starting point should be for all the members to sign a properly drafted and binding agreement setting out in as much detail as possible the obligations and benefits accruing to each member.

Are there any officials in a chama???

Okay my thoughts...
I've honestly wondered whether Chamas are overhyped. The few successful ones are very good. But all the ones I know from friends seem to struggle and lurch from one issue to another.

So I've come to believe they mirror life or business for that matter. There will be many every corner you turn - many will be average, more will be poor and the exceptional ones will be a handful.

And those exceptional ones will be run like businesses - no jokes, no patronising, unity of mind and focus, no tolerance for petty arguments!

When it comes to investing know whether you work best as "partner" or "Solo". Personally I belong to the latter group and steer clear off "Money marriages". Chamas come with a lot of headaches and I think their main advantage is the social angle. For that reason I would only join one in which the capital outlay expected is insignificant......my significant investments are made SOLO. Where I have TOTAL CONTROL over what I buy, what I sell and when I do it. It is for the same reason I would never join a mutual fund.