- Every member of a chama can utilize the web-based platform.
- It accommodates diverse groups and collectives, irrespective of their financial aspirations, fulfilling Zimele’s goal of financial inclusion.
- The platform allows chama members to receive SMS alerts whenever they send contributions to their chama account.
Zimele Asset Management has launched a new digital administrative and investment solution that will not only offer chamas attractive investment returns but will also give the members greater control and transparency in administering their finances.
The Zimele ChamaManager platform, built around the licensed and regulated Zimele Savings Plan in the Zimele Unit Trust by the Capital Markets Authority (CMA), offers efficiency, flexibility, and transparency.
Every member of a chama can utilize the web-based platform, gaining access to the chama’s account statement and individual statements and receiving alerts for any initiated transactions from the chama account.
Zimele ChamaManager launch, done on November 15, also coincided with Zimele Asset Management’s 25th-anniversary celebration.
The ceremony was graced and officiated by Capital Markets Authority CEO Wycliffe Shamiah at the Fairview Hotel in Nairobi.
Years of hard work
CMA’s head commended Zimele for spearheading innovative investment solutions that are geared towards financial inclusion since it commenced operations in 1998.
“Today, we come together to applaud Zimele’s remarkable 25-year journey of development, consistent performance and commitment to excellence,” said Mr. Shamiah.
He added that as CMA, they not only have the mandate to regulate and license capital markets but also facilitate their development.
“It is truly an honor to stand before you today as we celebrate a quarter-century of dedication, growth, and success of Zimele Asset Managers,” he stated, optimistic that the company will innovatively continue to advance financial management in Kenya.
In his part, Zimele’s joint Chief Executive Isaac Njuguna said that the company has, over the years, aimed to provide innovative products to help in financial management.
“As a company, we have always endeavored to not only give our customers access to practical savings solutions at modest entry levels but also provide them with innovative products that are tailored to meet their savings and investment needs,” said the CEO.
Further, he noted that they have been at the forefront at ensuring everyone is financially included despite their size of input.
“In our 25 years of service, financial inclusion has always been at the core of our strategy.
Today marks another great milestone for Zimele where we are excited to enhance our product offering to chamas, which are a powerhouse in economic empowerment for Kenyans,” added Mr. Njuguna.
ChamaManager emerges as a digital platform revolutionizing group finance administration.
It accommodates diverse groups and collectives, irrespective of their financial aspirations, fulfilling Zimele’s goal of financial inclusion.
Now, groups of any nature can open a Zimele Savings Plan account, leveraging the platform to seamlessly coordinate and manage their finances.
The simplicity of Safaricom’s M-Pesa and bank transfers will allow members to fund their accounts remotely and effortlessly; however, withdrawal capabilities are in the hands of authorized signatories.
ChamaManager not only facilitates remote financial oversight but empowers members to track contributions and disbursements at their convenience.
All withdrawals are sent to a recipient’s mobile phone wallet or bank account.
The platform allows chama members to receive SMS alerts whenever they send contributions to their chama account.
The platform is set to help chamas in these four major ways:
- Streamlined Administration: Zimele ChamaManager alleviates the complexity of chama administration, offering an intuitive online platform for seamless financial management, eliminating paperwork and spreadsheet deciphering.
- Convenient Connectivity: ChamaManager ensures chama members can easily access and manage finances from any device, fostering convenience and eliminating the need for physical meetings.
- Trust and Transparency: The platform elevates transparency by meticulously recording every financial transaction, instilling confidence in members that their contributions are managed with integrity, thus strengthening the core of Chama relationships.
- Savings Growth: Zimele ChamaManager operates on the Zimele Savings Plan, regulated by the CMA ensuring deposited funds are invested in income-generating assets, allowing Chama members’ savings to grow through interest accrual.
You can join this revolutionary platform by visiting www.zimele.co.ke/chama to open your account.
Kenya’s capital markets post-pandemic
According to a July CMA 2023 report, Kenya’s capital markets registered negative returns in the second quarter of 2023.
The decline was attributed to tough national and global economic situations and it further noted that the said impediments may continue to depress the equity market performance.
However, CMA’s CEO noted that amidst the tough macro-economic environment, Kenya’s capital markets has remained stable.
“Assets under management for collective investment schemes have grown steadily over the last six years from KSh56.6 million in March 2018 to KSh206.7 billion as of September 2023,” Mr. Shamiah reported.
Notably, Zimele’s asset under management equally increased tremendously between 2018 and 2023.
“The institution’s assets under management grew by 220% from KSh895 million in March 2018 to KSh8.9 billion as of September 2023. This is proof of Zimele’s remarkable efforts and outstanding growth,” Mr. Shamiah said.
Earlier this year, FSD Africa worked with CMA to onboard a consultant tasked with reviewing the Capital Market Master Plan (CMMP 2014-2023), which provides a long-term strategic direction for the Kenyan capital markets.
The blueprint was developed in close collaboration with the capital markets industry stakeholders to mobilize savings and stimulate investments to the levels necessary to realize the Kenya Vision 2030.
About Zimele Asset Management
Zimele Asset Management is a company wholly owned by Kenyans and is licensed and regulated as a fund manager by the Capital Markets Authority (CMA) and the Retirement Benefits Authority (RBA).
The company commenced operations in August 1998 with the goal of pooling funds to enable individuals to achieve their financial goals by saving and investing in the financial markets.
It was granted a fund manager’s license by the Capital Markets Authority (CMA) in June 2005 followed by an approval to register the Zimele Unit Trust as a collective investment scheme in December 2006.
Zimele is also licensed and regulated by the Retirement Benefits Authority (RBA) as a fund manager since March 2007, which allows it to manage the Zimele Personal Pension Plans.
The Zimele Savings Plan is a fixed-income fund in the Zimele Unit Trust which enables individuals, chamas and organizations to actualize their financial goals by pooling and investing their funds in treasury bills, treasury bonds, and other interest-earning assets in the financial markets.
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It is affordable with modest entry amounts starting from KSh100, convenient by allowing members to make contributions at their own pace, and flexible by enabling partial or complete access to funds whenever a goal is met or a need arises.