Chamasoft

Product Video

Chamasoft addresses the challenge of efficiently managing chama (investment group) finances, operations and communication. We aim to solve is the lack of streamlined tools for chamas to maintain accurate financial records, coordinate group activities and facilitate transparent communication among members.

Chamas play a significant role in community savings, investment and social support. These informal groups bring together individuals with common financial goals, pooling resources to invest in various ventures, such as real estate, stocks or small businesses. However, managing a chama effectively can be complex and time-consuming, particularly as the group grows in size and complexity.

The scale of the problem is significant, with thousands of chama groups operating across communities in Kenya and beyond. According to research, over 300,000 registered chamas exist in Kenya alone, involving millions of members. Globally, similar informal savings and investment groups exist in various forms, contributing to the broader challenge of financial inclusion and empowerment.

Several factors contribute to the challenges faced by chamas:

1. Record-Keeping: Manual record-keeping processes, such as paper-based systems or basic spreadsheets, can be time-consuming and error-prone. This can lead to inaccuracies in financial reporting, difficulties in tracking contributions and expenses and challenges in maintaining transparent financial records.

2. Risk of Fraud and Mismanagement: Without proper oversight and controls, chamas may be vulnerable to fraud, embezzlement or mismanagement of funds. This risk is particularly high in informal groups where there may be limited accountability and transparency in financial transactions.

3. Access to Financial Services: Some chamas may face barriers to accessing formal financial services, such as banking accounts, loans or investment products. Limited access to financial services can restrict chama members' ability to diversify their investment portfolios or access capital for business ventures.

4. Financial Expertise: Many chama members, particularly those in informal groups, may lack formal financial training or expertise. This can make it challenging to understand complex financial concepts, evaluate investment opportunities and make informed decisions about managing group finances.

5. Access to Information: Chamas may struggle to access reliable information about investment opportunities, market trends, and financial best practices. Without access to up-to-date information, chama members may make suboptimal decisions about where to invest their funds.

Relevant statistics:

• According to the Kenya National Bureau of Statistics, chamas contribute over 30% of Kenya's Gross Domestic Product (GDP) through savings and investments.
• A survey by FSD Kenya found that approximately 2.5 million Kenyan adults participate in chamas, highlighting the widespread prevalence of these groups.
• Globally, informal savings groups, including chamas, serve over 9 million members across 75 countries, according to the Savings at the Frontier program.

By digitizing and automating processes such as members management, contribution tracking, investment management, meeting organization, communication, financial reporting and analytics, Chamasoft helps chama groups operate more efficiently, transparently, and securely. Our platform empowers chama administrators with the tools they need to overcome the challenges of managing group finances and operations, ultimately enabling better financial outcomes for members and contributing to the broader goal of financial inclusion and empowerment.

Chamasoft is a user-friendly software solution designed for chamas to simplify all the fundamental operations. It's like having a virtual assistant dedicated to handling all the administrative tasks of running a chama efficiently. It can be accessed through the web & mobile (android & iOS)

How chamasoft works:

1. Member onboarding and Management: Chamasoft allows chama administrators to easily add, update or suspend members from the group. Each member has a profile that includes their personal details, contributions and roles within the chama.

2. Contribution Tracking: The software automatically tracks member contributions, dues and other financial transactions in real-time. It provides clear visibility into who has paid what, ensuring accurate and transparent financial records.

3. Investment Management: Chamasoft helps chamas manage their investment portfolios by tracking investments, analyzing performance, and generating reports. It simplifies the process of monitoring investment progress and making informed decisions about where to allocate funds.

4. Meeting Organization: With Chamasoft, scheduling and organizing chama meetings is a breeze. The software allows administrators to set agendas, record minutes and track attendance, ensuring that meetings run smoothly and effectively.

5. Communication Tools: Chamasoft facilitates seamless communication among chama members through integrated messaging features. Administrators can send announcements, reminders and updates to all members, keeping everyone informed and engaged.

6. Loan Management: Chamasoft allows the group officials to set up the loan products that the offer internally. The whole loan constitution is set up on the platform, this allows seamless loan application by members, loan tracking & loan repayments schedule is provided. This also helps conserve the environment as there is no printing of loan forms.

7. Financial reporting and analytics: Chamasoft provides reporting and analytics capabilities, allowing administrators to generate customizable reports on financial performance, member contributions and investment trends. These insights enable chamas to make data-driven decisions and track their progress towards financial goals.

8. Security and accessibility: Chamasoft prioritizes data security and offers secure online databases to protect sensitive financial information. The platform is accessible via web browsers or mobile apps, allowing members to access and use Chamasoft from anywhere, at any time.

Chamasoft solves the drawbacks of manual Chama management. It eliminates paperwork, distance and time constraints. It ensures accountability and prevents embezzlement. Chamasoft saves time and money for Chama members.

Chamasoft helps groups to manage their finances, keeping track of all their contributions, loans and fines. Groups contribute an amount of money to a central fund on a weekly, biweekly or monthly basis which chamasoft addresses. Chamasoft has a simplistic layout divided into different categories: dashboard, meetings, contributions, loans, fines, financials and settings. This allows for easy navigation to the specified section required.

Chamasoft utilizes a blend of technologies to deliver a comprehensive group management platform. The web is built in PHP framework (CodeIgniter) following a hierarchical Model-View-Controller (MVC) architecture for organized code structure. The mobile app is developed using Flutter, a framework known for creating smooth and efficient apps for both Android and iOS.

Chamasoft serves chamas across the world consisting of 10-30 members who pool funds for investments. Chamasoft aims to improve the livelihoods of these groups by providing an efficient loan and saving management tool. This tool monitors each member's account, eliminating cases of forgotten loans and simplifying complex transactions.. These individuals represent a diverse range of communities, including urban and rural areas, with varying levels of financial literacy and access to formal financial services.

Target population:

1. Chama Administrators: Chamasoft caters to individuals who take on the responsibility of managing chama finances, operations and communication. These administrators often volunteer their time and efforts to ensure the smooth functioning of the chama but may face challenges due to limited resources, time constraints and the complexity of chama management.

2. Chama Members: Chamasoft also benefits the members of chama groups, who contribute funds, participate in decision-making processes and rely on the chama for financial support and investment opportunities. These members come from diverse backgrounds, including small business owners, employees and entrepreneurs, and may have varying levels of financial literacy and experience.

Chamasoft aims to enhance the financial health of a chama. Incentives could be offered to attract and retain users who may be hesitant to switch to modern technology due to fear of potential errors. A trial period could be provided to address this concern. Cognitive Inertia plays a significant role, as lower class chamas may perceive the costs of transitioning and learning a new system as outweighing the benefits. Therefore, only higher class chamas with more resources would benefit from the application.

Using needs assessment data cahamsoft addresses the low-income earners/youths desire for solutions to improve their lives and escape poverty through entrepreneurship and social economic opportunities. ChamaSoft automates record keeping and communication, preserving valuable data and making it easier to access. It also fulfills their desire for increased technological literacy and networking opportunities. Introducing ChamaSoft exposes them to technology and helps develop their computer skills. It serves as a platform for the groups to network, share ideas and discuss entrepreneurship, inspiring further education in technology.

In conclusion, ChamaSoft has been a technological aid that has significantly improved the lives of underserved members of society. The software has provided a means to carefully manage and document group financial practices as well as to create a simple way to access credit and loans without the hassle of dealing with banks. All of these parts have since linked into a way to bolster group and individual income and financial well-being. The well-being of the financially underserved has implications on various other areas of their lives. With increased financial stability, people can ensure food security, access to education for their children, proper shelter and access to proper healthcare.

Martin Njuguna, the founder, is an extremely dedicated professional with extensive histories of working with the African community, particularly with the type of people who come together to improve their livelihood. From the outset, it was essential to him that the Chamasoft be simple and intuitive. He wants chamasoft to be accessible to group members with very little education.

Lucy Muthoni, the Chief Operating Officer, is hand on in solving day-to-day items. She helps solve problems these communities had through the chamasoft solution making sure it presents a key initial value to communities seeking to automate their group account and rid the hassles and risks of dealing with large sums of money.

Samuel Wahome, the Chief Technical Officer, oversee and supervise research and development of Chamasoft. He has made decisions for the overarching technology infrastructure that closely align with the solution's goal.

Martha Adhiambo, the Chief Marketing Officer, is responsible for managing marketing activities. She leads in brand management, marketing communications, market research, product marketing, customer success & customer service.

The team set up interviews with community leaders & NGOs supporting the communities that have formed groups to improve their livelihoods to introduce Chamasoft. After agreeing upon a date for a public presentation, the community leader or program leader will coordinate with the team leader to give a brief overview of the presentation and its benefits among the community. Engaging the community groups in this manner has revealed unique cultural practices relating to savings and loan group management and dynamics, which has be crucial in informing modifications to the chama concepts and to the categorization and definition of some chama functionalities within Chamasoft.

High emphasis has be placed on listening and adaptability, with Chamasoft development teams considering the views of the community groups and being open to making relevant modifications in software functionalities. A qualitative research approach has be used to explore the varied social and economic context for the different potential user groups, seeking to understand the problems being addressed by the chama concept and the potential of Chamasoft in alleviating and resolving these issues. This has been key in determining whether Chamasoft is a valuable tool in the given context, or if further modifications are required.

Meaningful guidance from the communities has been vital in the development of Chamasoft and has increased its potential effectiveness. We plan to systematically draw on the insights from the different potential user communities at all stages in the development process.

We've successfully developed and tested our software solution to empower chamas (investment groups) in the world. Through our platform, we've helped SACCOs & chamas streamline their financial management processes, track contributions, manage loans and improve overall communication within their groups.

We've collaborated with over 4 banks Equity Bank, KCB Bank, Caritas Microfinace Bank and Cooperative Bank and over 5 NGOs including Danish Refugee Council, RTI, USAID, Swisscontant, Akiba Mashinani Trust and Agriexperience. We have also worked with the Government of Kenya to provide the Hustler fund for groups platform. These partnerships has enabled us expand our reach and provide comprehensive support to chamas & SACCOs across the world. Through these partnerships, we've been able to reach a wide range of groups, ensuring that our software meets the diverse needs of chamas throughout the world.

Our efforts have enabled us to serve over 1,000,000 users, facilitating their financial management and organizational processes with our intuitive platform. By working closely with financial institutions and NGOs, we continue to enhance our impact and empower even more chamas & SACCOs to achieve their goals. We've made significant strides in serving chamas of various sizes and backgrounds across the world. Our focus remains on delivering value and efficiency to each chama that utilizes our platform, contributing to their financial success and organizational growth.

Financial barriers:

Solve can connect Chamasoft with potential investors, grant opportunities or funding sources to support its growth and expansion plans. Additionally, Solve's network of financial experts can provide guidance on fundraising strategies, financial planning and revenue generation.

Technical barriers:

Solve can facilitate partnerships with technology companies, software developers or technical experts who can provide mentorship, guidance or technical support to enhance Chamasoft's platform. Solve's network can also offer access to training programs, workshops or resources to strengthen Chamasoft's technical capabilities.

Legal and regulatory barriers:

Solve can connect Chamasoft with legal advisors, regulatory experts or organizations specializing in compliance and governance. These partners can offer guidance on navigating legal complexities, ensuring regulatory compliance and mitigating legal risks.

Cultural and market barriers:

Solve can facilitate partnerships with community organizations, grassroots networks or cultural influencers to raise awareness about the benefits of Chamasoft and promote its adoption within chama communities. Additionally, Solve's global network can provide insights into market trends, user preferences and cultural nuances to tailor Chamasoft's offerings effectively.

By leveraging Solve's network of partners and resources, Chamasoft can overcome these barriers more effectively, accelerating its growth, impact, and sustainability in serving chama communities across the world.

Chamasoft approaches the challenge of chama management in a new and significantly improved way by leveraging technology to streamline and modernize traditional practices.

1. User-Centric Design: Chamasoft prioritizes user experience and simplicity, offering an intuitive interface that makes chama management accessible to users with varying levels of technical expertise. By focusing on user needs and feedback, Chamasoft ensures that its platform is user-friendly and aligned with the preferences of chama administrators and members.

2. Comprehensive Solution: Unlike traditional manual methods or generic software solutions, Chamasoft offers a comprehensive platform specifically tailored to meet the unique needs of chama groups. From contribution tracking to investment management and communication tools, Chamasoft covers all aspects of chama operations, providing a one-stop solution for chama management needs.

3. Automation and Efficiency: Chamasoft automates repetitive tasks and processes, such as contribution tracking, meeting organization and report generation, saving time and reducing the risk of errors. By streamlining administrative workflows, Chamasoft enables chama administrators to focus on strategic decision-making and value-added activities, driving efficiency and productivity within chama groups.

4. Transparency and Accountability: Chamasoft enhances transparency and accountability within chama groups by providing real-time visibility into financial transactions, investment activities and meeting records. By promoting transparency and accountability, Chamasoft strengthens trust among chama members, reduces the risk of fraud or mismanagement and fosters a culture of collaboration and shared responsibility.

5. Scalability and Accessibility: Chamasoft's cloud-based platform is scalable and accessible, allowing chama groups of all sizes to leverage its benefits. Whether a small community-based chama or a larger formalized group, Chamasoft caters to the needs of diverse chama communities, empowering them to achieve their financial goals effectively.

By catalyzing broader positive impacts, Chamasoft has the potential to transform the chama management landscape in Kenya and beyond;

• Driving Financial Inclusion: By providing chama groups with access to modern financial management tools, Chamasoft promotes financial inclusion and empowerment, particularly among underserved communities with limited access to formal financial services.
• Fostering Economic Growth: Chamasoft enables chama groups to make informed investment decisions, allocate resources effectively, and contribute to economic growth and development at the community level. By facilitating investment in local businesses, infrastructure projects, and other initiatives, Chamasoft empowers chama groups to drive positive socio-economic impacts in their communities.
• Inspiring Innovation: Chamasoft's innovative approach to chama management sets a precedent for leveraging technology to address traditional challenges. By demonstrating the benefits of digital solutions in the chama space, Chamasoft inspires innovation and encourages other players in the market to develop similar solutions, ultimately driving positive change and advancement in the industry.

Chamasoft's theory of change:

Activities:

1. Developing User-Friendly Software: Chamasoft creates intuitive software specifically designed for chama management, making it easy for administrators and members to navigate and use.

2. Providing Comprehensive Features: The platform offers a range of features, including contribution tracking, investment management, meeting organization, and communication tools, to address the diverse needs of chama groups.

3. Offering Support and Training: Chamasoft provides ongoing support and training to chama administrators and members, ensuring they understand how to effectively use the platform and maximize its benefits.

Immediate Outputs:

1. Adoption of Chamasoft: Chama groups adopt Chamasoft as their primary tool for managing finances, operations, and communication within the group.

2. Improved Efficiency: Chamasoft streamlines administrative processes, saving time and reducing the likelihood of errors associated with manual record-keeping methods.

3. Increased Transparency: Chamasoft enhances transparency within chama groups by providing real-time visibility into financial transactions, investment activities, and meeting records.

Intermediate Outcomes:

1. Empowered Chama Administrators: Chamasoft empowers chama administrators with the tools and insights they need to make informed financial decisions, allocate resources effectively, and drive the group towards its financial goals.

2. Engaged Chama Members: Chamasoft fosters engagement and collaboration among chama members by facilitating communication, promoting transparency, and encouraging active participation in group activities.

3. Improved Financial Management: Chamasoft enhances the financial management practices of chama groups, enabling them to track contributions, monitor investments, and maintain accurate records, ultimately leading to better financial outcomes for the group.

Long-Term Outcomes:

1. Financial Inclusion: Chamasoft promotes financial inclusion by providing chama groups, particularly those in underserved communities, with access to modern financial management tools and resources.

2. Socio-Economic Development: Chamasoft contributes to socio-economic development at the community level by empowering chama groups to invest in local businesses, infrastructure projects, and other initiatives that drive positive change and advancement.

3. Industry Transformation: Chamasoft inspires innovation and encourages the adoption of digital solutions in the chama management space, ultimately transforming the industry and paving the way for more efficient, transparent, and empowered chama groups in Kenya and beyond.

In summary, Chamasoft's theory of change is grounded in the belief that by providing user-friendly software, comprehensive features and ongoing support, it can empower chama groups to improve their financial management practices, enhance transparency and collaboration, and drive positive socio-economic impacts in their communities.

Chamasoft's impact goals are aligned with its mission to empower chama (investment group) communities by revolutionizing their financial management practices and fostering socio-economic development. Here are our impact goals and how we measure progress towards them:

1. Financial Inclusion and Empowerment:

   • Impact Goal: To increase access to modern financial management tools and resources for chama groups, particularly those in underserved communities, empowering them to achieve their financial goals.
   • Progress Indicators:
     • Number of chama groups using Chamasoft in underserved communities.
     • Percentage increase in chama members' financial literacy and awareness of financial management best practices.
     • Number of chama groups successfully reaching their financial goals with the help of Chamasoft.

2. Transparency and Accountability:

   • Impact Goal: To enhance transparency and accountability within chama groups by providing real-time visibility into financial transactions, investment activities, and meeting records.
   • Progress Indicators:
     • Percentage increase in chama groups maintaining accurate and transparent financial records with Chamasoft.
     • Number of disputes or conflicts resolved within chama groups due to improved transparency and communication facilitated by Chamasoft.
     • Level of satisfaction reported by chama members regarding the transparency and accountability of their group's financial management processes.

3. Socio-Economic Development:

   • Impact Goal: To contribute to socio-economic development at the community level by empowering chama groups to invest in local businesses, infrastructure projects, and other initiatives that drive positive change and advancement.
   • Progress Indicators:
     • Amount of funds invested by chama groups in local businesses or community development projects facilitated by Chamasoft.
     • Number of jobs created or livelihoods improved as a result of chama investments supported by Chamasoft.
     • Level of positive socio-economic impact reported by community stakeholders influenced by chama investments facilitated by Chamasoft.

4. Industry Transformation:

   • Impact Goal: To inspire innovation and encourage the adoption of digital solutions in the chama management space, ultimately transforming the industry and paving the way for more efficient, transparent, and empowered chama groups.
   • Progress Indicators:
     • Number of chama management software solutions inspired or influenced by Chamasoft's approach.
     • Percentage increase in the adoption of digital tools for chama management within the industry.
     • Level of awareness and recognition of Chamasoft as a leader and innovator in the chama management space, as indicated by industry surveys or feedback from stakeholders.

By tracking these impact goals and progress indicators, Chamasoft aims to assess its contribution to the transformational impact on chama communities and the broader financial inclusion landscape in Kenya and beyond.

Chamasoft leverages modern technology, specifically software development and cloud computing, to power its solution for chama (investment group) management. Chamasoft is available on web, mobile (Android and iOS). Here's an overview of the core technology components:

1. Web-Based Platform: Chamasoft is primarily a web-based platform accessible through standard web browsers. This allows chama administrators and members to access the software from any device with internet connectivity, including desktop computers, laptops, tablets, and smartphones. The web-based nature of Chamasoft ensures flexibility and accessibility for users, regardless of their location or preferred device.

2. Cloud Computing: Chamasoft utilizes cloud computing infrastructure to host its software platform and store chama data securely. Cloud computing offers scalability, reliability, and cost-effectiveness, allowing Chamasoft to accommodate growing numbers of users and manage data storage requirements efficiently. By leveraging cloud services, Chamasoft ensures high availability and performance for its users while minimizing infrastructure overhead.

3. Database Management: Chamasoft employs database management systems to store and manage chama data, including member information, financial transactions, investment records, and meeting minutes. These databases are designed for efficient data retrieval, storage, and manipulation, ensuring that chama administrators can access and update information seamlessly.

4. Software Development: Chamasoft's software is developed using modern programming languages, frameworks, and development methodologies. The development team follows best practices in software engineering, including iterative development, continuous integration, and test-driven development, to ensure the quality, reliability and maintainability of the software.

5. Security Measures: Chamasoft implements robust security measures to protect chama data and ensure the privacy and confidentiality of sensitive information. This includes encryption techniques, access controls, data backups and regular security audits to identify and address potential vulnerabilities.

Overall, Chamasoft's core technology stack enables the delivery of a user-friendly, scalable and secure solution for chama management, empowering chama groups to streamline their financial processes, enhance transparency and achieve their financial goals effectively.

Full time staff;

• Mobile developers- 1
• Full Stack developers- 2
• Sales & marketing team- 3
• Customer support- 1

Part-time staff;

• Full stack developer-1

The Chamasoft solution idea was born in 2013, grew and was incorporated as a company (Chamasoft Limited) in 2015.

Chamasoft is deeply committed to diversity, equity, and inclusion (DEI) in all aspects of our organization, including our team composition, culture, and practices. Here's how we ensure diversity, minimize barriers to opportunity, and foster a welcoming and inclusive environment for all team members:

1. Diverse Leadership Team: Our leadership team reflects a diverse range of backgrounds, experiences, and perspectives. We prioritize diversity in our hiring processes and actively seek out candidates from underrepresented groups to ensure that our leadership team represents the diversity of the communities we serve.

2. Team Goals for Diversity, Equity, and Inclusion: Chamasoft has established clear goals for promoting diversity, equity, and inclusion within our team. These goals include increasing the representation of women, minorities, and individuals from marginalized communities in our workforce, as well as fostering a culture of inclusion where all team members feel valued and respected.

3. Actions to Achieve Diversity Goals: We have implemented various strategies and initiatives to achieve our diversity goals, including:

   • Implementing bias-free recruitment practices to attract a diverse pool of candidates.
   • Providing training and education on unconscious bias, diversity, and inclusion for all team members.
   • Establishing mentorship and professional development programs to support the growth and advancement of underrepresented team members.
   • Creating affinity groups and support networks for employees from marginalized communities to foster a sense of belonging and community within the organization.

4. Inclusive Environment: Chamasoft is committed to creating an inclusive environment where all team members feel welcomed, respected, supported, and valued. We actively promote open communication, collaboration, and empathy among team members, and we have zero tolerance for discrimination, harassment, or bias of any kind.

5. Regular Evaluation and Improvement: We regularly evaluate our progress towards diversity, equity, and inclusion goals and identify areas for improvement. This includes conducting surveys, gathering feedback from team members, and tracking key metrics related to diversity and inclusion within our organization. We use this information to adjust our strategies and initiatives to better support our DEI objectives.

In summary, Chamasoft recognizes the importance of diversity, equity and inclusion in creating a thriving and innovative workplace culture. We are committed to fostering a diverse and inclusive team where all individuals have equal opportunities to succeed and contribute to our mission of empowering chama communities through technology.

Chamasoft operates on a subscription-based business model, providing value to chama (investment group) administrators and members through its comprehensive software platform and associated services. Here's an overview of our business model:

Key Customers and Beneficiaries:

1. Chama Administrators: Chamasoft's primary customers are chama administrators who are responsible for managing the financial, operational, and communication aspects of their chama groups.

2. Chama Members: Chamasoft also benefits chama members who contribute funds, participate in decision-making processes, and rely on the chama for financial support and investment opportunities.

Products and Services:

1. Software Platform: Chamasoft offers a web-based software platform that enables chama administrators to streamline their financial management processes, track member contributions, manage investments, organize meetings, and facilitate communication within the group.

2. Training and Support: In addition to the software platform, Chamasoft provides training and support services to chama administrators and members to help them effectively use the platform and maximize its benefits.

Value Proposition:

1. Efficiency and Accuracy: Chamasoft helps chama administrators save time and reduce errors associated with manual record-keeping methods by automating administrative tasks and providing real-time visibility into financial transactions.

2. Transparency and Accountability: Chamasoft enhances transparency and accountability within chama groups by providing clear visibility into financial records, investment activities, and meeting minutes, fostering trust among members and promoting responsible financial management practices.

3. Financial Empowerment: Chamasoft empowers chama administrators and members with the tools and insights they need to make informed financial decisions, manage investments effectively, and achieve their financial goals.

Revenue Streams:

Chamasoft generates revenue through subscription fees paid by chama groups for access to its software platform and associated services. Subscription packages are tailored to the size and needs of chama groups, with pricing based on factors such as the number of members, the level of functionality required, and the duration of the subscription.

Chamasoft also generates revenue through partnering with banks to access the formal groups that are banking with them. The solution is provided to the groups as a complimentary to banking with the said bank.

Chamasoft also generates revenue through partnering with NGOs that have grants or funding to facilitate economic growth of the below the pyramid communities who are in groups.

Chamasoft's plan for financial sustainability revolves around a combination of revenue streams, including scrapping off subscription fees from chama groups & offering more services that are revenue generating, strategic partnerships, and potential investment funding. Here's how we plan to fund our work and evidence of our success so far:

1. Scrap off subscription Fees: Our primary revenue stream comes from subscription fees paid by chama groups for access to the Chamasoft platform and services. We offer different subscription packages tailored to the needs and size of chama groups, providing a scalable and sustainable source of income. This has been a blocker in accessing groups below the pyramid. We plan to scrap this and provide more financial services that are revenue generating.

2. Strategic Partnerships: We seek to establish strategic partnerships with organizations, financial institutions, and government agencies that share our mission of empowering chama communities. These partnerships may involve collaborations, sponsorships, or co-branding opportunities, providing additional revenue streams and opportunities for growth.

3. Investment Funding: In the long term, we may explore opportunities to raise investment capital from venture capitalists, impact investors, or social impact funds to fuel our expansion plans, enhance our technology infrastructure, and scale our impact.

Evidence of Success:

• Grants and Awards: Chamasoft has received grants and awards from various organizations and competitions that recognize our innovative approach to chama management and our potential for social impact. These grants have provided crucial funding support for product development, marketing initiatives, and operational expenses.

• Customer Retention and Growth: We have achieved high customer retention rates and steady growth in our customer base, indicating strong demand for our product and satisfaction among users. Repeat subscriptions and referrals from satisfied customers further validate the effectiveness of our solution and our ability to meet the needs of chama groups.

• Partnerships: We have successfully partnered with Equity Kenya, Equity Uganda, Equity Tanzania, KCB Bank, Caritas Microfinance Bank & the Government of Kenya. This has given us a bigger access to the formal groups.

Overall, Chamasoft's diversified revenue streams and evidence of success in generating revenue, securing grants and growing our customer base demonstrate our commitment to financial sustainability and our potential for long-term impact in empowering chama communities through technology.