The Capital Markets Authority (CMA) has approved the roll-out of the Chumz app to the mass market following the successful testing of the app on its Regulatory Sandbox.
Chumz App, built by Moneto Ventures Limited, is a mobile application that functions as a collective investment scheme (CIS) intermediary service platform.
It enables investors to save and invest towards a specific goal with as low as Sh5.
The funds earmarked by clients towards a specified goal are held by a custodian bank licensed by the Authority for safekeeping and invested in a CIS registered by the Authority.
As such, investment decisions are undertaken by a licensed fund manager. Investors can withdraw their savings at any time through their mobile phones.
‘The innovation by Moneto Ventures Limited facilitates CMA’s mandate of promoting a high level of savings and investments from retail investors and enhances investments to support economic development,” CMA Chief Executive Officer Wyckliffe Shamiah.
He noted that the value of the Regulatory Sandbox was evident in providing a supportive regulatory environment for promising innovations to operate, subject to applicable restrictions on client access and investment size.
Moneto Ventures Limited was admitted to the CMA Regulatory Sandbox in May 2021 and becomes the sixth firm to exit after Pezesha Africa Limited, Genghis Capital Limited, Innova Limited, Central Depository and Settlement Corporation and Fourfront Management Limited.
Read also; CMA Grants Waanzilishi Capital Fund Manager Licences.
