Chumz, an app that lets anyone with a mobile money wallet create financial goals, and work towards meeting them, has partnered with Nabo Capital to encourage everyone to save.
The App allows one to set personal goals, it has a 52 week savings challenge among other awesome features to help one save and get discounts when one spends with mobile money.
Chumz App, which allows interested customers to save as little as KSh 5.00, has been developed by Moneto Ventures Ltd alongside Nabo Capital.
Nabo is a fund manager in Kenya regulated by the Capital Markets Authority and Retirement Benefits Authority.
Chumz App available for download from Google Play and Apple App Stores
Moneto CEO Samuel Njuguna said the app will be available for download from Google Play and Apple App Stores.
Once a user is registered, they will be able to create saving goals as an individual or with a group.
The app will then send prompts to the user to invest towards their goal and offer advice on investing based on spending habits.
While many Kenyans have the desire to invest especially in land and other properties, many have had to deal with psychological barriers to invest including financial illiteracy, low income levels, poor spending habits and lack of a suitable savings plan, issues that Chumz App intends to fix.
Available figures indicate that there are about 200,000 active investment accounts in the capital markets compared to over 34 million active bank accounts.
While there are an estimated 300,000 chamas with a total balance sheet of over KSh 300, , poor governance structures as well as investment guidelines and options has rendered this financial segment dormant.
“Through Chumz, we will enable Kenyans to achieve any aspiration including education, travel, home-ownership and so on. Our partnership is grounded on one desire: to democratize investment by giving people access to opportunities with competitive returns,” said Pius Muchiri, Nabo Capital Managing Director
For instance, if you spend in a restaurant the app will suggest how much you need to save.
“You can also invest with family and friends as well as making use of behavioral psychology practices such as social nudges, default bias, and self-commitment to bridge the gap between intention and action,” said Moneto CEO Samuel Njuguna. All the cash shall be Invested by Nabo Capital.
Chumz, which allows for groups to save cash together as friends, family, alumni for a common goal or just chat, is registered with Capital Markets Authority(CMA).
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