While blockchain technology has opened up a world of possibilities, it was previously inconceivable to think social savings group leveraging the abilities of this discovery. Colloquially referred to as ‘chamas’ (Swahili for group), these groups have been existent for long in Kenya.
Usually, they operate on a merry go round basis, where the members’ contributions are handed to one but different member each time the group convenes. This goes on until each member benefits.
What Is ChamaPesa?
The ChamaPesa app looks to digitize as well revolutionize this culture by integrating the mazing blockchain technology. Instead of a hard copy ledger, all records will be kept on the incontrovertible blockchain databases. As a result the ‘chamas’ will become more transparent, accountable and reliable.
ChamaPesa Blockchain Social Savings App Benefits
- Powerful – the app makes it possible to manage chamas from any location using your phone or tablet
- Convenience – since it is blockchain-based, it supports multiple currencies, including fiat as well as digital currencies.
- Flexibility – supports several group formats, including the one mentioned earlier (rotary) and share capital.
- Reliability – the blockchain database is irrefutable and permanently stores data on the cloud. On the event that a connected device is lost, the data can be retrieved using a new device.
ChamaPesa ChamaCoin Details
The ChamaPesa app is an all-encompassing financial resource manager, covering shares, cash and crypto assets. A minimal fee (less than or equal to 0.5%) will be levied on every transactions over this platform. These fees will automatically be converted into ChamaCoin tokens.
Instead of giving the token’s value to miners and holders, ChamaPesa supports charitable acts in the form of incentives paid to the ChamaCoin rewards pool. The remainder of the proceeds is channeled towards the improvement and subsequent release of better versions of the ChamaPesa app.
To build the community that supports it, ChamaPesa will direct funds from the Rewards Pool towards the following projects. The rewards will be automatically disbursed on a daily basis.
- Recruitment of new users and chamas – members who successfully refer new users will get rewards.
- Assurances and guarantees – members who make assurance for their colleagues will get awarded.
- Good Behavior over time – users who display commendable conduct with regard to savings, assurance and guarantees, and so on will get rewards as well as ‘level up.’
Currently, the ChamaPesa app is under development; hence, some features are not yet available. Nonetheless, savings groups can set up accounts in shares and local fiat currency. Once it becomes fully-fledged, the app will have the following features.
- Chama or SACCO – the app will support both chamas and investment groups that issue share capital.
- Multiple funding choices – users can opt to fund their savings in cryptocurrencies, mobile money or fiat cash.
- Assurance and guarantees –the app will keep a record of guarantees and assurance that members make on behalf of each other.
- Loans and repayment – the blockchain ledger will keep an unalterable record of lending and repayment transactions.
- Access to digital currencies – users will have easy access to Bitcoin and other altcoins.
- Transparency – all members will have access to a record of all transactions.