FAQ FOR CHANGO INVESTMENT PLATFORM
What is the Chango Investment Feature?
Chango is a crowdfunding platform that enables anyone to create groups and contribute towards a predetermined campaign. Campaigns can be added to allow users to contribute and cashout from the groups
What type of investments can a Chango Group make using the feature?
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.
Who can use the Chango Investment Feature?
The Chango Investment Feature can be used by private groups set up on Chango.
What are the available investment packages that a Chango Group can choose from?
At the moment, we only have the fixed deposit package.
Is there a minimum or maximum limit on the amount a Group can invest?
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.
How long can a group set up an investment for?
Currently 30 days.
How can a Chango Group set up an investment?
What happens when a group initiates a Chango Investment?
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.
Are there any rules regarding Chango investment?
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.
Who can initiate an investment within a Chango Group?
Any administrator of the group can initiate an investment.
How does a Group select which investment to make?
The Group must review the available investment packages and terms and then select its preferred package.
What information must a Group specify before initiating an investment?
The Group needs to choose their source of funds or campaigns and specify the investment amount.
How can a group approve the Chango investment upon initiation?
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.
When does the investment officially begin, and when are the funds removed from the Group balance?
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.
What happens when the group’s investment reaches maturity?
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.
What is the ‘Maturity Value’?
The maturity value comprises the invested amount (principal) and the interest accrued over the investment period.
Is it possible to cancel an investment before the maturity date?
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.
Who is considered the ‘Depositor’ when initiating an investment?
The Depositor shall mean the Chango Group itself that initiates the investment.
What happens when a Group fails to complete the cashout voting process quickly?
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.
What is ‘Interest’ and when is it paid?
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.
How is the investment principal and interest paid to the Group?
The sources state that Chango will automatically credit the Group with the total maturity value of the investment.
What happens to the investment rate if the product expires?
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.
Is there an option to roll over an investment upon maturity?
An investment rollover feature will be introduced soon as an add-on option.
How can a Group monitor its investment performance and activity?
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.
Who can sign up for Chango Investment?
All private groups on the Chango platform.
How do I deposit funds for the investment?
All private groups on Chango with funds in their Chango account can invest all or part of their funds.
Who can sign up for Chango Investment?
All private groups on the Chango platform.
