Chamasoft, a fintech firm that has built a platform for automation of savings groups and co-operatives, has won the Akili Kali Challenge award, an initiative that was set up by Cooperative Bank, IFC/World Bank and Think Place Kenya.
Chamasoft Limited was picked for its unique solutions that address holistic challenges that Co-Operatives, SACCOs and chamas face daily.
Chamasoft is a simple to use platform that enables investment groups to manage all their group activities and communications. The cloud-based solution enables group administrators to easily and efficiently track all contribution accounts within the group.
According to Chamasoft founder Martin Njuguna Githuthu, the fintech and Co-operative bank of Kenya are natural partners. He added that Chamasoft was elated and looking forward to quickly integrate with Cooperative Bank to provide relevant IT solutions to Chamas and SACCOs.
This challenge attracted over 500 applicants with the organizers settling for the top five companies to compete and enter the Think Place challenge. They were Awamo 360 Kenya Limited, Herufi Technologies Limited, Jamborow Limited, Smart Matatu and Chamasoft Limited.
Currently, Chamasoft has more than 5,000 groups onboard with two products- Chamasoft and WebSacco-which come in as a ready to use platform and an e-wallet.
The Akili Kali challenge, sponsored by the International Finance Corporation, seeks to enable Co-operative Bank to identify firms who can rapidly deploy IT solutions that add value to Co-operatives. The groups will then be able to service their members’ demands more efficiently.
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