Small SACCOs and co-operatives outgrow spreadsheets long before they can afford a core banking system. ChamaBook gives them member accounts, loan products, approvals and financial statements at a monthly price. It isn't a core banking system for deposit-taking SACCOs licensed by SASRA.
What SACCOs and co-operatives need
Separate share capital and deposit accounts for each member
Loan products that follow the by-laws
Approval by the credit committee and the board
Statements for members and accounts for the auditor
How ChamaBook helps
Member accounts. Shares and deposits for each member, with statements they can open themselves.
Loan products. Interest method, term, savings multiple, minimum membership period, guarantors, fees and penalties per product.
Approvals in order. Set how many approvals each loan or payout needs; every decision is recorded with a code.
Accounts and audit trail. Trial balance, income statement and balance sheet, with a full record of who did what.
A typical set-up
Monthly deposits from KES 1,000, shares of KES 10,000 payable over a year, development loans at 12% reducing balance up to three times deposits, and two guarantors per loan.
Questions SACCOs and co-operatives ask
Is ChamaBook suitable for a SACCO or co-operative?
ChamaBook suits savings and credit groups that want member deposits and shares, loan products with guarantors, multi-level approvals and proper financial statements. Large deposit-taking SACCOs licensed by SASRA have reporting requirements beyond what ChamaBook provides, so check those with your regulator.
Can members check their own deposits and loans?
Yes. Every member signs in on their phone to see their deposits, shares, loans and full statement, and gets a receipt for each payment.