What is Chumz?

Chumz is a mobile-based saving and investment application that utilizes behavioral psychology and gamification to enable users to save via mobile money.

Why should I use Chumz?

Chumz helps you 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.

It is personalized to your day-to-day experiences to find your saving sweet spot and accelerate savings habits through goals, saving rules & challenges and a great user experience.

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 little as Kes 5, with no maximum limit. Additional top-ups of any amount can be made at any time.

Do you give out loans?

Chumz does not provide loans; it is solely a savings and investment product.

How secure is my personal information?

Your personal information is collected as a KYC requirement by the Capital Markets Authority (CMA) and encrypted using bank-level encryption both in transit and storage. It is not shared with third parties except where required by law.

How safe is my money?

Chumz is authorized by the Capital Markets Authority. Funds deposited through Chumz are invested in the Nabo Money Market KES Unit Trust, managed by Nabo Capital and audited by Grant Thornton, with KCB as the approved Trustee and Stanbic Bank as Custodian.

How do you start saving?

Chumz helps you adopt saving habits tailored to your lifestyle through customizable rules, reminders, challenges and goals.

Rules on the app are Quick Save, Round down & Save on Spend

Challenges on the app are the 52-week Savings Challenge, Mia Kwa Mia Challenge, Envelope Challenge, Superfans Challenge.

Goals on the app can be personal or group and they can be further customized and specific in categories available on the app as well as have reminders to alert you to save.

What saving categories are available on Chumz?

Chumz offers preset categories such as Rent, Insurance, Education, Business, and more. You can also create custom categories.

What are normal goals vs locked goals?

Normal goals allow flexible withdrawals and earn 6% interest per annum, while locked goals offer 8% interest with a fixed lock-in period.

What are personal goals vs group goals?

Personal goals are customizable to individual preferences, while group goals allow collaborative saving efforts with 2-15 members.

How many personal goals can I have?

There's no limit to the number of goals you can create on Chumz.

Can I monitor my savings?

Chumz provides a progress bar for each goal and a savings history in your profile.

What is Chumz group savings?

Chumz Groups facilitate group savings with a minimum of 2 members and a maximum of 15.

How many group goals can I create?

There's no limit to the number of group goals you can create.

How do group withdrawals work?

The person who creates a group goal automatically becomes the group admin. They can later assign up to two additional members as admins.

Any of the group admins can initiate a withdrawal request.

All group members will receive the request and have the option to approve or reject it.

Once all members have approved, the withdrawal is processed, and the designated recipient will receive the funds.

What is a group chat feature?

Group chat allows easy communication among group members within the Chumz app.

What is Quick Save and how does it work?

It's a savings account that is automatically created on registration and enables you to make immediate savings that you are yet to assign to a goal. Deposits in this account earn interest at 6% pa.

Funds that you save from other saving rules i.e Round Down and Save on Spend are directed to this account.

Can I withdraw from Quick Save?

Yes, but you must first transfer the funds from Quick Save to a personal goal, then withdraw from the goal.

What is the 52-week challenge?

It's a saving challenge where you save a certain amount weekly for 52 weeks, and thus a year.

How does it work?

You select a base amount you want to start saving for week 1. The following week you save a factor of the base amount you started with, and increase the amount each week, with the initial amount.

What amount do I start with for week 1?

ou choose the amount to start with. The most common ones are Kes.50 and Kes.100. If you select Kes.50, the following week you will save Kes.100, then Kes.150 on the next, and so on.

You will have saved Kes.68,900 at the end of the challenge. If you select Kes.100, you will have saved Kes. 137,800 at the end of the challenge/year.

Must I start with a low amount?

Our 52 weeks savings challenge is flexible and lets you choose whether to start with a low amount or a high amount at the start of a challenge.

If you choose to start low you will start with a low amount and the amount to be saved will increase weekly as you near week 52. If you choose to start high, you will start with the highest amount and the figure to save will decrease weekly as you near week 52.

When can I start my challenge?

With Chumz, you can start your 52 weeks at any week of the year, which will be used as your week 1. Most people prefer to start with the first week of January as week 1.

Does money in the 52-week challenge goal earn interest?

By default, all deposits made via Chumz earn interest. The 52 weeks challenge earns interest at a rate of 8% pa and the earned interest is distributed daily.

Does my money earn interest?

Your funds earn interest the following day after you make a deposit and daily thereafter. Interest is credited daily to your respective goals. Deposits in Quick Save and Normal goals earn interest at 6% pa. Deposits in the 52-week Challenge & Locked goals earn interest at 8% pa.

What is the Mia Kwa Mia Challenge?

The Mia Kwa Mia Challenge is a 100-day savings challenge on the Chumz App where you save any multiple of 100 KES between 100 and 900 KES daily. At the end of 100 days, you'll have saved your chosen amount each day, earning 8% per annum on your savings.

How do I participate in the Mia Kwa Mia Challenge?

To participate, select your daily savings amount between 100 and 900 KES, choose when you want to start the challenge, and set daily reminders for your preferred time to save. The app will remind you daily to deposit your chosen amount.

Can I withdraw my funds during the challenge?

Yes, you can withdraw your funds at any time. However, we encourage you to stick to your savings plan to fully benefit from the challenge.

What happens if I miss a day of savings?

If you miss a day, your daily streak will be broken, but you can continue saving the next day. The app tracks your streaks to help you stay consistent.

What is the minimum and maximum amount I can save daily?

You can save any multiple of 100 KES between 100 and 900 KES daily.

When can I start the challenge?

You can schedule the start of the challenge for any day you prefer, whether it's the next week or the end of the next month.

How do I set daily reminders?

You can set daily reminders within the app to notify you at your preferred time, whether it's early morning, over lunch, or in the evening.

How much will I have saved at the end of 100 days?

If you save 100 KES daily, you will have 10,000 KES at the end of 100 days, plus any interest earned.

What is the interest rate for the challenge?

The challenge earns 8% per annum on your savings.

What is the Chumz Vault Challenge?

The Chumz Vault Challenge is a savings challenge on the Chumz App that offers the highest returns available on the app. It promotes financial discipline by locking your funds for a set period, with penalties for early withdrawal.

How do I participate in the Chumz Vault Challenge?

To participate, set up your vault by choosing a lock-in period (minimum of 9 months) and depositing the amount you want to save. You can add top-ups as you go.

What are the returns for the Chumz Vault Challenge?

The current starting return rate is 10.25% per annum, and this rate may change monthly based on market performance. The app will provide a breakdown of the competitive interest earned each month and the total interest earned.

Can I withdraw my funds before the lock-in period ends?

Yes, but early withdrawal will incur a penalty of 50% of the interest earned. We encourage you to keep your funds locked for the selected duration to maximize your returns.

Is there a minimum amount required to set up my vault?

No, there is no minimum amount required to set up your vault. You can start with any amount and add top-ups as you go.

How is the interest calculated?

The interest is calculated and accrues daily. You will see the interest earned month-on-month in the vault breakdown provided by the app.

Why does the interest rate change monthly?

The interest rate changes monthly to reflect the performance of the market. This ensures you receive the best possible returns based on current market conditions.

Are there any hidden charges?

No, at Chumz, we believe in complete transparency. The interest returns offered are net of management fees and taxes, so there are no hidden charges.

What is the Envelope Challenge?

The Envelope Challenge is a 12-week savings challenge where each week, you're assigned a magic number between 1 and 12, which is multiplied by your base amount to determine your savings target for that week. It mimics the traditional envelope savings method, but with an added surprise element.

How does the Envelope Challenge work?

Each week, Chumz App will generate a magic number. You select a base amount, and the app multiplies your base amount by this magic number to determine your savings target for that week. You just need to hit save, and your savings will be updated.

Can I change my base amount during the challenge?

No, once the challenge begins, your base amount is locked for the entire 12-week duration. Make sure to choose an amount that fits comfortably within your budget.

What happens if I miss a week or can't save the target amount?

If you miss a week, you can still catch up later. The savings won't disappear, but it's recommended to stay on track to fully complete the challenge and reach your savings goals.

Can I choose the magic number myself?

No, the magic number is randomly generated by the Chumz App each week, keeping the element of surprise alive. This randomization adds a fun and unexpected twist to your savings.

Is the challenge only for 12 weeks?

Yes, the Envelope Challenge runs for 12 weeks, with a new envelope (magic number) and savings target each week.

Can I participate in other challenges on Chumz while doing the Envelope Challenge?

Yes, you can join other challenges on the Chumz App simultaneously, including the Superfans, Mia Kwa Mia and even the Chumz Vault Challenge, without affecting your progress in the Envelope Challenge.

How do I know if I'm on track?

Chumz provides an in-app calendar where you can track your savings progress. Each week, you can check off your savings and see how much you've accumulated toward your goal.

Is there a minimum or maximum base amount I can set?

You can choose any base amount that fits your budget, but we recommend selecting an amount you're confident in saving each week for the 12-week period.

What is the Superfans Challenge?

The Superfans Challenge is a savings challenge for football fans where your savings are tied to your team&apos's performance. You choose a football team from the Premier League, and based on whether they win, draw, or lose, you save a predetermined amount after each match.

How does the Superfans Challenge work?

You select your favorite Premier League team and set an amount you&apos'd like to save for each outcome—win, draw, or loss. After each match (38 in total for the season), Chumz will automatically calculate your savings based on the result and your set amounts.

Can I change the savings amounts after I&apos've set them?

Once the season begins and you&apos've set your savings amounts for wins, draws, and losses, they will remain locked for the entire Premier League season.

Can I support more than one team in the Superfans Challenge?

Yes, you can choose more than one team per season for the Superfans Challenge. Make sure to pick the team you're most passionate about!

What happens if my team doesn't play in a given week?

If your team doesn't have a match scheduled that week, there won't be any savings target generated for that week. You'll save based on the outcome of their next match.

Do cup matches and friendlies count in the Superfans Challenge?

No, the Superfans Challenge only applies to the 38 Premier League matches. Other competitions like cup matches, friendlies, or international games are not included.

Can I change my team midway through the season?

No, once you've selected your team at the start of the challenge, you're committed to that team for the rest of the Premier League season.

How do I keep track of my team's performance and my savings?

The Chumz App will send you a notification just before and right after each match based on your team's result. You can track both your team's performance and your savings progress within the app.

What if my team gets relegated or doesn't finish all 38 matches?

In the unlikely event that your team gets relegated or is unable to complete all 38 matches, Chumz will provide alternative instructions on how to proceed with your savings for the remainder of the challenge.

Can I participate in the Superfans Challenge if I'm not familiar with football?

Absolutely! The Superfans Challenge is designed for all users. Even if you're not an avid football fan, it's a fun way to tie your savings to something dynamic and exciting. You can still choose a team and enjoy the experience.

What happens at the end of the season?

At the end of the season, you'll receive a breakdown of your total savings based on your team's performance. You can then decide whether to withdraw your savings, reinvest them, or join another Chumz challenge.

How do I withdraw?

For normal goals, you can withdraw your funds at any time, this can be a partial or the full amount of that goal.

For locked goals, you can only withdraw your funds after the lock duration.In the event you withdraw before the lock duration, you will incur a 50% penalty on the interest earned. This can be a partial or the full amount of that goal.

Upon a successful withdrawal request for both personal and group goals; you will receive funds within 48 hours or less, excluding weekends and public holidays.

You will incur the standard M-Pesa paybill transaction fees when withdrawing funds.

Here is a step-by-step guide:

• Tap on a goal.
• Click on the "View more details" icon.
• Click on the withdraw icon.
• Withdraw a partial or the full amount of that goal.
• You will get the funds in your M-Pesa within 48 hours, excluding weekends and public holidays.

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 48 hours to get withdrawals?

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

How much does it cost?

Chumz is free to use. No monthly charge, no maintenance cost, and no other charges.

The only cost you will incur is standard M-Pesa paybill transaction fees when depositing to and withdrawing from your goals.

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

Does Chumz have an office?

Our offices are in Garden Estate, 68 Mukima Drive, Nairobi, Kenya.

If you have more questions, email us info@chumz.io or call, text or WhatsApp 0717 134 114 or 0740 323 941