Let’s face it. Investing is usually a little exhausting for most individuals. The considered dropping a whole bunch of hundreds on treasury bonds and payments is the final word dream however it might really feel a bit out of attain for a lot of who aren’t swimming in cash. Maybe in recognition of this, Chumz is available in that can assist you out.
Chumz is an app that allows anybody with a cellular cash account in Kenya to create monetary objectives as a person or as a bunch and make investments their cash in the direction of the objectives, monitor progress,s and earn curiosity. The app is allowed underneath the Capital Markets Authority Regulatory Sandbox and is developed by Moneto Ventures Ltd in partnership with Nabo Capital Funding Ltd, a fund supervisor in Kenya.
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The Chumz app permits customers to arrange computerized transfers from their M-PESA account to a Chumz account, the place they will earn curiosity and entry varied funding choices. The app additionally offers customized recommendation and tips about enhance one’s monetary habits and objectives.
On this assessment, I’ll consider the app primarily based on its options, usability, safety, and customer support. I can even examine it with a few of the different widespread apps in the identical class, equivalent to Stash.
Options
Chumz affords a variety of options that make saving and investing simple and enjoyable. A few of the options embrace:
- Spherical-ups: The app rounds up each buy made together with your M-PESA the closest spherical determine and transfers the distinction to the Chumz account. That is in all probability my most used characteristic as you get a notification after each M-PESA transaction, asking you to put aside the little cash on prime of your stability.
- Boosts: The app permits customers to arrange recurring or one-time transfers to their Chumz account primarily based on their revenue, spending, or financial savings objectives.
- Private Targets: Chumz lets you arrange varied objectives within the app in the direction of which you may be saving up periodically. For instance, I’ve an account for emergencies, a kitty for trip, and one for a purchase order I can’t justify that I can save up for casually.
- Challenges: The app additionally challenges customers to avoid wasting extra by giving them particular duties or objectives, equivalent to conserving KES 1000 in every week or skipping a espresso buy.
- Group Targets: There may be additionally a social facet to Chumz the place you may group up with your pals and format group and collectively, save in the direction of a typical purpose.
- Training: The app educates customers on varied monetary matters, equivalent to budgeting, debt administration, retirement planning, and taxes. The app additionally offers customized suggestions and insights primarily based on the consumer’s monetary state of affairs and objectives.
Usability
Chumz has a user-friendly interface that’s simple to navigate and perceive. The app has a easy design that makes use of vibrant colours and icons to focus on the primary options and actions.
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The app additionally has a dashboard that exhibits the consumer’s stability, progress, exercise, and efficiency. The app is responsive and quick, at the very least on Android, and doesn’t have any glitches or bugs. It manages to remain out of your manner till it pops as much as nudge you to avoid wasting up.
Safety
Chumz takes safety severely and makes use of varied measures to guard the consumer’s information and cash. A few of the safety measures embrace:
- Encryption: The app encrypts all the information that’s transmitted between the consumer’s machine and the Chumz servers utilizing SSL know-how.
- Authentication: The app requires customers to create a powerful password and use biometric authentication or a PIN code to entry their account.
- Verification: The app verifies the consumer’s id and checking account utilizing micro-deposits or instantaneous verification strategies.
Buyer Service
Chumz has a devoted customer support group that’s out there by way of telephone, electronic mail, or chat. The group is pleasant, useful, and educated, and might reply any questions or resolve any points that the consumer could have. The app additionally has a FAQ part that covers the most typical queries and matters.
Conclusion
Chumz is a good app for anybody who desires to economize and put money into their future. The app has plenty of options that make saving and investing simple and enjoyable. The app additionally has a excessive degree of safety and customer support that ensures the consumer’s satisfaction and peace of thoughts.
Chumz is likely one of the greatest apps in its class and I extremely advocate it to anybody who desires to enhance their monetary state of affairs and obtain their objectives.
