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Home Entrepreneurship

Kenya’s Chumz.io launches to enable millennials to save more & achieve their financial goals

Milcah Lukhanyu by Milcah Lukhanyu
1 year ago
in Entrepreneurship, Startups
7 min read
0

Chumz.io is a new platform that aims to enable its users to reach their savings goal by starting as low as Kes 5 in a fun and easy way.

The platform aims to help users to consistently create and track savings goals for different saving plans as well as receive frequent advice and tips on how to meet their financial goals regardless of how much money they have or want to start with. The main goal of the app is giving its users financial freedom which is priceless.

It all starts by setting an easy goal. It’s time to achieve the dream and the firm has a saving plan for everyone and for almost everything including education, home appliances, emergencies, Self Improvement, Wellness, Entertainment, Adventure among others.

“With smartphones on the raise a majority of people in the emerging markets unbanked Chumz is building an easier way of the unbanked to get the ability to save their funds,” said Samuel Njuguna, head of business development at Chumz.io. “The service guides the user on how to make more savings through research-based behavioral psychology mechanism and through a user-friendly navigation experience.”

Chumz.io allows users to view the progress of their goal on a regular basis and suggests to them what they can save for from its list of curated goals. The platform also allows users to compete with other users to gain an edge and stand to win.

Chumz.io will directly complete platforms such as the 52 Week Challenge which uses Facebook Groups to bring people together to save for their personal goals. By making it a group effort, users feel accountable to others in their circles and save in discipline until they reach their goals.

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“Savings creates a buffer for you in case of any uncertainties for a rainy day,” says Njuguna. “Understanding your finances is more of a journey than a destination. A Salary increment or more income does not translate to you saving more; in fact, it could mean more spending if you are not prudent.”

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From research, Chumz.io sees that there is a correlation between an increase in monthly income and increased expenditure. More people are more likely to move into a bigger house, eating out more often, upgrading their phones and hanging out in more expensive joints.

People use excuses not to save because they think saving is for the rich, or those with a regular income or one needs to save when they have excess income after expenses while others think they are too young to start saving.

“Building a savings culture is crucial to realizing your financial goals. The current culture encourages spending and is wrong,” says Njuguna. “Savings is important since it gives you a buffer for an unforeseen event in the future. Lack of financial discipline results in one spending more than you make and often led to getting debt to keep up with a lifestyle. Savings can be a tool to unlocking your financial freedom.”

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To build a saving culture, one needs to save before they spend, set financial goals, start small, make savings fun and engaging and automate your savings at the start so you get used to the process.

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Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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