Offering savings groups- and women in particular- a low risk entry point to the digital economy.
Chomoka makes it easy for groups to track their finances, increase recordkeeping transparency, build a credit history and transition from informal to formal financial inclusion.
Chomoka guides groups to enter each transaction into the application, creating a digital record of each member’s behavior and financial balances. This empowers members with a digital identity and credit history.
Automated calculations streamline meetings, supporting users through loan disbursements and repayments, and all other regular savings groups transactions. Group share-out distributions and all contributions are calculated as per the group’s selections upon Chomoka set up. These are clearly displayed to ensure transparency throughout.
Built to operate without a data bundle or internet, Chomoka’s simple user interface combines with simple technology to automatically back up records at the end of each meeting. When an internet connection is detected, Chomoka automatically ensures all features are up-to-date.
Users can view products and services tailored to savings groups & their members. The marketplace enables product comparison and engagement with providers of financial services, agriculture inputs, health insurance and more, leveraging the data users have already entered in Chomoka.