How to Create your Chama in Fedi app
Prerequisites
Complete these guides first for the best experience:
This guide will help the Bitsacco community set up and manage a Chama (group savings) using the Multispend feature in the Fedi app. Multispend ensures that group funds are managed transparently, requiring multiple approvals for any withdrawal.
What you'll learn
- successfully establish and manage a transparent group savings account (Chama) using the Fedi app's Multispend feature.
Expected Outcomes
- Established a transparent, multi-signature Chama (group savings) account within the Fedi app using the Multispend feature, enabling secure contributions and managed withdrawals.
Step-by-step instructions
Create Your Chama Group
Before enabling financial features, you must establish a private chat group for your members.
- Open the Chat tab in the Fedi app.
- Tap the + (plus) icon at the top of the screen.
- Select Create a group from the menu.
- Enter your Chama's name (e.g., "The Boyz Club") and tap Save changes.
Set Up Multispend
Once your group is created, you can activate the shared wallet features.
- Open your new group and tap the Group Name to access Chat settings.
- Select Multispend.
- Review the features (Deposit Anytime, Request Withdrawals, Admin Control, Transparency, and Full Approval) and tap Create Multispend.
- Select Federation: Choose Bitsacco as your wallet federation.
Note: This choice cannot be changed later.
- Assign Voters: Tap Assign Voters to pick the "Officials" who will approve transactions.
- You can add up to 21 voters.
- At least 2 voters are required to create the group.
- Voters cannot be changed once the group is finalized.
- Set Approval Limit: Decide how many voters must approve a withdrawal (e.g., 2 out of 3).
- Recommendation: For 5-6 voters, keep the limit below 3/5 or 3/6 to ensure transactions don't get stuck if someone is unavailable.
Managing Chama Operations
With the group active, members can begin contributing and requesting funds.
- Depositing Funds
Any member can tap Deposit within the Multispend interface to contribute to the shared pool. All actions are tracked so the group stays informed.
2. Requesting a Withdrawal
- A member (even a non-voter) joins the group and taps Withdraw.
- They must provide a reason for the request.
- Voters receive a notification to approve or reject the request.
- Once the approval threshold is met, the funds are sent to the requester’s wallet.
Conclusion
Your chama is now successfully set up, and you are prepared to invite your friends and commence your collective savings journey.