ChamaTek is more than just an app, its a Social Credit Network. We are a movement to revolutionize chamas across Kenya. We're empowering members with tools to take control of their financial futures. With our ChamaScores, shared credit ratings, and real-time lending insights, we're not just modernizing chamas—we're elevating them.
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ChamaTek encourages members to manage their credit histories proactively, as ChamaScores are shared with other chama members and even friends. Reliable repayments build your reputation, ensuring that when you need a loan, you're trusted by everyone in your chama network.
A ChamaScore is a rating that chamatek assigns to users of the platform based on how well they take and repay loans on the platform. It is a measure of how creditworthy a member is. A good ChamaScore will make getting loans easier and also unlock features such as fuliza.
Excellent scores signify a person with exemplary credit management, posing minimal risk to lenders. These individuals are typically offered the best interest rates, highest credit limits, and exclusive financial benefits.
Scores in this range indicate strong financial management and low credit risk. Lenders view these individuals as highly reliable borrowers, leading to fast approvals, low-interest rates, and premium credit options.
Good chama scores reflect responsible credit usage and consistent payments with minimal negative history. Individuals in this range are typically approved for credit with relatively favorable rates, and they may have access to better financial products.
A fair score signals a moderate credit risk and some history of financial inconsistencies, though it's less risky than a poor rating. Lenders might approve credit applications, but interest rates and terms may still be less favorable than average.
Scores in this range are considered poor and indicate a history of credit challenges or severe risk to lenders. People with poor chama scores may have difficulty qualifying for loans and, if approved, will likely face high-interest rates and unfavorable terms.
By improving your ChamaScore, you’re not just gaining access to credit—you’re building financial credibility that follows you across all your chamas.
Rolling Credit is a system where by someone can pay back their loan and imediately take another loan. This encourages members to pay their loans and take another one imediatelly. ChamaTek allows you to take loans on a rolling basis to prevent defaults and improve your ChamaScore. Pay back loans gradually, show consistent repayment behavior, and watch your score rise—along with your borrowing power. Responsible borrowing and timely repayment keep you in good standing and position you for larger loans when you need them.
With ChamaTek, we empower your chama with data-driven decisions, all lending terms are clear and customizable:
The interest rates are set to 5% per month by default but are flexible and can be set by the chama members based on the chama rules.
The default Penalty Rates is 1% per month and is Enforced for late repayments to encourage timeliness in payments. The default rate can be changed by the members based on the chama rules.
The Reserve Ratio determines how much capital is set aside as backup incase the members defaults on a loan. The default setting is that a member can only borrow upto 80% of their savings. The 20% is held incase the member defaults on the loan.
Chamatek can track monthly contributions in real time to maintain visibility. The default contribution is set to Ksh 500 and is deposited to the members personal chamatek wallet. The amount can be changed by the admin of the chama.
ChamaTek’s comprehensive approach means better control for every chama, allowing members to access credit history and make informed lending choices.