How Online Chama Works, DigiChama Guide
A chama can, in simple terms, be defined as a group that exists for investment purposes, where each person involved contributes a set amount of money. In the beginning, chamas were common among women, but they have gained popularity among men also in recent years.
There are no rules on how contributions should be used, as each group of people can decide how to handle their contributions, regardless of how little they may be.
How do online chamas work?
Like the term suggests, online chamas are run through the internet, meaning processes such as bookkeeping will not be done manually.
As a result, being part of an online chama will save you resources in terms of paperwork, and you’ll save a lot of time. Additionally, you can set goals, stipulating the future you anticipate for your chama and track progress.
This way, it will be possible to develop new strategies based on whether your progress is good or not. If you’re in a chama and haven’t considered automating it using platforms such as DigiChama, please do so.
DigiChama is a platform that allows a group of people to run their chama-related activities smoothly and through the internet. To create an account, follow these simple steps:
- Click https://www.digichama.co.ke/. Doing this will direct you to DigiChama’s website.
- Click sign-up.
- Provide details like your name, email address, phone number, and create a strong password.
- You’ll be required to verify your email, after which you can create a chama and add members using their ID numbers.
- Depending on your conversations with the rest of the members, choose the chairperson, secretary, and treasurer.
Once you’ve created the account, decide on matters like meeting frequency, goals to achieve, loan terms, and members’ contributions, among others.
Be sure to take the chama’s rules seriously because it all comes down to discipline. Failure to act accordingly increases the chances of other members to do the same, meaning your investment group may never thrive.