Chumz unveils Cup savings plan for Kenyan football fans

Chumz, a mobile app that allows Kenyans to invest as little as Sh5, has launched an in-app feature that will enable football fans save money while cheering on their favorite teams.

Dubbed #SuperFansChallenge, football fans can decide what amount of money they want to save should the team they are supporting win, lose or draw throughout the World Cup and English Premier League season.

“We are excited to launch this functionality in the Chumz App especially around this time when the World Cup is ongoing and people are investing more time and money to follow the world’s biggest sports event,” noted Samuel Njuguna, CEO of Moneto Ventures Ltd, Chumz App developers.

Creating lasting memories

“As part of discouraging consumerism and encouraging a saving and investment culture especially among the youth, we are challenging Kenyans to enjoy the game but also save a dedicated amount of money on the Chumz app which will earn them interest whilst creating lasting memories,” he added.

The launch comes as the battle for the World Cup in Qatar gains momentum with billions of people across the world following the showpiece.

Holders France, record winners Brazil and Portugal are the only teams to have secured progression into the next round ahead of match day three.

African teams are still in with a shout with Ghana and Morocco placed second in their groups while Cameroon will advance to the knockout stages should they win their final group encounter against Brazil.  Senegal qualified for the knockouts after beating Ecuador 2-1 on Tuesday.

“We are rooting for our African brothers and hoping they go far. We hope Kenya will get there some day but until then, we want help put down an efficient saving structure for sports lovers,” said Njuguna.

The Chumz App allows anyone with a mobile money account to be able to create financial goals as an individual or as a group, invest their money towards the goals, and to track progress and earn interest.

The App functions as a collective investment scheme (CIS) intermediary service platform, with the funds earmarked by clients towards a specified goal held by a custodian bank licensed by the Capital Markets Authority for safe-keeping and invested in a CIS registered by the Authority.