What is Malipo app?
Malipo app is a product of Malipo Circles Limited. It’s a solution where groups come together and contribute towards a specific purpose. The Purposes can be:
- Lending & Borrowing.
- Chama/Investment Clubs/Stokvel
- Fund raising
- Payments to merchants
- Money transfer
How Does Malipo App Work?
The app runs from your phone where you can perform several functions including: Create a Chama, Create a fund-raising circle for specific purpose i.e. wedding, medical, school fees, funeral etc. or create a Peer-to-Peer lending and borrowing circle among friends.
N/B: Ensure you have setup your PIN to make any transaction activity in the app.
Why Malipo App?
The unlimited potential of Malipo Circles, your imagination is the only limit. These includes contributions towards: Weddings, Office parties, class projects, Funeral funds, Medical funds, Group savings, Raise school fees. Thus;
- Ease of communication to a group
- Saves time on Chama registration process
- Record Keeping
- Ease of making contributions using mobile money, directly from bank accounts as well as contributing in foreign currency
How do I/We know My/Our Deposits Are Safe?
Your Deposits/saving are held in a trust account that sits with a regulated bank, in this case NCBA. The money is only accessible by you/your chama officials as set in the app during Chama setup. All members have visibility of the money. The app allows you to set up your bank account for real time withdrawal to your chama bank account.
Do I/We Have Control Over My/Our Account?
As mentioned above, your cash is held in a trust account which sits with NCBA. This means nobody can access the money except the chama members and officials. On the matter of control, when setting up your Chama, you get to select your officials who are allowed to approve transactions on the platform. Your Chama also sets up its bank account to which the chama money can be withdrawn to. All this is visible to all Chama members on the platform.