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.
Dubbed the Zimele ChamaManager, the platform is anchored on the Zimele Savings Plan in the Zimele Unit Trust, which is licensed and regulated by the Capital Markets Authority (CMA).
The platform comes with efficiency, flexibility, and transparency as all members of a chama will have access to the web-based platform.
They will be able to access the chama’s account statement as well as their individual statements and will even get an alert anytime a transaction is initiated from the chama account.
The launch coincides with Zimele Asset Management’s 25th-anniversary celebration officiated by CMA Chief Executive Officer Wycliffe Shamiah who commended the company for spearheading innovative investment solutions that are geared towards financial inclusion.
“In our 25 years of service, financial inclusion has always been at the core of our strategy. 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. 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,”
said Zimele Asset Management Joint CEO Isaac Njuguna at the launch.
“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. As you may all be aware, our role as CMA involves not only regulating but also facilitating the development of the capital markets. Today, we come together to applaud Zimele’s remarkable 25-year journey of development. Consistent performance and commitment to excellence. Amidst the tough operating domestic and global 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 by KES. 265 per cent from KES. 56.6 million in March 2018 to KES. 206.7 billion as of September 2023. Similarly, Zimele’s asset under management has grown tremendously by 220 per cent from KES. 895 million in March 2018 to KES. 2.9 billion as of September 2023. This is proof of Zimele’s remarkable efforts and outstanding growth,”
said CMA CEO Wycliffe Shamiah.
A chama can open a Zimele Savings Plan account and manage it on the Zimele ChamaManager platform.
Once the account is opened, members can contribute to their account via mobile money or bank transfers. The signatories are able to initiate withdrawals to members or make payments when the chama makes a purchase or investment through the platform.
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’s account.