NAIROBI, Kenya — As the festive season draws near, many Kenyan households are grappling with the challenge of balancing rising living costs with the desire to celebrate and prepare for upcoming expenses such as school fees. However, mobile-based saving tools are increasingly emerging as a practical solution for individuals and families seeking to plan ahead and ease financial pressure.
According to financial experts, early saving and goal-based planning can help households avoid financial strain, manage budgets effectively, and enjoy special occasions without sinking into debt. One of the tools leading this transformation is the Chumz app, a mobile-based savings platform designed to help users automate and grow their savings through behavioral nudges and goal-setting features.
“Automating savings makes it easier to stay disciplined,” said Samuel Njuguna, the founder of Chumz. “Users can create specific goals such as ‘Christmas 2025’ or ‘Term 1 Fees 2026’ and set target amounts and timelines.”
Licensed by the Capital Markets Authority (CMA) in 2022, Chumz allows users to save with as little as five shillings. The app links to M-Pesa and offers automated triggers — such as saving a fixed amount weekly or a percentage every time one receives money — while also sending reminders to encourage saving instead of impulse spending. Users can even lock their goals to prevent premature withdrawals before the set date.
The platform also supports group savings, enabling chamas or families to pool resources toward shared goals like school fees or community projects. Moreover, funds saved through Chumz earn interest through partnerships with regulated financial institutions, providing both security and growth for users’ money.
With innovative tools like Chumz gaining popularity, more Kenyans are adopting a culture of disciplined saving — proving that technology can play a vital role in financial empowerment and resilience, especially in tough economic times.
