EazzyChama, one of Equity Bank’s eight digital solutions is the answer to more transparency and time saving to investment groups, joint accounts and SACCOs. The service offers account holders ease of managing their group activities like record keeping and banking transactions, while maintaining transparency and accessibility among all group members.
EazzyChama allows all members to monitor withdrawals, fund transfers and deposits that are performed on the Chama’s bank account through a single window dashboard in real time. In the process, every member of the group is able to keep track and maintain an up to date financial status of their group, from their comfortable space.
This product brings much desired continence to group or joint account holders who have been in the past forced to physically visit their bank branches to fill and sign bureaucratic papers to effect transactions.
The fluidity of banking is also guaranteed. Initially, all three senior most group officials had to visit the bank and sign bank documents in order to affect a withdrawal or transfer funds. With EazzyChama, a single official can now withdraw and transfer funds from the group’s account without visiting the bank or appending a signature to any document.
According to the Financial Stability Report (FSR), 2015 by the Central Bank of Kenya (CBK) published in August 2016, the Saccos‘ industry comprising of Deposit Taking Saccos (DTS), had total assets growth of 12.17 per cent in 2015. Loans were the single largest asset of the balance sheet, indicating Kenya’s appetite for credit for their consumption. The report adds that the Saccos Societies Regulatory Authority (SASRA) renewed licenses for 181 deposit taking SACCOs to operate in 2015.
Speaking during the launch of the eight digital solutions, Dr. James Mwangi the Group CEO said that such products will put Kenya at par with other global heavy weights that are keen to realize their cashlite dreams, cutting on time wastage.
Investment groups, joint accounts and Saccos rely on loan interest income as their main source of earnings, accounting for over 85 per cent of their total income.
Aligning to EazzyChama, the report affirms that the rapid credit growth in 2015 is attributed technological innovations adoption in the delivery channels and payments platforms like mobile phone platforms and agency banking that has expanded financial inclusion in Saccos‘industry.
The industry recorded 110 per cent increase in income from investment in Treasury bills and bonds, offering high returns in the second half of 2015.
As part of the reforms in the sector, SASRA is working on effective monitoring of their system and individual Saccos liquidity compliance to provide early signal on liquidity risks. Digital solutions that provide real time monitoring information go a long way in ensuring the company’s internal governance and financial structures can best foresee any liquidity challenges and arrest them. Availing these financials to members at their convenience will further deepen transparency and accountability to all members in the group.
To access Eazzychama, all you need is an Internet enabled device with a good Internet connection i.e. a computer or a mobile phone. You can then monitor group transactions such as withdrawals, funds transfers and deposits that are performed on the chama’s bank accounts through a single window dashboard, track personal transactions in the group; monthly contributions, chama lifetime contribution, penalties, their group statements and all other financials pertaining to each member, track activities – it has a reminder management functionality and it save time and work efficiently as there is no need for paper work.
To link your Joint, Group or Chama account to EazzyChama visit https://eazzychama.co.ke