What is Chumz

What is Chumz?

Chumz is a mobile based saving application that provides the best user experience and guidance to help you achieve your financial goals.

Why should I use Chumz?

Chumz helps you to easily turn your intent to save into action. It allows you to save both as an individual and as a group to achieve both short and long term financial goals and objectives.

Chumz makes saving fun and engaging through gamification. It has an intelligent alert model that encourages saving from mobile money enabling you to save from as low as Kes 5.

How do I get started?

Download Chumz app from Google Play Store or App Store here.

Create an account and start saving

How much can I save?

You can save from as low as Kes 5. There is no maximum limit.

SAFETY AND SECURITY

How secure is my personal information?

Information collected is a KYC (Know your customer) ) requirement by Capital Markets Authority (CMA) the state regulator.

Your personal information is encrypted using bank-level encryption both in transit and in storage.

Your personal information is not shared with any third parties. (any exceptions? Such as incase of need to comply with a court order.)

Does Chumz have an office?

Yes, our offices are located in Office 68, Mukima Drive, Nairobi.

How secure is my money?

Chumz is authorized by the Capital Markets Authority

Chumz is in partnership with Stanbic Bank as the funds custodian and NABO Capital Ltd as the fund manager.

Chumz enforces bank level security on the App.

How much can I save?

You can save from as low as Kes 5. There is no maximum limit.

CHUMZ SAVING PLANS

What is Quick Save and how does it work?

Quick save is a savings account that enables you to make immediate savings that you are yet to assign to a goal/savings plan.. you are yet to assign a goal/savings plan.You cannot withdraw funds from Quick save, however, you can transfer funds in QuickQuick save to an existing goal /savings plan and thereafter withdraw the funds.to an existing goal/ savings plan.

What savings plans are available on Chumz?

We have most of the savings plans preset, so you can easily select one when creating a goal. However if you have a plan goal that is not in the preset options available, you can create a custom goal

How many savings plans can I have?

There is no limit to the number of plans/goals that you can create. Chumz seeks to empower you to achieve as much as possible.

What is normal savings vs fixed savings?

Once you identify a savings plan of choice, you proceed to create a financial goal towards that savings plan.

The goal can be a normal goal i.e you save and also have the liberty to withdraw the money during the saving period.

The goal can also be a fixed goal i.e you save and lock your money for a given period, earning a higher interest rate.

Can I monitor my savings?

Chumz is designed with monitoring in mind. There is a progress bar on your savings goals of your saving against your target goal amount.

You can also go to your profile and click on the “View Details” button to see all your saving history.

Does my money earn interest?

Money saved on the platform earns interest.

Normal savings earn an interest of 6% annually.

Locked savings earn an interest of 8% annually.

CHUMZ GROUP SAVING

What is Chumz group savings?

Chumz Groups is a saving feature designed and optimized for group savings.

You simply create a group and invite other members and you start saving.

How many people can a group have?

A saving group can have a minimum of 2 members and a maximum of 100 members.

How many groups can I create?

There is no limit to the number of groups you can create.*

How many goals can I have per group?

There is no limit to the number of goals per group. It is financially wise, however, to create few and realistic goals instead of creating many goals that optimise each goal you create. could be challenging to track and focus on.

How do group withdrawals work?

The person who creates a group is by default the group admin.

Group admin initiates a withdrawal request.

Each group member receives the withdrawal request and approves or rejects the withdrawal. Once everyone approves, the withdrawal button appears on the group admins end for withdrawal.

What is a group chat feature?

Group chat is a feature that enables group members to easily communicate with each other through chat messaging.

WITHDRAWALS

When can I withdraw my funds?

You can withdraw money from your goals at any time.

How do I withdraw?

Tap on a goal. Scroll down and click on the withdraw button.

Withdraw a partial or the full amount of that goal plus interest.

You will get the funds in your M-pesa within 48 hours, excluding weekends and public holidays.

Can I withdraw from the quick save?

To withdraw money from quick save:

  • Create a personal goal
  • Transfer the money from quick save to the personal goal.
  • Withdraw from the goal.

How long does it take to get money after withdrawal?

Once we get your withdrawal request, you will get the funds within 48 hours , excluding weekends and public holidays.

Why does it take 48hours to get withdrawals?

We offer interest, thus need to invest the funds, 48hrs allows us to uplift funds from investments and complete the withdrawal.

FEES

How much does it cost?

Chumz is free to use.

No monthly charge, no maintenance cost, no other charges.

TEAM

Who is behind Chumz?

Our team is made up of people from diverse professional and academic fields.

From computer science, finance, actuarial science and partners who have business reach in several African countries.

Read more here Our Team

MORE QUESTIONS?

If you have more question email us [email protected] or call 0717 134 114

Download Chumz and start saving now

Download Chumz app to start your financial freedom journey. Create personal or group goals, set reminders and save.

Get the app

Get it on Google PlayDownload on the App Store