How mobile-based tools are helping to build a saving culture in Kenya
 NAIROBI, Kenya, Nov 5 - One of the things that can really kill the mood of a special occasion like a birthday or a holiday is the lack of enough Kenya breaking news | Kenya news today |..
✨ Key Highlights
As Kenyans face a high cost of living, mobile-based tools are emerging as a crucial solution to foster a savings culture, particularly for special occasions and recurring expenses like school fees. The Chumz app, licensed by the Capital Markets Authority in 2022, offers a way to automate and manage savings effectively.
- Users can start saving with as little as five shillings, setting specific goals like "Christmas 2025" or "Term 1 Fees – 2026."
- Samuel Njuguna, the founder of Chumz app, highlights its use of behavioral psychology, gamification, and customizable tools to track savings.
- The app allows automation through linking with M-Pesa, offering options like daily/weekly savings, saving a percentage of incoming funds, and rounding up transactions.
- The app also features a group saving option, enabling families or chamas to contribute towards a common fund, and partners with regulated financial institutions to earn interest on savings.
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Kenyan Authorities Mandate Registration and Seek Compliance from Businesses - November 2025
Nandi Hills MP Bernard Kitur has demanded that global payment firms Mastercard and Visa provide details on their tax remittances and data protection compliance in Kenya. In another regulatory action, the Kenya Sugar Board (KSB) has mandated that all sugar re-packaging firms must register by November 17, 2025. This directive aims to enhance product traceability and enforce quality standards within the sugar industry. Meanwhile, in the fintech sector, the Chumz app, which helps foster a savings culture, operates with a license it received from the Capital Markets Authority in 2022.
