Kofi lives abroad and is undertaking a project in Ghana. His nephew Kwaku is overseeing the project. But Kofi wants to have some control over how the money he remits is used. So instead of sending the money directly to Kwaku’s mobile money wallet, Kofi sets up a Chango group for himself and Kwaku, and the cash out rule is that 100% of members must vote to approve cash out.
Kofi then sends money to the Chango group. Whenever Kwaku needs to use the money, Kwaku initiates cash out, Chango notifies Kofi to approve the cash out from abroad to the intended beneficiary.
The actual benefit?
- Chango creates confidence in the party that is outside the country to know that their money will not be misused
- Chango puts cash out control into the hands of Kofi who knows that no money can leave Chango without his approval
- Kofi can request Chango statements
- Chango saves the relationship between Kofi and Kwaku as Chango solves the question of trust