Kenya - Startup under 3 years old

Describe your project or startup in a few words

Chamatek is an app that enables chama members to run their chamas. It is optimized for peer-to-peer lending between these members. This incentivizes participation in the group because of the high returns. A credit rating system to help in tracking loans.

01.01 Describe your startup in more detail

Chamatek is an app that enables chama members to run their chamas. It is optimized for member-to-member lending between these members. This incentivizes participation in the group because of the high returns they get compared to saving their money in the bank. The app also has a credit rating system to help chama members choose favorable loans. Every member is assigned a credit score. When someone applies for a loan in chamatek, the other members are notified of the loan application. The other chama members can choose to invest in the loans depending on their relationships with the loan applicant and their credit scores. When the loan is paid back, only the members who guaranteed the loan get paid the principal + interest. This incentivizes participation in guaranteeing other chama members because of the direct profit they gain. Members are also incentivised to take loans because the more loans they take and pay back the higher their credit score rises.

01.02 What is the main problem you are trying to solve?

We are trying to resolve the problem of informality in chamas so as to bring them into the mainstream. We are doing this by providing the chamas a better way to do their accounting and also helping them create a decentralized credit worthiness verification for their members so as to help them with their table banking needs. Our model of lending between chama members will incentivize more and more activity within the chama such as more savings being done because from these savings the members can be able to earn an interest out of them while other members will have access to affordable credit. This is done through our app on the playstore with the link: https://play.google.com/store/apps/details?id=com.chamatek.app&pcampaignid=web_share

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

1. Chama members will get better returns on their savings hence incentivising them to save even more. 2. A centralised credit rating system will help the members to verify the creditworthiness of their fellow chama members hence allowing them to make informed decisions on whether to lend or not. 3. Members will get enlightened on how credit scores work and hence they will be able to borrow more so as to build their credit scores over time. 4. Members will have access to loans at lower interest rates than what the market offers and also it will be an investment opportunity for them to get a share of the loans market dominated by banks, 5. It will bring transparency to the chamas because there will be no risk of the admin stealing the funds from the member's accounts.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Chamatek is aimed at chamas who have problems growing because of technological constraints. Our product will make accounting in the group more efficient and also the model of the app will incentivize chama members to be more active because the more they borrow, the better their credit scores and the more they lend/guarantee laons, the more profit they make. The profit structure will also encourage members to bring more capital to the group because of the incentive model- each member earns a direct interest on the loans they have guaranteed.

01.05 When was your company established?

2023-10-01

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

0

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

I still don't have any co founders.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://chamatek.com/

01.11 Which industry best describes your project?

h) IT (digital services, equipment and software)

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Chamatek will contribute to this goal by ensuring chama members have access to affordable lines of credit from their fellow chama members who are saving with the chama. This will be beneficial both to the members who are taking loans because they will be able to build their credit score and also beneficial to the members issuing the lines of credit because they will be able to earn better interest from their chamas.

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

Chamatek contributes to the zero hunger goal because low-income house holds often need lines of credit to provide for their families. Chamatek will create an ecosystem that will enable these individuals to get credit form their chama members at affordable interest rates which will enable them meet their daily expenses. It will also encourage them to save more of their incomes and get good returns on them.

02.03.01 My startup contributes to the Good health and well-being goal

1 - Strongly Disagree

02.03.02 Good health and well-being - Justification for my startup

02.04.01 My startup contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification for my startup

Chamatek will educate members on the importance of fiscal discipline. The credit rating system will educate members on why it is important to have a good credit score by borrowing an repaying loans because it will enable them to earn a reputation of good creditworthiness within their chama. It will also teach the chama members on how to identify loan opportunities where they can invest their savings on.

02.05.01 My startup contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification for my startup

Chamatek will empower women and girls by providing them with technology that they previously had to pay for for free. It will enable them to be more proactive in investing in a market that is dominated by large financial institutions

02.06.01 My startup contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

1 - Strongly Disagree

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

Chamatek will provide a decent income on chama members savings because of the decent interest rates and the surety that comes with being a member of a chama. This will provide a road map for them to economic growth.

02.09.01 My startup contributes to the Industry innovation and infrastructure

1 - Strongly Disagree

02.09.02 Industry innovation and infrastructure - Justification for my startup

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

Easy access to credit will enable small businesses to grow which will make the economy more vibrant and hence a growth in GDP for such countries. The aspect of earning interest will also unlock citizens savings which would have otherwise been in banks earning very little interest rates. This will lead more economic inclusivity.

02.11.01 My startup contributes to the Sustainable cities and communities goal

2

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

2

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

3

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

2

02.17.02 Partnerships for the goal - Justification for my startup

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

7 - Strongly Agree

06.02 The product/service represents an entirely new type of product/service.

3

06.03 The product/service could be described as a new technology.

7 - Strongly Agree

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

6

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

7 - Strongly Agree

06.08 Justification for my startup

Chamatek is an improvement on how chamas work and introduces a chance for chama members to earn interests directly hence incentivising them to save even more

06.09 Competitive Analysis

Chamatek is more optimised to serving chamas that are targeted for generating more revenues for the members and also tracking the payments so as to have a unified credit rating system.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?