Akiza Chama Solution

There are over 500,000 chamas (informal investment groups) that control up to an estimated total of $10 billion in Assets in Kenya. The chamas are known for providing their members with access to financial services such as savings, credit and investment. Unfortunately it is estimated that 3 in every 5 chamas collapse within the first two years of formation. The collapse is caused by fraud and mismanagement of funds, financial and business incompetency among the chama leadership and lack of clear investment plans. Most members become dissatisfied because their goals are not being met and quit the groups. 

We have developed a financial and business data aggregator system that collects and analyzes data from chamas and then partnering with external financial and business service providers to offer customized services to the chamas based on their data. The system allows the chamas to easily record, track and access financial and business information. It then leverages data science, AI and machine learning algorithms to recommend financial services for each chama. The services include, a financial and business training on a particular subject determined by the chama’s development stage, members skill composition, business investments among others. Other services include; access to affordable credit fueled by their data insights, access to matching investment opportunities, Access to financial and business consultancy services with the basics such as advice on amount to be saved by each member and the frequency to reach a specific goal automatically obtained through prompting the intelligent system. 

Our solution, the Akiza financial and business data aggregator system serves chamas in Kenya. It is used primarily by the selected leadership of the chamas such as the chairperson of the Chama, the treasurer, the secretary, the investment chairperson, and the members to conduct specific assigned tasks within the chama. Its record tracking system saves time and encourages transparency and alignment within the chamas reducing fraud and funds mismanagement. Its customized financial and business content system builds the capacity and competency of the chama members empowering them to make better financial and business decisions. Its credit score system allows chamas to access affordable credit to help them grow. Its investment matching system allows the chama to get maximum returns on their investments and its automated consultancy services allows chamas to get customized help and advice to move them forward. All this put together unlocks the financial and economic potential of the chamas, catalyzing their revenue generation, enhancing their profitability and fostering their sustainability, thereby directly improving the livelihoods of their members. 

1. The Akiza team comprises three co-founders, four coaches, an investor, partners and seasonal talents all driven by the same passion and mission which is to unlock the economic potential of the chamas. The three co-founders include Mr. Erick Rangili, who is the CEO leading business development and strategy. He is a seasoned business developer with expertise in leadership and management, financial and business strategy . The second co-founder is Mr. Alloys Mila, who is the CTO leading technology and product development. He has over 10 years of experience in product development and has led the development of a number of fintech products. The third co-founder is Mr. Benson Abila, who is in charge of revenue generation and customer acquisition. He has worked with a number of community organizations in driving community based solutions and has a great effect on people. The three work together with a business strategy coach, a finance coach, a product coach and an accounting coach that helps them to steer the mission. They are supported by investment through Jasiri Talent Innovator program powered by Allan and Gill Gray Philanthropies. They also work with relevant partners both in government and non-governmental organizations to access the chamas, create and deliver value.   

1. e have built the initial product and taken it to the market for testing. We have received go ahead from the regulators and a data processor license allowing us to operate. We are currently running a pilot with 7 chamas to test the product. The pilot has been running for three weeks and is set to end at the beginning of May after which we will start the process of onboarding additional chamas to the platform. So far, we have been able to hold a number of workshops with the 7 chamas whom we have taken through business and financial training, introduced Akiza to them and obtained their feedback which we are currently implementing for their product. All this has been possible via a $10,000 grant from Allan and Gill Gray Philanthropies. 

We are looking to leverage Solve network to access relevant partners to steer our mission, a like-minded community to exchange ideas and strategies, access domain experts to provide insights into maximizing outcome, and also to receive funding to help us accelerate our growth by finalizing product development, acquiring more chamas and creating more value. 

What makes Akiza Chama innovative is how we have been able to create a unique business model and high values for the chama around data. We have done this by combining  data analytics, AI, and personalized services to empower chamas with the tools and resources they need to succeed financially and in their business endeavors.

By collecting and analyzing data from chamas, the system can offer highly customized services. This personalized approach allows the system to understand each chama's unique needs, offering services that are specifically tailored to them. It can make intelligent financial and business insights and recommendations by identifying patterns, trends, and opportunities that may not be immediately apparent. It can provide chamas with access to financial services such as access to affordable credit, matching investment opportunities, financial and business consultancy that may otherwise be difficult to obtain. It makes recording, tracking and accessing financial and business information easy and its automated processes saves time and effort and streamlines the chamas operations. 

Akiza chama’s record tracking system saves time and encourages transparency and alignment within the chamas reducing fraud and funds mismanagement. Its customized financial and business content system builds the capacity and competency of the chama members empowering them to make better financial and business decisions. Its credit score system allows chamas to access affordable credit to help them grow their income generating activities and projects. Its investment matching system provides them with a diversified investment pool and  allows the chama to get maximum returns on their investments. Its automated consultancy services allows chamas to get customized help and advice to move them forward. All this put together unlocks the financial and economic potential of the chamas, catalyzing their revenue generation, enhancing their profitability and fostering their sustainability, thereby directly improving the livelihoods of their members.  This will solve the problem of chamas collapsing within the first two years of their operation. 

1. Our impact goals include financial inclusion where we target to increase the number of chamas that have gained access to financial services they previously did not have access to. This can be measured via metrics such as the number of chamas receiving affordable credit, participating in investment opportunities, or accessing financial consultancy services. The second impact goal is around business growth where we aim to increase the growth and sustainability of chama businesses. This can be measured via  metrics such as the increase in revenue or profits generated by chama businesses, the number of new businesses started by chama members, or the expansion of existing businesses. The third impact goal is around financial literacy where we aim to increase the financial literacy among chama members. This can be measured via tracking metrics such as the number of members completing financial education content provided, the increase in members' understanding of financial concepts, or the adoption of recommended financial practices. The fourth impact goal is around social impact where we aim to increase the number of jobs created via the chama businesses, increase the livelihood of chama members in a way that their families can have access to healthy food, quality education and health care services impacting the community as a whole. This can be measured via metrics such as the number of jobs created by the chama businesses and the dividends each chama member takes home from the chama activities. 

Akiza uses both web and mobile applications to serve its customers on the front end. The backbone of the backend system leverages Data Analytics, Artificial Intelligence and machine learning algorithms for its pattern recognition, recommendation systems, probabilistic reasoning and predictive analytics among other data operations. 

Full time staff - 3

Part-time staff - 7

5 months

Our team is made up of three co-founders who are currently the full time staff and 7 part timers. The team comprises of Software engineers, business developers, community workers, financial experts and product development experts. Part of the team works in Nairobi and part of it works in Kisumu where the groups we are currently piloting with are based. 

We actively seek out diverse candidates from various backgrounds, experiences, and perspectives. Our recruitment processes are designed to attract candidates from underrepresented groups, and we employ strategies such as targeted outreach, partnerships with diversity-focused organizations, and unbiased hiring practices to ensure a diverse pool of applicants.

We prioritize creating an inclusive culture where all team members feel valued, respected, and empowered to contribute their unique perspectives. This includes promoting open communication, actively listening to feedback, and addressing any instances of bias or discrimination promptly and effectively.

Through the Akiza Chama software, we collect financial and business data from the chamas. We analyze this data to obtain insights and generate customized services for the chamas. The system is able to provide chamas with services such as record keeping and information presentation, financial and business learning content and respond to prompts from the chama members among other services. We also partner with credit providers and investment companies whose services the chamas can access via Akiza based on their performance. As Akiza, we make money by charging the chamas a small subscription fee for premium services. We also make commissions from the credit and investment service providers whenever the chamas access their services. 

As Akiza, we make money by charging the chamas a small subscription fee for premium services. We also make commissions from the credit and investment service providers whenever the chamas access their services. Our plan is to increase the number of chamas that we serve and convert them from free package users to premium users by growing them and helping them achieve their goals. When they grow their financial and business capacity they are able to access affordable loans to grow their businesses thus increasing their revenues. This increases their members dividends which increases their saving amounts that can be invested to earn more passive interest in the investment vehicles. This allows Akiza to earn more commissions from the financial service providers enabling us to offer quality services in a sustainable way. 

Currently we have received $10,000 from Jasiri Talent Investor, that we are currently using for product development, user acquisition and company establishment.