Over the years, chamas have revolutionized. With the emergence of technology, like the Digichama application, the wealth that can be created through chamas is immeasurable. However, some people are still stuck in the old age. Today, we debunk some of the myths and misconceptions that might be holding back your chama from utilizing the technology available. Some of these myths are;

Chamas are only female-centered.

In the 90’s, chamas were indeed primarily female-centered. This happened as it was a way created by women to create extra money to fend for themselves. They were mostly housewives trying to raise money to fund their vibanda’s, raise school fees, buy furniture, etc. The men shied away from joining chamas since society would frown upon them for interfering with their ‘wives' affairs’.

In recent times, chamas have evolved and opened chances for men to join in the fun. The goals and visions of chamas have improved, and more men are venturing into them. It is no longer a domestic issue but a multi-billion-dollar venture when members make the right investments.

Family members and friends are best for chamas.

This notion is outdated. Chamas are no longer about friends and family but about like-minded people with similar visions and financial goals. It is unlikely that all family and friends will take similar financial risks. However, when like-minded people come together, logic and strategy is easily applied. In this togetherness, the group can conduct proper research on investment ideas like real estate and property management to increase profit in the chama. Familiarity with friends and family might make members limit their horizons or take small risks, or most likely, none at all. With friends and family, the chama often remains just a merry-go-round.

Chamas don’t need structure or a constitution.

Gone are the days when chamas were run on exercise books and oral promises. In the digital world, every chama requires a well-structured constitution consisting of bylaws that ensure smooth running in the group. Bylaws are formal and govern how the group operates, ensuring all members remain aligned and prepared for any eventuality.

All chamas are scams.

Before Digichama, it was easy for a treasurer to steal from members and disappear without a trace. Many who have fallen victim to chama theft were left traumatized, never to trust another chama again. However, Digichama ensures that your money is safe and that the right protocols are followed when depositing and withdrawing cash, as well as when acquiring loans. Digichama implements regular security backup strategies to ensure there is no risk of data loss.

Chamas are only good for friendly loans.

Chamas can create immense wealth when members utilize the right digital tools available in current economic investments. With great investments like real estate, Treasury Bonds, Treasury Bills, and Money Market Funds (MMF), a chama might grow into a multi-billion-dollar investment company.