Is my money safe? Where does it go? Who has access to it? These are some of the concerns that crop up when joining a digital chama platform. In a world where acts of insecurity such as fraud, extortion, hacking and embezzlement exist, it is important to find a way, as securely as possible, to prove a person’s identity and secure your money. What then, are the security measures that chama platforms such as Tingg Chama & changa, Eazzychama and Chamasoft are putting in place to make sure you are safe?
First, when signing up, most chamas or changas will require you to register with your ID number as a security measure. Your ID number is a great way to verify your identity and protect you from impersonation. The use of pins and passwords is also vital. A personal identification number (PIN) is a security code for verifying your identity. Similar to a password, your PIN should be kept secret because it allows access to important services like the ability to withdraw cash, change personal information, and more.
Who has access to my money? Another effective measure adopted by these platforms is the use of secure data collection methods and storage that ensure safety of user information and uphold the privacy of the same. This data is exclusive and visible to only authorized users.
Finally, where does my money go? Most of these digital chama platforms are in partnerships with banks and other financial institutions, and as a result use these for safe storage of your money. Alternatively, they may have a mobile money wallet. As mobile money is a similar concept to a bank account, funds held in a mobile money account are protected by local financial regulations.