This archive report was first published on 23 June 2021.
Fintech Startup Koa Seeks to Boost Savings Culture ¶
Published on June 23, 2021, Koa, a new fintech firm in Kenya, has partnered with Britam Asset Managers to help young Kenyans save their money.
Financial experts advise against putting money in deposit accounts to make it grow substantially. Koa, a digital independent financial advisor, has partnered with Britam Asset Managers to change this narrative.
The partnership allows Koa users to start saving with as little as Ksh100 and earn interest to multiply their savings through Britam’s Money Market Fund.
Targeting mainly the youth, Koa has developed new tools that make saving fun, such as a goal-based feature that helps users achieve and track their paths to their savings goal.
Britam’s Digital Channels and Partnerships Director, Evah Kimani, said the partnership will expand the firm’s omnichannel strategy and deliver a superior customer experience.
“Britam Asset Managers is delighted to partner with Koa to roll out the country’s first Digital IFA agreement. This partnership will enable Britam to deliver its digital savings and investment solutions in ways that are attractive, engaging, and intuitive, allowing us to access new emerging markets,” said Kimani.
Koa aims to become the ‘financial rails’ that can enable individuals and savings groups to better access high-interest saving accounts and mutual funds across the continent.
Currently, eight out of thirteen billion household savings is informal. Koa app is available for download on both Android and IOS devices.
