Social Startups Smart Chama a Kenyan startup Aimed at ‘chamas’ and Savings Groups By Incubate Africa Posted on October 31, 201610 min read0 0 Savings is one of the most important things in this society, not that we are all being pessimists but it is wise to be prepared for the pre decrements in the forth coming days , But whats the essence of saving and spending without keeping track or everything at hand. Money is a game changer in everyplace, it is the key to growth besides dedication and all the necessities. We save money in all the places we can from under the beds to banks, ‘chamas’ and saving groups. Apart from the inward satisfaction of “I have my money kept somewhere safe” we need accountability and integrity from the parties that we have entrusted our funds on, That’s why Smart Chama a cloud-based web and mobile financial system, usable by Chamas and Savings Groups has come to your help. so technically Smart Chama provides accountability and transparency in saving groups where each member in a chama can know the amount of money they have in the chama and the amount available for either loans or projects. Also included in the product is a meetings and minutes taking module and automatic generation of lateness penalties after attendance-taking, no more to the error papers and memory of what and who did what , its all digitized. “Smart Chama has been a product under continuous development since 2015. Overtime we have acquired several clients for the solution.” says Dennis.With all the solutions in the market definitely there must be a problem that need to be faced out and Smart Chama is here to solve the following problems.Ease management of member savings.Ease management of chama projects and contributions tracking per project.Automate the loan requestingdisbursing and repayments via Mobile Money including MPESA.Ensure records for all meetings are always available for each member.Allow for automation and easy scheduling of remindersEnable generation of financial statements for a Chama..So basically any financial institution, chamas, savings groups, and sacco societies are welcomed on board to take a ride and be part of smart chama. Every journey begins with an inspiration then a step, its quite a huddle to grow a company or maybe start a company without an idea of where you want to go, what you want to achieve and what it will cost you in order to reach there and lots more, what inspired Smart chama is basically simple says Dennis “In Kenya there are estimated to be 300,000 chamas managing a total of KSH 300 billion (USD $3.4 billion) in assets. However most of these chamas either use paper-tracking or manual tracking of their chama activities including member followups, projects-tracking, member reminders and chama savings/financial statements tracking. We were motivated to have a solution that could automate these issues, offer a more dependable chama-activities and financials tracking and even-more promote accountability of the officials in chamas.” Unlike many systems that run only on a specific platform hence reducing the customer experience, Smart Chama is hybrid and cross-platform (Android, IoS, Windows-Platform). Just at the tap of your hand. You can download the app on playstore,How Does your system work ?“Simple!! as he explains”A chama requests for an account.We activate an account for the chama at an affordable rate of KES.500 per month.The admin downloads the App.The chama-administrator send invites to members from the App.Each individual member gets the invite and the download linkwith some login credentials.The admin and chama-members are then able to execute there chama-transactions from the AppNothing misses a struggle , its never always a flat land to where you are headed and Smart chama also faced its land terrains up to where it is“We Being developers we’ve had to juggle between marketing, demo-presentations, developing and handling client-requests on the solution. We are yet to jump start our marketing and to acquire a full-time dedicated marketing team.”Currently the company has an overall of 4 Chamas and one Saving Society with a total of 800 individuals. Thumbs up !!Never walk without knowing where you are headed be it near or a far place and Smart Chama being a good example has set some of it goals and that is to have the product being used by over 20,000 chamas country-wide and over 200,000 individuals.We hope The startups out here are able to snatch a thing or two and implement them in their companies.You can learn more about Smart Chama through their site and get to know more information about them Smartchama.