Born in Nairobi to help residents save money, it now plans to expand to several other countries in the coming months. 

Chumz is a fintech solution developed by a Kenyan startup, enabling users to save and invest money. Founded in 2019 by Samuel Njuguna, this Nairobi-based startup offers a mobile app available on iOS and Android, which has already been downloaded over 100,000 times, according to Play Store data. After downloading the app, users can create an account to access Chumz's services, set personal or group savings and investment goals, and take action toward them as soon as possible.

The app allows users to add friends or family members to create joint savings or investment goals. Chumz enables users to save with as little as 5 Kenyan shillings (about $0.04). Through the app, users can track their savings progress and receive periodic reports on their financial growth. They are also reminded to save through behavior-based notifications and deposit prompts.

“For example, if a user spends money at a pub, the app suggests investing a portion of that money instead of spending it all. Similarly, when a user receives mobile money, the app prompts them to save some of it. Chumz provides an easy and convenient way for users to save and invest, helping them reach their financial goals,” explains Samuel Njuguna.

After surpassing 200,000 users, Chumz now eyes the Rwandan market, with Tanzania, Uganda, and Botswana also on its growth agenda in the coming months. By 2026, Chumz aims to reach one million users in Kenya, its home market.

Adoni Conrad Quenum