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Personal finance apps, we have apps for almost everything. From communication apps to shopping apps, and so many other apps.
In this article, we are going to go through some of the financial apps that are available in Kenya. And no we are not going to go through loan apps or bank apps.
We are going to go through some of the saving and investment apps that are available in Kenya. Let’s go.
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KOA
KOA is a personal finance savings app. Where you can save up for different goals.
Features of the KOA app
The app comes with different saving goals already set up for you. Some goals include school fees, medical bills, and emergency stash. There is also a 25- week savings challenge.
In addition to that KOA has popular goals like saving up for computers, holidays, cars, and phones.
You also have the option of creating your own goal. That is customizing your saving goals.
Pros of KOA app.
- Great /friendly user interface and design(UI/UX)
The KOA app is easy to use and good to look at. It is not too busy and everything is easy to find.
- Save for different goals simultaneously.
Yes, with KOA you can save up for different goals at the same time. Personally, I might be using the app to save up for my various sinking fund accounts.
- No charges on deposits.
Yes, with KOA you are not charged when you save.
- The minimum savings and interest earned.
You can save as little as sh.100 and earn as much as 10% per annum. This is owing to the fact that your money is invested. They have partnered with Britam and Sanlam.
The interest earned is also updated on the app.
6 Saving tips for low-income earners
- Financial growth content within the app.
KOA app has articles about finance within the app itself.
- Good customer service.
Based on some of the reviews they have great customer service on WhatsApp and email. As for when you call, not so much.
- Refer friends.
You get sh.250 when you refer someone who saves sh.500 for at least 15 days. Both of you get sh.250 each. (tala)
Cons about KOA app.
Based on the research I have done. (customer reviews)
- Withdrawal –
a)KOA charges sh.50 for every withdrawal. You cannot withdraw everything as well.
b) The withdrawal also takes a bit of time. Some of the reviews said 5 days, others more than 2 weeks. I am yet to see this but, it’s better to have an idea of how long it might take to withdraw.
- Account verification
It Takes 24 hours to get an account verified. This is a bit long.
ii) Chumz App
Chumz is another personal finance saving app developed for Kenyans. The great thing about chumz is that you can
save as little as sh.5 on the app.
The app is regulated by the Capital markets Authority (CMA). They are also in partnership with Stanbic Bank as the funds’ custodian and Nabo Capital ltd as their funds’ manager.
Pros of Chumz.
- The colorful interface of the app.
The Chumz app is easy to use and good to look at. It is not too busy and everything is easy to find.
- Group feature.
One great feature in the Chumz app is the group feature. Where you can use for you and your friends or chama to meet saving goals together.
- Saving reminders/prompts
The chumz app often sends you reminders/prompts to help you stay consistent on your saving goals.
- Good customer service.
The app has by so far great customer service with quick responses to customer inquiries.
- Earn interest on savings.
You earn 8% per year on savings kept in the locked savings option on the app. As well as 6% on normal savings.
Cons about Chumz personal finance app.
- High saving and withdrawal costs.
Chumz app charges savers for making deposits and withdrawals on the app. This is owing to Mpesa transaction costs.
Savings above sh.100 are charged transactional costs. For example, it will cost you sh.23 to save sh.500.
In a way, it is expensive to save on the Chumz app.
- Slow withdrawal process.
It can take more than 48 hours to withdraw your savings on the Chumz app.
- Interest earned is small.
Owing to the high cost of saving, the interest earned is very small in comparison to what one will spend to save.
For example, one saver lamented when they saved sh. 50 but was charged sh.20 to make a withdrawal of the same.
iii) Hisa app.
Hisa is a personal finance investment app. It is also a company in Kenya. That allows Kenyan investors to invest in US companies. Through purchasing stocks or fractions of the same.
The minimum investment is $5.
Pros of the Hisa app.
- The app has a great appeal. Easy to use as well.
- Financial growth content. Within the app, there are financial articles, podcasts, news, and webinars.
This content is relevant and easy to understand.
What I don’t like about the app.
- The app can be a bit slow, however with the regular updates, hopefully, this will be taken care of.
As I pen off, I’d like to know which app would you like to check out?
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About Author
I disagree with the review you made about Chumz. I have personally been using it for many months and I disagree with side of cons.Honestly withdrawal process is fast .it doesn’t take 48hrs as stated but exactly 24hrs only that withdrawal are not processed on weekends but upon withdrawal on weekends i.e sat or sun, payment will be received on Mon exactly same time the withdrawal was made.
For all other days,it’s 24hrs.
2. Interest earned ain’t small either it’s depended with amount invested. For Koa I wouldn’t go there why, what’s the point of free deposit if by the end of the day you cannot withdraw in time when you need it.i would rather pay deposit and withdrawal and enjoy easeness and flexibility of my savings.
Chumz also great for group.All this I have tested and I am a practical user I am not reviewing from people’s reviews but from genuine experience.