Financial service providers
ChamaMobile is a software solution that enables Financial Service Providers (FSPs) offer a mobile phone based, fully automated, Grameen savings and credit service. The software operates as a plug-in to the FSP's existing core banking system and enables registered FSPs to increase their outreach at a dramatically reduced cost. FSPs will be able to manage their risk by specifying the savings to loan leverage ratio hence controlling their overall exposure.
ChamaMobile software enables groups of savers to register with a Financial Service Provider (FSP) of their choice and contribute weekly savings which are held by the FSP. The savers will then be able to access loans of varying tenure as specified multiples of their savings. The loans are offered automatically without any application process. The service is entirely mobile phone based. At the end of the group's tenure, each member will receive back their accumulated savings plus interest.
Business Model overview
The ChamaMobile Software Application (CMSA) provides a 24/7 fully automated savings and credit service for clients who have mobile phones with registered SIM cards, and who will access the service as members of a self-selected group. The automation is based on the Grameen Microfinance Methodology.