Chamas (informal investment Cooperatives) are quite popular in Kenya and now the sector will get some help in the bookkeeping department with the launch of M-Chama next month (July). According to M-Chama lead who spoke to HumanIPO, this will be the first for Kenyan Chamas who before had a difficulties keeping track of large sums of money.
He said, “Actually there are very few people who know how to bookkeep for table banking groups and their services are very expensive, normally not less than KSh1,000 (US$11) per sitting. That’s where M-Chama comes in, and we can do all those activities at about a quarter of the price above.”
M-Chama was a semi-finalist in 2014’s edition of PIVOT East conference. The app collects information regarding individual member’s savings, credit history and status while at the same time tracks fines imposed on members for defaulting and absenteeism. It will then give out monthly and annual financial reports using this data.
Registration to use this app is free but the Chamas will have to pay to use the apps other services. They will also be charged when to generate annual reports at the rate of 1% of the total profit.
The Chama movement in Kenya manages over Kshs. 300 billion in assets and this is what the company hopes will propel it to success.