This archive report was first published on 8 August 2019.
On August 8, 2019, Chumz.io, a revolutionary new platform, was launched to empower millennials to save and achieve their financial goals.
The platform, which allows users to start saving as low as Kes 5, aims to make saving fun and easy. It enables users to create and track savings goals for various plans, receive frequent advice and tips, and compete with others to win.
According to Samuel Njuguna, head of business development at Chumz.io, the platform is designed to give users financial freedom, which is priceless. He noted that the service guides users on how to make more savings through research-based behavioral psychology mechanisms and a user-friendly navigation experience.
Chumz.io allows users to view their progress on a regular basis and suggests what they can save for from its curated list of goals. The platform also enables users to compete with others to gain an edge and stand to win.
Chumz.io's approach is similar to the 52 Week Challenge, which uses Facebook Groups to bring people together to save for their personal goals. By making it a group effort, users feel accountable to others in their circles and save in discipline until they reach their goals.
Njuguna emphasized the importance of savings, stating that it creates a buffer for users in case of any uncertainties for a rainy day. He also noted that understanding finances is a journey, not a destination, and that a salary increment or more income does not necessarily translate to saving more.
