Nabo Capital, a subsidiary of Centum Investment, has partnered with Moneto Ventures Limited to launch a new digital platform where Kenyans can invest as little as Sh5 through their mobile phones.
The application dubbed Chumz enables anyone with a mobile money account to create financial goals as an individual or as a group and invest their money towards the same, track progress and earn interest.
“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 democratise investment by giving people access to opportunities with competitive returns,” Nabo Capital Managing Director Pius Muchiri said following launch of the application Tuesday.
Moneto CEO Samuel Njuguna said the app will be available for download from Google Play and Apple App stores. He said once a user is registered, one will be able to create saving goals as an individual or a group.
“Our journey in Chumz began when we observed that Kenya has numerous lending apps, which are fuelling a consumerism culture and limited investment solutions.
“We set out to find why customers were not taking up investment options in our developing market and learnt three things; Most people are unbanked or under-banked,” he said.