🌍 Kenyan fintech startup Chumz, which helps users save and invest by prompting savings from mobile money, is expanding into Rwanda after gaining 200,000 users in Kenya.

💡 How Chumz Works:

• The app channels user funds from mobile accounts to licensed fund managers, who offer returns distributed back to users.
• Users are prompted to save based on behavior patterns, like spending at a pub or receiving funds, encouraging small, regular investments.

🎉 Unique Features and Success:

• The Superfan Challenge motivates savings based on favorite football teams' performance, adding a fun twist to saving.
• Chumz primarily serves retail investors who lack access to traditional fund managers, with women comprising the majority of savers.

🚀 Future Growth Plans:

• Chumz aims for 1 million Kenyan users by 2026 and plans to expand into Uganda, Tanzania, and Botswana.

With its accessible model, Chumz is filling a significant gap in East Africa’s financial inclusion landscape, supporting financial literacy across diverse demographics.

Read more on Disrupt-Africa