Chamasoft E-Wallet Manual

Introduction

Chamasoft e-wallet is an account option for groups wishing to transact funds using Mpesa paybill services. All the payments can be made to the group e-wallet account using a Mpesa paybill 546448 and a group opened account number. Groups have the option to opt-in to use the e-wallet account on the platform. Once the account is opened the group is assigned a unique account number that identifies their account and is used as the account number when making a payment. Chamasoft charges a tariff for using the e-wallet. The details of the tariffs are indicated on the deposit section.


Opening An E-Wallet Account

The owner/creator of the group and all officials of the group have the privileges to open an e-wallet account on the platform. Chamasoft uses the details of the group and its’ officials ​ to map to an​ account. The officials of the group are set as the default signatories of the account. Upon creation of the account, the platform creates a unique account number and sets the initial balance of the account to zero.


Deposit To E-Wallet

Members of the group can deposit to the e-wallet via Mpesa either directly from the app or through the SIM Tool kit available on the device. The Mpesa paybill for the E-wallet is 546448. The account number for the e-wallet is available on the web and mobile platforms at the pages where you want to make a payment.

Payments can be to the e-wallet through the following options:

  • Payment made from the app or web platform which will initiate an STK Push to the phone number making the deposit for the owner to enter their Mpesa PIN.

  • Payment made manually by going to the MPesa menu on the device and selecting Lipa na Mpesa option

Once a payment is made, a receipt is sent to the member confirming the payment and the platform is updated to reflect the same. The receipt can be in the form of SMS and/or a notification on the mobile application. Payments are automatically reconciled to the member with the phone number that made the payment. In the event there is no member with the said phone number, the payment will have to be reconciled manually by the group administrator.

Chamasoft charges a tariff for the use of the e-wallet on the platform. The tariffs are implemented depending on the amount being transacted with each tariff having its’ own upper and lower cutoff bracket.

The tariff charges are indicated on the table below:

# Lower Limit (KES) Upper Limit (KES) Fee (KES)
1 1 9 1
2 10 49 3
3 50 99 7
4 100 499 10
5 500 999 20
6 1,000 9,999 50
7 10,000 19,999 65
8 20,000 49,999 70
9 50,000 69,900 100

NB: The tariff charges are applied once the payment is received on the platform. Individuals making payments manually via the Mpesa menu should be mindful of the tariff charges.


Withdraw Funds From E-Wallet

The group can withdraw funds from their e-wallet at any time. An official of the group or the group admin can initiate a withdrawal request. Once a request is made, a notification is sent to the three signatories of the group i.e chairman, secretary and treasurer to approve or decline the request.

For a withdrawal request to be successful:

  • All the signatories have to approve the request. Signatories have the option to decline the request and provide a reason for declining the request.

  • The group must have enough balance to cater for the withdrawal and the withdrawal transaction charge

A withdrawal charge of KES 30 is charged to the group account when a withdrawal is made.

The platform provides the following options to facilitate withdrawal of funds from the e-wallet:

  • Sending to Mpesa number

  • Sending to bank account

  • Sending money to a M-Pesa Paybill (In progress)


  • Funds transfer to an Mpesa number takes at most 5-10 minutes upon approval

  • Funds transfer to a Bank Account takes at most 1 working day

Withdrawal Process

A withdrawal process is as follows:

  1. Any group signatory or admin initiates a transfer request indicating any of the below options and indicating the amount to withdraw

    a. Loan disbursement to a group member.

    b. Expense payment.

    c. Contribution refund.

    d. Merry go round.

  2. A withdrawal request is sent to each of the group officials independently with the reason to withdraw, amount and who initiated the request.
  3. Each official logs in and has the following options

    a. Accept the withdrawal.

    b. Decline withdrawal and provide reasons.

  4. For a withdrawal to happen, all the group signatories must approve the request. In case one member declines, the whole request is declined
  5. Upon approval or declination by the signatories, they receive an alert confirming the same
  6. Upon approval, the request is sent to Chamasoft and due diligence is followed
  7. On disbursement, the confirmation is sent to the portal for automatic reconciliation and reflection on the portal

Closing E-Wallet Account

A group can close their e-wallet account by withdrawing all the funds on the account and contacting the Chamasoft support line to complete the closure of the account. Once the account is closed, the unique account number assigned to the group is discontinued on the platform to prevent any payments from being made.


For more information contact Chamasoft Support