This archive report was first published on 9 August 2019.
Launched in 2019, Chumz.io is a pioneering platform that seeks to make savings accessible and enjoyable for millennials. The platform allows users to set and track savings goals, receive advice, and compete with others to achieve financial freedom.
According to Samuel Njuguna, head of business development at Chumz.io, the platform is designed to help the unbanked population in emerging markets save their funds. 'With smartphones on the rise, a majority of people in emerging markets remain unbanked. Chumz is building an easier way for the unbanked to get the ability to save their funds,' Njuguna explained.
Chumz.io employs a research-based behavioral psychology mechanism to guide users on how to make more savings. The platform also features a user-friendly navigation experience, allowing users to view their progress and compete with others to gain an edge.
By making savings a group effort, Chumz.io aims to create a sense of accountability among users, encouraging them to save in discipline until they reach their goals. 'Savings creates a buffer for you in case of any uncertainties for a rainy day,' Njuguna emphasized.
Chumz.io recognizes that there is a correlation between an increase in monthly income and increased expenditure. The platform seeks to break this cycle by promoting a savings culture that encourages users to save before they spend, set financial goals, and automate their savings.
