When it comes to matters of how to manage the funds of an investment group, Malipo App is the platform to choose. Every Investment Group is well handled as this is one digital solution that has dedicated itself to helping chamas achieve their goals.
Investment groups or Chamas are formed with the main aim of pooling resources from members for the purposes of attaining a given goal such as an investment.
Chamas work differently, depending on the type, but at the end of the day, funds will be collected from each and every member. The funds may then be used for investments, saved or given to one member in merry go rounds kind of Chamas.
One way of managing funds in a chama is the mode of collection of funds from members.
How does a chama collect funds or contributions from members? Is it through an MPESA? Do they have a PayBill number or a specific number that members will direct their contributions to? Is it through a bank account? Do members bring their contributions physically to a treasurer of the group? How do they contribute their money?
The best mode of collecting funds from members will be either through an MPESA or bank account. For an MPESA, the group must have a PayBill number and try as much as possible not to be sending cash through an individual.
With such ways of cash collection in place, the Chama needs to have a well-defined policy in place that states how the money will be collected and managed. This is where Malipo App, by Malipo Circles comes in.
Designed to help people conveniently create a fundraising circle, Malipo App is a preferred platforming for managing investment groups and for its efficiency.
The app acts like a mobile banking app complete with records to show who contributed and how much they contributed. It also supports pledges of different kinds not only money but also time and services.
These records also help inaccurate calculations of the total amount of contributions.
Better yet, money can be sent to the app directly from your M-Pesa or from your bank accounts, and even from outside the country.
Of course, there are always those members who fail to send in their contributions, or delay, but with the convenience of the app, the inspiration from seeing what others are doing and how much they are contributing will motivate them.
This is because no one wishes to pay more or be kicked out of the Chama, and if there are stiff disciplinary measures outlined for your investment group, each member will be responsible enough to be meeting deadlines.
Now that an investment group has collected money from members, what is the next step? As a Chama, how do you save your money, is it in the bank, and if yes, which kind of a bank account are you using? Will the chama invest the money?
All these options determine how funds will be managed by the group and how the investment group will be able to carry out its operations swiftly.
There are some groups that put all the money collected into investments e.g Real Estate, Transport, among other areas of investment that may be suitable. Others save in Saccos too.
Luckily, as you decide where to invest the money in or whether to fund a member of the group, you can have peace of mind knowing that your money is safe with Malipo App.
Malipo App ensures that all the money raised is deposited in a trust account regulated by NCBA bank.
The funds can only be accessed by chosen officials. Other members, nonetheless, can also check the amount of money in the account. This ensures that few people get a hold of the money and improves accountability.
That said, when it comes to matters of how to manage the funds of an investment group, Malipo App is the platform to choose. Every Investment Group is well handled as this is one digital solution that has dedicated itself to helping chamas achieve their goals.