The company was granted a fund manager’s license by the CMA in June 2005

In mid-November, Zimele Asset Management launched a digital administrative and investment solution that will not only offer merry-go-rounds, popular as chamas, attractive investment returns, but also give the members greater control in administering their finances.

Dubbed “ChamaManager”, the platform is anchored on the company’s savings plan in the Zimele Unit Trust, which is licensed and regulated by the Capital Markets Authority (CMA), and allows all members to access the chama’s account statement as well as their individual statements. It will also get an alert anytime a transaction is initiated from the chama account.

The launch coincided with the firm’s 25th-anniversary celebration officiated by CMA Chief Executive Officer Wycliffe Shamiah who commended the company for spearheading innovative investment solutions that are geared towards financial inclusion.

“We have always endeavoured to not only give our customers access to practical savings solutions at modest entry levels but also provide them with innovative products that are tailored to meet their savings and investment needs. Today marks another great milestone for Zimele where we are excited to enhance our product offering to chamas, which are a powerhouse in economic empowerment for Kenyans,” said Zimele Asset Management Joint CEO Isaac Njuguna at the launch.

A chama can open a Zimele Savings Plan account and manage it on the platform. Once the account is opened, members can contribute to their account via mobile money or bank transfers. The signatories are able to initiate withdrawals to members or make payments when the chama makes a purchase or investment through the platform. All withdrawals are sent to a recipient’s mobile phone wallet or bank account. The platform allows chama members to receive SMS alerts whenever they send contributions to their chama’s account.

Shamia said that CMA’s role involves not only regulating but also facilitating the development of the capital markets. He commended Zimele’s 25-year journey of development attributing the company’s success to “consistent performance and commitment to excellence”.

He noted that amidst the tough operating domestic and global macro-economic environment, Kenya’s capital markets have remained stable.

“Assets under management for collective investment schemes have grown steadily over the last six years by Sh265 per cent from Sh56.6 million in March 2018 to Sh206.7 billion as of September 2023. Similarly, Zimele’s asset under management has grown tremendously by 220 per cent from Sh895 million in March 2018 to Sh2.9 billion as of September 2023. This is proof of Zimele’s remarkable efforts and outstanding growth,” said Shamiah.

The company commenced operations in August 1998 with the goal of pooling funds to enable individuals to achieve their financial goals by saving and investing in the financial markets. It was granted a fund manager’s license by the CMA in June 2005 followed by an approval to register the Zimele Unit Trust as a collective investment scheme in December 2006. Zimele is also licensed and regulated by the Retirement Benefits Authority (RBA) as a fund manager since March 2007, which allows it to manage the Zimele Personal Pension Plans.

The Zimele Savings Plan is a fixed-income fund in the Zimele Unit Trust that enables individuals, chamas and organizations to actualize their financial goals by pooling and investing their funds in treasury bills, treasury bonds, and other interest-earning assets in the financial markets.

It is “affordable” with modest entry amounts starting from Sh100, convenient by allowing members to make contributions at their own pace, and flexible by enabling partial or complete access to funds whenever a goal is met or a need arises.