Chumz, a mobile app that allows Kenyans to invest as little as Kshs 5, has launched an in-app feature that will enable football fans save money while cheering on their favorite teams.
Dubbed #SuperFansChallenge, football fans can decide what amount of money they want to save should the team they are supporting win, lose or draw throughout the World Cup and Premier League season.
(TOP: Chumz team led by CEO Samuel Njuguna – second from left – during the launch of the #SuperFansChallenge).
“We are excited to launch this functionality in the Chumz App especially around this time when the World Cup is ongoing and people are investing more time and money to follow the world’s biggest sports event,” noted Samuel Njuguna, CEO of Moneto Ventures, Chumz App developers.
“As part of discouraging consumerism and encouraging a saving and investment culture especially among the youth, we are challenging Kenyans to enjoy the game but also save a dedicated amount of money on the Chumz app which will earn them interest whilst creating lasting memories,” he added.
The launch comes in the midst of the ongoing Fifa World Cup which is being watched by billions of people across the world.
Defending champions France, record winners Brazil and 2016 European champions Portugal are the only teams to have secured progression into the next round ahead of matchday three. African teams are still in with a shout with Ghana and Morocco placed second in their groups while Cameroon and Senegal will advance to the knockout stages should they win their final group encounters against Brazil and Ecuador respectively.
“We are rooting for our African brothers and hoping they go far. We hope Kenya will get there some day but until then, we want help put down an efficient saving structure for sports lovers,” said Njuguna.
The Chumz App allows anyone with a mobile money account to be able to create financial goals as an individual or as a group, invest their money towards the goals, and to track progress and earn interest.
The app functions as a collective investment scheme (CIS) intermediary service platform, with the funds earmarked by clients towards a specified goal held by a custodian bank licensed by the Capital Markets Authority (CMA) for safe-keeping and invested in a CIS registered by the Authority.