Chamasoft acts as an online treasurer for the Sacco. It does this in the following way;
It reminds members to pay for their different contributions, sends them invoices and updates their respective statements detailing how much they owe and why they owe it.
If a member defaults in paying for their contribution, chamasoft automatically calculates the members’ penalty and updates his/her statement.
All the treasurer does is record payments and Chamasoft reconciles everything.