For many people, saving money can be tough, especially if you don’t have much left after paying your bills. Savings play a vital role in maintaining financial well-being, and innovative approaches can inspire individuals to save more effectively.
While saving and investing have been thought to be complicated and stressful, Apps have made it easy to understand, fun, and engaging. With the rise of financial technology, you can now take control of your money right from your smartphone.
In Kenya, there is a growing market for savings and financial management apps that can help you save money and stay on top of your financial goals.
In this article, we will explore some of the best saving apps in Kenya that can empower you to make smart financial decisions and secure your financial future.
M-Shwari
M-Shwari is a popular savings and loans product offered by Safaricom in partnership with the National Commercial Bank of Africa (NCBA). It’s a mobile banking service that allows you to save money and access short-term loans conveniently.
This is a paperless banking service offered through M-PESA that will enable you to open and operate an M-Shwari bank account through your mobile phone without having to visit any bank to fill out bank account opening forms.
M-Shwari gives you an opportunity to save as little as Ksh.1 and earn interest on your saving balance. This cash is moved into the savings account using your handset via the M-PESA Menu.
M-Shwari provides you with the ability to move money in and out of your M-Shwari savings account to your M-PESA account at no charge.
With M-Shwari you get access to micro credit product (loan) of a minimum of Ksh.100 anytime and receive your loan instantly on your M-PESA account.
To get started, you need an M-Pesa account. To get an M-Shwari account, you need to be a registered Safaricom Subscriber and a registered Safaricom M-PESA customer as well. To add to that, you must have an active Safaricom M-PESA account/line.
The minimum amount that you can keep in your account is Ksh 0 (zero) balance. M-Shwari offers competitive interest rates on savings, and you can set savings goals to help you save consistently.
To know that your money in M-Shwari Lock Savings has matured, a notification will be sent to you via SMS from M-Shwari informing you of the amount saved and the interest earned.
Chumz
In a world where managing money can be a challenge, Chumz App steps in as your ultimate companion to make saving and investing a breeze. Whether you’re flying solo or teaming up with friends, this app empowers you to build a strong savings and investment habit, all from the convenience of your mobile phone.
Chumz App lets you create savings goals with a visual representation, making it fun and easy to stay focused. Whether it’s a dream vacation, a new gadget, or an emergency fund, simply set your goal and get ready to turn your dreams into reality.
This savings app is regulated by the Capital Market Authority of Kenya (CMA), ensuring that users can trust in the security and safety of their savings. Chumz allows you to start saving and investing with as little as Kes 5.00, making financial growth accessible to everyone.
Chumz App sends you friendly reminders to help you stay on track with your savings plan. These reminders ensure that you never miss a contribution, making it simpler than ever to reach your financial goals.
The App provides real-time feedback on your progress, keeping you motivated as you watch your money grow. Celebrate small victories and stay inspired on your journey to financial success.
If you’re saving as part of a group, Chumz App fosters a sense of accountability by showing each member’s contribution. This transparency encourages friendly competition and motivates everyone to stay committed to their savings goals.
Whether it’s as little as Kes 5.00 or a lot, Chumz App allows you to save any amount you’re comfortable with. Tailor your savings strategy to fit your budget and lifestyle, making it a flexible and stress-free experience.
Cashlet
Cashlet, developed by Sycamore Capital Kenya Ltd, serves as their savings and investment product. It operates under the authorization and regulation of the Capital Markets Authority (CMA) through the Regulatory Sandbox program in Kenya. This program is specifically designed for fintech companies providing innovative solutions within the capital market domain.
Cashlet was founded in Nairobi, Kenya, with a strong entrepreneurial spirit, and a mission to help everyone to save, invest, and manage their money better.
With Cashlet you can start your saving journey with Ksh. 500 and grow at your own pace and time. It allows you to take full control of your money. You can Increase your deposits at any time and track your growth.
The money saved with Cashlet is held by a custodian bank in Kenya and invested through fund managers that are regulated by the Capital Markets Authority (CMA) to provide interests of between 9-11%.
You can start to save on your mobile phone. No long holdups and no pesky paperwork. Deposit and withdraw anytime via M-Pesa and do things on your terms. Withdraw anytime and have your money credited to your M-Pesa account within 24 hours.
Timiza
Timiza is a financial service app provided by Barclays Kenya (now part of Absa Group Limited). With Timiza, you can save, borrow, and transact money seamlessly. The app allows you to open a Timiza Savings Account to earn interest on your savings. You can set savings goals and track your progress, making it easier to achieve your financial targets.
Timiza offers a savings account that offers higher returns based on behavior, customer balances and earns interest for balances from Ksh 100. Accounts with balances below Ksh 100 will not be eligible to earn interest.
The savings account offers a higher interest for savers. Customers who save and do not withdraw earn higher interest. Timiza savings account gives you flexibility to move your cash to and from your Timiza account as well as MPESA.
With Timiza you can set a savings goal describing what you would like to save for and for what period. This is to serve as a reminder and keep you motivated on your savings journey.
Savings Account Features:
- No minimum balance is required on the Timiza Savings account.
- Interest earned from amount of Ksh 100.
- Interest is earned daily, accrued monthly and paid quarterly to the customer’s savings account.
- The account pays an interest on the savings in your savings account.
- Withdrawing once ends the goal and all saved funds are credited to the Timiza account in 24hours.
- Interest rates quoted for the Timiza savings account are annual – per annum.
- Withholding tax (WHT) of 15% will apply on the interest paid out.
Key Takeaway
The digital age has ushered in a new era of financial management and savings in Kenya. With the best saving apps at your fingertips, you can save money, access credit when needed, and achieve your financial goals more efficiently.
Whether you are saving for a rainy day, a dream vacation, or a major purchase, these apps provide the tools and resources to help you succeed. By making the most of these apps, you can secure your financial future and enjoy peace of mind when it comes to managing your finances. Explore these options, choose the one that suits your needs, and embark on your journey to financial success today.
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