Harnessing an unrecognised economic power

Grassroots innovation

Saving Circles drive global innovation and entrepreneurship by letting people save, invest and access low-cost loans.  They’re called Tenda in Latin America, Hui in China, Chit Bishi Funds in India and Investment Clubs in the West. In Kenya, they’re called Chamas.

Better financial security

Kenya has over 1,000,000 Chamas. They’re vital to the country’s social and economic fabric, with collective savings accounting for 46% of Kenya’s GDP.

As well as letting people save, some Chamas offer low-cost loans to start and grow businesses, or to improve social infrastructure through transport, farming, health and education projects.

And, as 75% of Kenyan adults use M-Pesa Mobile Money in daily life, familiarity with digital currencies and mobile payments is already well established.

Unlocking the full potential of Saving Circles

Chamapesa makes managing Chamas easier and more secure. Creating a digital record of transactions makes bookkeeping more transparent, which reduces error, fraud and theft. Chamacoin, a new utility token, will help support an open network that delivers financial opportunities to millions.

A NEW, OPEN NETWORK TO SUPPORT REAL-WORLD NEEDS

Chamapesa builds on the Chama ecosystem, and is designed to support Chamas through:

• digitised bookkeeping
• immutable ledger - enhanced security and reduced fraud
• community based identity
• easier group governance improved transparency

A NEW ERC-20 TOKEN TO SUPPORT SAVING CIRCLES

Chamacoin is the utility token of Chamapesa. It will be used to collect and distribute fees, and can act as collateral for Chamas.Low transaction fees - 0.5% - per transaction, will help speed up user adoption and ensure long-term demand for Chamacoin.Through the App, Chamas and Members can trade local and digital currencies for Chamacoin (and vice versa) and participate in local, national and international commerce.

A LIGHTER BLOCKCHAIN WITH FULL SECURITY 

Chamapesa features Ricardian Litechains. These are small, private blockchains that fit on mobiles without compromising security benefits.

• Group transaction approval reduces fraud and theft.
• Members can see their Chama’s financial performance. 
• Security features prevent individuals from altering records.
• Financial details are private to everyone except Group members.

A new identity model

Chamapesa supports Members with a new, community-based identity model.

It supports activities that benefit the Chama, like making assurances and guarantees to others, increasing overall saving levels, prompt loan repayment, and introducing new Groups and Members. These are further incentivised by earning Chamacoin.