A Kenyan fintech startup, Chumz, which was designed to help users save and invest through behavior-driven prompts and mobile money deposits, is concluding moves to enter the Rwandan market. This is coming after the startup reached a milestone of 200,000 users in Kenya.
Chumz’ Origins and Vision
Founded in 2019, Chumz developed its goal-based saving app and received regulatory approval in 2021. The app allows users to save and invest as little as US$0.05 directly from their mobile money accounts. Funds are then managed by licensed fund managers, who generate returns that Chumz redistributes to users.
Chumz’s approach encourages users to save by offering prompts based on their spending habits. “If a user spends at a pub, the app suggests investing a portion instead of spending all of it. Similarly, receiving mobile money triggers a prompt to save part of it. Our app is designed to be accessible, easy, and to support users in reaching financial goals,” said co-founder Samuel Njuguna.
Breaking New Grounds
Building on its success in Kenya, Chumz has set ambitious targets to reach one million users in Kenya by 2026 and expand operations to Uganda, Tanzania, and Botswana. The startup recently introduced the “Superfan Challenge,” where users save based on their favorite football team’s performance—prompted to save a set amount if their team wins.
Going Forward…
Chumz also aims to fill gaps in the retail investment market, typically underserved by traditional fund managers. The app has gained popularity amongst parents teaching financial literacy and creating savings goals for their children, and in the informal sector , with a majority of its users being women.
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2 replies on “Kenyan Fintech Chumz Expands to Rwanda After Reaching 200,000 Users”
[…] after acquiring its PSP licence. Other leading fintech players such as ChipperCash, Paystack and Chumz have already established operations or are planning to establish operations in the country, […]
[…] the organisation has supported startups like Chaptr and Chumz, a Kenyan fintech that recently expanded to Rwanda. Additionally, a partnership with the Mastercard Foundation facilitated a $1.2 million investment […]