FAQ
FAQ
Understanding MyChama
Answers to the most common questions about how our private savings circle works — so you can join with confidence and clarity.
MyChama is a private, members-only savings circle based on the principles of stokvels — but enhanced with structure, technology, and a legally binding constitution. Members contribute monthly and receive their full savings plus a growth benefit annually.
Membership is by invitation and consent only. This ensures that the group remains secure, committed, and built on trust.
Each cycle has a fixed monthly contribution agreed upon at the start. Once you join, your commitment stays consistent for the full savings term.
Payouts happen every year on January 15th. Members receive their total savings plus a pre-agreed growth benefit as outlined in the MyChama constitution.
Yes — in the event of a genuine emergency, members may request early access to their funds. Requests are reviewed by a group-appointed committee and handled with care.
Yes. A small admin fee is included to cover essential services like accounting, digital platform support, and compliance. All fees are transparent and agreed upon by members.
MyChama combines the trust and community of a stokvel with the security of digital tracking, a member portal, legal structure, and optional card payments — all within a private circle.
Yes. All contributions and transactions are tracked, recorded, and governed by the group's constitution. Members also have full access to their records via the secure portal.
Absolutely. Each member defines their own goal at the start of the cycle — whether it's for education, home improvements, or just building a solid nest egg.
If you’ve been invited to join MyChama, you’ll receive a welcome pack, access to the member portal, and a copy of the constitution to review and consent to before your first contribution.