
- The minimum is Kshs.100, 000. One can invest in lots of Kshs.100,000, 200,000, 500,000 and 1M.
- For those less than 18years, the parents/guardians invest with and not for them for as low as Kshs.2,000 per month. The Share Certificate is issued once Kshs.100,000 is reached.
- For a Chama of Young people the same applies. The amount is also payable as a lump-sum.
- This is also open to individual Young People under a Special Purpose Vehicle known as Shupavu under the Mabingwa Investors. They however have to fulfil all the conditions of the Mabingwa Investors.