The Chango Investment Feature is an add-on feature on the Chango Platform. It specifically enables private Groups to invest their pooled funds through fixed deposit investments using the Chango app.

The available investment packages are Fixed Deposits, meaning the group’s funds are securely invested for a predetermined period. Upon maturity, both the principal amount and the accrued interest are paid back into the group.

The Chango Investment Feature can be used by private groups set up on Chango.

• Review and Select your Preferred Investment Package
• Indicate Source of Funds and Amount for the Investment: The Group must choose their source of funds or campaigns and specify the investment amount.
• Confirm Details: Based on the chosen package, the platform automatically calculates and displays the following financial details to the Group for confirmation before the investment is initiated: The interest amount, the maturity date, and the estimated maturity value.
• Initiate the Investment Request: A group administrator can now initiate the investment request. When initiating the investment, the Chango Group (admin) is fully responsible for ensuring the accuracy, completeness, and truthfulness of all information provided, including Group details, selected investment packages, and funding sources.
• Group Voting and Approval: The investment is subject to the Group’s internal voting process before execution. A “No” vote by any Group member cancels the investment cashout.
• Execution and Record Creation: Once the voting process is completed successfully, the investment amount is debited from the group. The amount debited is referred to as the Deposit Amount, and the designated Chango Group from which the funds are debited is the Deposit Account. This successful transaction creates an investment record within the group.

At the moment, we only have the fixed deposit package.

Each investment product includes a defined minimum investment amount of GHC500.00. However, there is no limit on the maximum amount a Group can invest.

Currently 30 days.

The investment goes through a voting process within the group. Any administrator of the group can initiate an investment. Based on the cashout policy of the group, the group administrators or members are required to vote to approve the investment. Once the vote is completed successfully, the investment amount is debited from the group. This creates an investment record within the group.

Yes, a “No” vote submitted by any Group member results in the cancellation of the investment cashout. If this occurs, the Group administrator has the option to reinitiate the request if they desire.

Any administrator of the group can initiate an investment.

The Group must review the available investment packages and terms and then select its preferred package.

The Group needs to choose their source of funds or campaigns and specify the investment amount.

The investment must go through a voting process within the group. Group administrators or members are required to vote to approve the investment, based on the group’s specific cashout policy.

The investment officially begins once the voting process is completed successfully, the investment amount is debited from the group, and an investment record is created within the group.

Upon maturity, both the principal amount (invested amount) and the accrued interest are paid back into the group. The total sum paid back is referred to as the maturity value.

The maturity value comprises the invested amount (principal) and the interest accrued over the investment period.

Yes, groups can decide to cancel their investment before maturity, but an early cancellation penalty will be applied on the accrued interest. A 20% will be charged on the interest.

The Depositor shall mean the Chango Group itself that initiates the investment.

If the Group does not complete the voting process within seven (7) days of initiating the investment request, the cashout will be automatically cancelled, and the Group will be notified.

Interest means the return earned on the Deposit Amount. It is calculated based on the rate and investment term selected by the Group. The interest is accrued throughout the agreed investment period and is paid in full along with the principal upon maturity of the investment.

The sources state that Chango will automatically credit the Group with the total maturity value of the investment.

Each investment product rate has defined effective and expiry dates. If a rate expires and is updated, all pending investment cashout votes linked to the expired rate will be automatically cancelled. Group Administrators and members will be notified of this cancellation via email and an in-app notification, respectively.

An investment rollover feature will be introduced soon as an add-on option.

A downloadable Investment Report will be made available within the app. This report summarises the Group’s investment activities, detailing the investment amount, interest rate, tenure, maturity value, and transaction history related to each investment.

All private groups on the Chango platform.

All private groups on Chango with funds in their Chango account can invest all or part of their funds.

• Review and Select your Preferred Investment Package
• Indicate Source of Funds and Amount for the Investment: The Group must choose their source of funds or campaigns and specify the investment amount.
• Confirm Details: Based on the chosen package, the platform automatically calculates and displays the following financial details to the Group for confirmation before the investment is initiated: The interest amount, the maturity date, and the estimated maturity value.
• Initiate the Investment Request: A group administrator can now initiate the investment request. When initiating the investment, the Chango Group (admin) is fully responsible for ensuring the accuracy, completeness, and truthfulness of all information provided, including Group details, selected investment packages, and funding sources.
• Group Voting and Approval: The investment is subject to the Group’s internal voting process before execution. A “No” vote by any Group member cancels the investment cashout.
• Execution and Record Creation: Once the voting process is completed successfully, the investment amount is debited from the group. The amount debited is referred to as the Deposit Amount, and the designated Chango Group from which the funds are debited is the Deposit Account. This successful transaction creates an investment record within the group.