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.
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.
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)|
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.
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
A withdrawal process is as follows:
a. Loan disbursement to a group member.
b. Expense payment.
c. Contribution refund.
d. Merry go round.
a. Accept the withdrawal.
b. Decline withdrawal and provide reasons.
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