Hello Mulei, Sometimes the agreement and the memorandum are used interchangeably, but depends on each Chama. Since June 2013, several chama management software applications have been developed to help Chamas better manage its finances. One such application is Chamasoft, an online accounting tool developed by Digital Vision EA. Chamas has become such a successful phenomenon in Kenya that banks and brokers who develop and market aggressive products for Chama groups  to bring some of the $4 billion in savings into the formal financial system. Banks also called for new legislation to eliminate some of Chamas` competitive advantages.  “I would like to invite our members and fans to know that we have officially reached an agreement with Chama. period. In many cases, stock-based chamas, under the miswork of officers, mismanagement of money have collated with unpaid borrowers, high rates of credit default and interpersonal conflicts, and differences of opinion on how to invest the group`s savings.  A Chama is an informal cooperative that is normally used to pool and invest people`s economies in East Africa and in particular Kenya.  The Chama phenomenon is also called “savings microgroups.” “Chama” (also written by some Kyama tribes) is the Kiswahili word for “group” or “body.” The Chama phenomenon was born out of the idea of Harambee, which means “all together,” in the late 1980s and 1990s.  Originally, chamas were exclusively women`s groups, but when Chamas began to grow in sophistication and success, men too began to participate in Chamas.  The Chama structure is used throughout Africa, but is particularly popular in Kenya, where the word originates. In Kenya, there are an estimated 300,000 chamas managing a total of KSH 300 billion ($3.4 billion) in assets.
 Chamas are known for their exclusivity. In order to join, new members are usually the subject of in-depth interviews and must be guaranteed or guaranteed by an existing member.  Some sources believe that one in three Kenyans is a member of Chama.  Under British colonial rule, British settlers began to establish agricultural cooperatives under the Cooperative Societies Act, including large-scale production and export of coffee, tea and dairy products locally.  After Kenya`s independence in 1963, agricultural cooperatives developed with Kenyan shareholders and leaders.