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14/10/2013

Kenyan Company Develops Virtual Office Software For Chamas.

Digital Vision EA, a Kenyan technology company, has developed a web application that enables investment groups to automate their financial records and systems, from collection to investment, allowing for more transparency and efficiency in operational activities.

Dubbed Chamasoft, the product enables groups, popularly referred to in Swahili as ‘Chamas’, to monitor collection and investment of funds and track group income and expenditure. Through the cloud based software, chama members are also able to view group accounts on a dashboard such as their group
statements, how much they contributed throughout their chama lifetime, penalties contributed and all other financials pertaining to the members and group.

According to Martin Njuguna, founder of Digital Vision EA – the company behind Chamasoft – the service was created to enable groups overcome challenges they face such as transparency, communication and the lack of a simple system where they can check their balances and receive automated reminders on group activities.
“We found that a lot of chama’s have big plans but they have no secretariat. Most people have day job’s and can only attend one or two monthly meetings. We created Chamasoft to solve this problem.

“Chamasoft is an online office which any chama member can visit virtually and monitor group financial activities. We are very impressed by the feedback so far and the uptake has been incredible,” he said.
The platform also offers free SMS and email alerts and tracks member invitations. The software has automated the processes of issuance and tracking of loans and monitoring of Chama assets and liabilities.
The revolutionary service is one of the 40 technology services and companies that will be officially launched at the Demo Africa conference in Nairobi later in the month.

Courtesy: Ventures Magazine. 

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