Chumz: Save & Invest

Moneto Ventures Limited

About this app

Chumz App is a savings application meant to help you develop a saving culture with ease.
The app enables you to create your saving goals and guides you to meet them by enabling you to save as low as Kes 5/=
The app alerts you on when to save based on your transactions and mobile money balances.
Saving has never been this easy.

Ratings and reviews

Overall the app is great when saving for any type of goal or one wants to develop a saving culture for themselves. I'd however like to request the developer for a feature under the normal goal to include a TARGET LOCK SAVINGS or a new option altogether, say for example if I want to save 5k I won't be able to withdraw until the 5k target has been achieved irregardless of time used to reach the desired target of 5k. Once the desired amount is achieved then it unlocks the goal for withdrawal.

I don't find this app to be useful as a savings option because of the high charges attached. It's free to save 100/- but after that, there are charges. Withdrawals also have their own charges which don't make sense for a savings app. The interest you make doesn't recoup those charges so essentially, you are losing money. For me, it works better to save elsewhere. But the app maybe useful for you if you are simply trying to build the discipline of saving because of the prompts. That's it!

This app is not worth it. After months of saving I only earned Ksh 75.77 in interest, but when I withdrew my money, they deducted Ksh 30 as a transaction fee. That’s almost half of the profit gone instantly. The fees are unreasonable, and the returns are too low to make any sense. Definitely not a good platform for serious savings or investment.

What’s new

Cancel pending withdrawals
Bug fixes
Performance Improvements