Collections
The system coordinates funds collection from every member, including reminders and topical discussions.
Merry Go Round System for Modern Chamas
Creating Kenya's Community Financial Infrastructure
Kenyans, especially in informal settlements and rural Kenya, still use Merry Go Round as a means of economic empowerment. At Flynta, we describe it as a funds-pooling concept that allocates our resources to one member at a time in given intervals until the whole group is covered. The model captures the multiplier effect on funds as per the number of members in the group. It also rides on the informal income-generating activities, fronting meaningful development for all group members throughout the cycle. Our role is to ensure compliance, record keeping and opportunities. To get more of these, reach out through the following contact information.
Our Features
Disbursement
Once the funds are collected in full, it facilitates disbursement, complete with paper trails and timestamps.
Accounting
Every shilling passing through the system is accounted for to the last coin, reports generated and audit simplified.
Opportunities
With such a turnover, the group stands a chance to better their prospects, especially if the goal is long term.
Our Processes
01
Onboard
The sign up process that validates your usage, Chama Targets and your end-goal.
02
Manage
Take care of any administrative and financial processes for posterity.
03
Grow
Use the available information to develop, grow and source for opportunities.
04
Empower
Explore financial inclusion on a large scale and grow capacity for more.
Possible Merry Go Round Ideas
Business Capital
Members can contribute the seed funds for business ventures. They should have decided which business each member is interested in, its value, expertise and operationalization.
Home Equipment
Many merry go round Chamas contribute funds for investment in buying water tanks, solar panels, digging boreholes and any other capital intense projects for homesteads.
Agricultural Investment
Livestock raring is a big investment in rural Kenya where members undertake the merry go round cycles to buy cattle for each of their members for subsistence or commercial use.
Parent Appreciation
This approach is also common in rural Kenya and groups like choir and teachers' Chamas. They purchase household items for one of the chama members parents in turns.
Why Choose Us
Secure
Our system runs on a strong Secure Socket Layer Technology making it safe and secure.
Progressive
We are more than a SaaS Software; our platform guarantee socioeconomic growth.
Easy to Use
All processes are easy to use and understand, with less non-technical terms.
Accountability
Every transaction is carefully and neatly recorded to cover all paper trails; important in audit.
Affordable
We do not have a subscription or a user charge fee, making us the most affordable.
Why Flynta's Merry Go Round Concept is Worth Emulating
Most of the people who grew up in slums and Kenya's hinterland have come across the merry-go-round and know what it has done to their lives. It is a group of people coming together to grow each other economically through periodical contributions and remittances. A member gets a significant amount of their contribution (multiplying their contribution by the number of people) and takes turns until everyone is served. The principle is shared prosperity in small gestures remitted in unison. To understand this concept, read on and try it out.
Signing Up and Account Creation
The main difference between table banking and merry go round is that, while table banking is a loan, merry go round is an individual contribution to a group member. Therefore, when signing up on Flynta, there is no interest charged on deposits or withdrawals. You get the amount as contributed, less the administrative charge.
Contribution
Once the account is set up, every member gets an account where they can deposit and get their merry go round funds for usage. It also has reminders on payments, and to some extent, penalties for late payment. The group leader sets all the timelines and the amount per cycle, which translates to the group's terms and conditions. Members who do not meet the rules may be penalised.
Disbursement
Once the disbursement time reaches, the system may prompt the group leader to approve funds to the member. It then sends the money to the MPESA number or bank account, less the admin cost, and records the transaction. Month in month out, until the cycle is complete, the system then generates the statement, sees the impact and may decide to aim higher. If well thought through and executed, the team stands a chance of leveraging the data for more using any of our financial inclusion models generated by Flynta.
Merry Go Round Strengthens the Harambee Spirit in Financial Inclusion
Our work as facilitators is to create an environment where your activities and dedication can mean something in the long run. It is a testament to your resolve to improve socially and economically. We are ready to guide, front and even assist (operationally and technically) to grow the potential. Through partnerships with investment vehicles, we hope to grow the capacity, reaching the echelons of financial inclusion.
Ready to Start Your Merry Go Round?
Join thousands of chamas already growing with Flynta CBS.