Chacha SEEDS Microfinance Bank Proposal

So, I have been on SEEDS community for 2 months and a few days. I recruited the most people in a very short span of time and now my network is looking to create for the first time, a Microfinance Bank that can complete all its transactions in SEEDS.

Chacha Community Project has more than 200 individuals who have all touched SEEDS, and since we do financial transactions including, lending, community banking, table banking, loans and interest… we now want to take SEEDS a step further. We would love to have a SEEDS Microfinance Bank, and even recruit more businesses, and local venders to accept SEEDS as a payment and we can help them exchange through the bank.

This way, we are going to create more liquidity in Kenya and promote SEEDS as an asset in this region.

Kindly consider voting for Chacha SEEDS Microfinance Bank proposal.

https://drive.google.com/file/d/12MSvqZETUopWN1AbyPtAe4rhFFAM1lDW/view?usp=drivesdk.

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Erick,
ChaChaCommunities plans for MicoFinance using SEEDs is incredible.

  • Can you please elaborate how ChaCha’s framework stands in comparison to Kenya Women MicroFinance Bank in your area!
  • How does ChaCha envision operations to take place with seeds, such as where will profits or self sustenance shall come from, considering seeds liquidity remains an issue on the ground?
  • How do you plan on accountability, account keeping, which one would deem essential for a MicroFinance Institution?
  • Any comments on how ChaCha shall grow the financial pool and mange risks, in a situation of seeds liquidity and swap issues!
  • Does ChaCha Community have a past performance track record you can share with us in offering Financial Services or other related services.
  • What are your plans for Monitoring and Evaluating the impact of this initiative.

Proposal describes payment for 2 team members, can you share their background to inspire trust in the Team.


Wishing you good luck, sounds like a great plan, with potential for huge social impact. What support do you need from the community. Considering SEEDs community attracts people with good intentions and talent which could prove to be beneficial for growth of your organization.

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Hey Erick! Loving this idea! I second the questions that Aryabhatta is holding.

I’d LOVE to see this succeed and think we need a few more details worked out for there to be the greatest chance of success here!

I think having a regional bank is a potent idea and it’s baked into the game itself through “Regions” - which is unlocked when 144 Citizens join a region. Then that region is given a DHO to govern their own bank with.

What do you think about taking this proposal energy and putting it behind setting up a “Region” to accomplish this?

Also, I’m curious about the “circular economy” components of this proposal. For the 150k Seeds for employees - are these intending to be sold to shillings for these employees? Are these Seeds going to be sold locally to the community or sold globally. There folks in Kenya routinely selling Seeds to people like Mark to fund local development.

My main question is: Are these Seeds going out to start an economy based in Seeds (so people are trading in Seeds, including the employees) or, are Seeds going out with the intention of converting them to Shillings?

How is lending working? Are we lending Seeds for the intention for them to be sold to shillings too, or is lending fully in Seeds (e.g. having enough local businesses onboard to start a local economy in Seeds?).

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We intend to complete our transactions in SEEDs and buy/sell only between members who are Kenyans.

I shared a link to Kenya Women Microfinance Bank you can countercheck with what we have in my proposal doc.

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Advantages of Table Banking

The ‘table bank’ is group owned, thus gives members a sense of pride, also, interest earned from loans still
goes back to the organizations’ kitty.
Table banking can be used by the poor, with contributions as low as 100 SEEDS (870 Kenya Shillings) and no need for collateral, it promotes financial inclusion.
The close interaction between members fosters an exchange of knowledge and skills in regards to making investments.
It is a convenient banking option as they are located within communities-easy access and tailored to
members needs.

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As for the employees, the 150,000 SEEDS is a compensation for services offered. The two employees will help in rolling out the plan. We work with an accountant and secretary and compensate them in SEEDS at the end of Year 1

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We lend in seeds and accept back seeds with interest, or equivalent Kenya Shillings which the microfinance bank will be responsible for changing to SEEDS

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I want to push this forward and reach out for votes.