The Association had not been registered with the CAC and could not open an association bank account. The Treasurer was the custodian of the fund while the Financial Secretary keeps financial records.
Some residents complained that they had made payments to the treasurer but the payments were not reflected in the financial secretary’s account at one of their association meetings. To worsen the matter, the Treasurer relocated after a few weeks to an unknown location and all efforts to recover the funds with him proved abortive.
We assisted the association with our Respay solution which offers a transparent system for the residents’ contributions and also ensures effective allocation to designated projects. All members of the residents’ association were onboarded on the platform thus all the association’s dues were paid electronically. The contributions were domiciled in the association wallet account and disbursement/withdrawals was programmed to be by the joint approval of two nominated exco members. The solution was transparent, and residents could also assess their individual payment status as well as track the disbursement of funds for designated projects.
- Lack of a designated account for the association
- Difficulty tracking payments
- No effective communication channels
- Association wallet account
- Online payment services
- Resident individual dashboard