Here are the Features that Come along with the New ChamaSoftApp

By Soko Directory Team / Published December 1, 2017 | 6:27 am



What are the Benefits of Using Chamasoft For Investment Groups?

Chamas, Kenyan term for investment groups, have been, for the longest time, a sure path to financial freedom.

While a good many of them fizzle out before making any substantial gains, several others grow to become financial institutions of power, influence, and wealth.

Many of these investment groups used to be popular and associated with the male gender while women, on the other hand, were known to be good with merry-go-round activities. However, that has changed and both men and women engage in Chamas which have in turn changed their lives for the better.

Initially, the Chama was set up to be a rotating savings and credits association, whereby the members of the Chama would each contribute a fixed amount of money during each meeting and then the total amount would be given to one member. The Chama has since evolved to be more than just a rotating savings and credit association. Chamas have now become investment groups whereby members’ intention is to pool together resources with the aim of creating wealth.

A lot of profits are reaped from these investment groups which have ventured into different sectors of the Kenyans economy including the real estate sector, agribusiness, construction sector among others.

The Capital Markets Authority stated that informal investment groups, popularly known as Chamas, have morphed into financial machines that have initiated multi-billion-shilling projects in various sectors of the economy and that Chamas and SACCOs control an over Kshs.100 Billion in bank deposits.

As Chamas take the center stage as far as investment is concerned, a lot more needs to be done other than people just coming together and starts investing in a given idea. Chamas have grown in sophistication, complexity, and diversity which necessitate proper planning and management.

Chamasoft, a bookkeeping tool for Investment Groups has come to the rescue of these groups. It helps to automate the operations of these groups, eliminating the need for complex Excel sheets and bulky write-up, thereby making the work of financial bookkeeping within the group easier.

Here are the features and advantages installing the new Chamasoft app on your android phone and the desktop.

  • Financial Management

Chamasoft acts as an online treasurer. All one does is record payments and Chamasoft reconciles the records.

  • Membership Management

Chamasoft allows one to register all members on the system where they access to their Chama records online.

  • Bank Account Management

Chamasoft records withdrawals, transfers, and deposits that are performed on the bank accounts.

  • Expense Management

Chamasoft allows users to track expenses as they occur, be it for land purchases or payments for services.

  • Project Management

One can track projects e.g. Expenses regarding the purchase of land, and the contributions needed to carry out the project.

  • Loan Management

For chamas that do internal lending, Chamasoft provides a platform for recording these loans.

  • Financial Reports

Chamasoft generates the following reports; Member Statements, Cashflow, Balance Sheet and Profit & Loss

  • One Time Penalty Management

One can penalize members for issues such a late coming and this will be reflected in the members’ statement




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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