Chumz Investment App: Over the past few months, many investment apps have been launched in the Kenyan market. The key players in this market are: It provides easy access to financial markets and provides a platform where users can invest funds towards their goals, track their progress and earn interest at the same time.
One of the latest apps to be released in the country is Chumz is developed by Moneto Ventures Ltd in partnership with Nabo Capital. Large Kenyan fund manager regulated by the Capital Markets Authority and the Retirement Benefits Authority.
The Chumz app allows anyone with a mobile money account to create financial goals individually or as a group.
CEO Moneto Samuel Njuguna said that once users are registered, they will be able to set individual or group savings goals. The app then sends messages encouraging users to invest towards their goals and provides investment advice based on their spending habits. Please note that this app is licensed under the Capital Markets Authority's Fintech Sandbox.
“Our journey at Chumz began when we observed that Kenya has a large number of lending apps that promote a consumer culture and limited investment solutions. We researched the underutilization of investment options in developing markets and learned three things: Most people don't have a bank account or are underbanked because they invest their money. It means you have to put in more time and effort,” he said.
“Investment jargon is heavily used in the financial industry, which can sometimes deter potential customers from investing. Finally, current solutions include feedback mechanisms, social nudges, and reminders about when to save and invest. There is a lack of ways for people to continue to participate in savings, such as,” Njuguna said.
The Chumz app allows users to: Invest As low as Ksh. 5. Enabling individuals to build a saving culture.this concept Njuguna says. This is in line with the tradition of using piggy banks to save and develop the habit of saving.
Speaking at the launch, Pius Muchiri, managing director of Navo Capital, said: “There are approximately 200,000 active investment accounts in the capital markets, while there are more than 34 million active bank accounts.” Ta. He further pointed out that closing this gap is the most important key to accelerating economic growth.
“Through Chumz, we enable Kenyans to achieve all their aspirations, including education, travel, home ownership and more. Our partnership provides people with access to competitive earning opportunities. It is based on one desire: to democratize investing.”
The Chums app is Available for download from Google Play and Apple App Store.
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