Financial experts will advise that putting your hard-earned money in deposit accounts is never the best option if you are keen to make that money grow substantially.
Koa, a new fintech firm in Kenya has partnered with financial services leader Britam Asset Managers to help young Kenyans save their money.
Koa is the first Digital Independent Financial Advisor (IFA) to partner with an established firm such as Britam, paving the way for more such innovations in the country.
Koa users can start saving with as little as Ksh100 and earn interest to multiply their savings through Britam’s Money Market Fund.
Targeting mainly the youth, the app has developed new tools that make saving fun such as a goal-based feature that makes it relatively easy to help users to achieve and track their paths to their savings goal.
Britam’s Digital Channels and Partnerships Director, Evah Kimani, said the partnership will expand the firm’s omnichannel strategy and deliver a superior customer experience.
“Britam Asset Managers is delighted to partner with Koa to roll out the country’s first Digital IFA agreement. This partnership will enable Britam to deliver its digital savings and investment solutions in ways that are attractive, engaging, and intuitive, allowing us to access new emerging markets,” said Kimani.
About Koa
“Koa is very simple and very easy to use. It’s intuitive and we’ve built it out to be only the core of what you need to save. We’ve built it in a gamified way to keep users coming back to the app.” says Delila in a recent podcast with Kenyan Wallstreet, adding that eight out of thirteen billion household savings is informal.
Koa Goal based Savings Feature
With Koa App’s flexible goal-based Savings feature, users can set goals to save for, based on their needs; Whether it’s a car, home, holiday, or emergency – saving towards each of them separately. The app also lets users earn up to 10% interest on their money.
The startup was also recently admitted to the Catalyst Fund, an accelerator that supports inclusive tech innovators in frontier and emerging markets.
“Koa aims to become the ’financial rails’ that can enable individuals and savings groups to better access high-interest saving accounts and mutual funds across the continent.” Catalyst Fund said in a note on why it invested in Koa.
Whatever you use to help you manage your finances the main objective is developing and establishing good habits related to money management and savings so that your behaviours become automatic.
Koa app is currently available for download on both Android and IOS devices.
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