Joint or group accounts can be a convenient way to handle day-to-day transactions or take care of loved ones. However, these accounts have their own pitfalls that can be a challenge either to family members, friends or business associates. With Equity’s newly launched EazzyChama, transactions are a little easy since the solution allows Joint, Group or Chama account holders to manage their group activities like record keeping and banking transactions, while maintaining transparency and accessibility among all group members.
The app simply reduces the distance between the group members and the bank. It allows the group to monitor transactions, track personal transactions in the group and save time. Essentially, the solution offers a formidable competition to M-Chama which pioneered mobile chama transactions. The solution was unveiled in 2013 by Bank of Africa and it allows members of investment groups to make deposits into group’s joint account, and upon deposit, an alert is sent out to all members for verification.
Strengthening Members Trust
Colleagues in most organizations like coming up with investment groups, others formulate chamas with in the office. Managing the accounts and day-to-day transactions is always hindered by a number of constraints since members are always busy. Later on this leads to a discord between the members when an individual withdraws cash without the knowledge of the group. The fraudulent trait by a single member can act as a huge drawback to a group’s success.
The same drawback is also common in simple chamas between neighbors and joint accounts between relatives. With the introduction of EazyChama, one can easily track transactions within a joint and incase of any penalty or statements the users are able to come up with amicable decisions.
With the growth of matatu SACCOs in the country, conflicts can easily arise from unaccountable funds transfers and withdrawals from stakeholders. SACCOs are now employing people to manage their account thereafter affecting their savings and investments. But, through a single window dashboard, members have the allowance of monitoring every transaction in the bank account with the help of the EazyChama solution.
The app also has a reminder management functionality that makes it easy for a group to track activities. For example, investment groups like the Norwich Union Properties Ltd and Centum have busy accounts since withdrawals and deposits are made every day. It’s important for these groups to have a management system that is able to provide convenient and reliable services to users.