8 posts tagged with "Financial Literacy"

Chumz is a Kenyan-built savings app that helps users to save money intentionally,even if you earn irregularly or in small amounts,a common occurrence for the regular Kenyan.Built by Moneto Ventures Ltd in partnership with Nabo Capital and regulated by the Central Bank Of Kenya (CBK),Chumz is designed for the everyday Kenyan smartphone owner who wants to save from the comfort of their fingertips without the complexity of traditional banking.

Unlike Banks or SACCOs,Chumz is mobile-first,behavior-driven,and built for flexibility.You can:

• Set personal and group savings goals.
• Automate savings based on behavior(e.g. round trips,daily prompts)
• Lock savings for access to higher interest rates
• Withdraw to M-PESA whenever you need to

Chumz mobile app is available on Android and iOS,and works entirely through mobile money,meaning no paperwork,no queues and no minimum balances to worry about,just you and your saving targets.

In Kenya,owning a smartphone used to mean saving for months or buying a second hand phone.With the technology we have today,financial services such as Lipa Mdogo Mdogo has changed that,this service allows users to pay as little as KSh 20 a day to own a new device.This shift has opened up digital access to millions of Kenyans,especially the youth,small business owners and rural communities.

This service,commonly known as Pay-as-you-go service,comes in different variants,Lipa Mdogo Mdogo being one of them,Lipa Mdogo Mdogo can be categorized as device financing,but there are other Pay-as-you-go services that are designed for other products including TVs,appliances,furniture,and even farming tools,depending on the provider.

While Pay-as-you-go (PAYG) and Buy-now-pay-later(BNPL) models offer convenience,they also come with costs,conditions and associated risks.This guide breaks down how Lipa Mdogo Mdogo and similar services work,who qualifies,and what to consider before signing up.

In Kenya,overdraft services have become a common and popular financial tool for various individuals and businesses alike.From Fuliza helping you to complete an M-PESA transaction when you are short on money,or a bank overdraft covering that temporary cashflow gap,overdrafts often come in handy,offering quick and flexible financial help,this does not mean that they are devoid of costs and risks.

This post will help guide and explain to you how overdraft services work in Kenya,the types available,and what you should consider before using one.It is designed to help you make informed decisions,avoid unnecessary charges and help you make use of overdraft services responsibly.

In Kenya, borrowing money is part of everyday life.This could be through mobile loan applications,SACCOs,Banks or even shylocks.People have different reasons for borrowing money,however all loans have something in common,Interest Rates.

Interest Rates determine how much money a borrower will return to the lender and is mostly determined by the duration i.e a week, a month or even a year, depending on the terms of the loan.Many Kenyans often take loans without fully understanding how interest rates work and hence they end up paying far much more than they expected.

This guide breaks down interest rates in simple terms.It explains how they are calculated,what affects them,and how to compare different interest rates wisely.Understanding interest rates is the key to making smart financial decisions.

If you've ever borrowed a quick loan from a mobile app,SACCO or even your local shylock,you've probably had that sinking feeling, "Why am I paying back so much more than I borrowed?".

That is where APR(Annual Percentage Rate) comes in.APR is the real cost of borrowing money,expressed as a yearly percentage.It is not just the interest rate that you often see in flashy ads,it is more than that,it often includes fees,charges and hidden costs.

For Kenyans,whether youth,entrepreneurs or students seeking financial aid through credit or loans,understanding APR is like learning the rule of the game.Without it you're playing the game blindfolded.With it,you can compare loans fairly,avoid traps and make smarter financial moves in the future.This article will breakdown the various aspects about APR that you should know.

The Credit Reference Bureau(CRB) is a licensed institution in Kenya that collects and maintains credit information on various individuals and businesses.In this context credit information refers to detailed data about a person's or business's borrowing behavior.You can think of it as your financial report card,which shows how well or poorly you've been paying back your loans.

• If you pay back on time, CRB records a positive credit history.
• If you default,delay or ignore repayment,CRB records a negative credit history (commonly called being "blacklisted")

Lenders such as banks,SACCOs,mobile loan apps like TALA,Branch,M-SHWARI,Fuliza,Hustler Fund and even Microfinance Institutions use CRB to decide whether to give credit or not.

Basically,your CRB Status can make or break your financial future.

Financial emergencies can often strike without any warning,a medical bill,school fee shortfall,funeral cost,or even job loss.For many Kenyans,these emergencies can often lead to debt,stress,or even disrupted livelihoods,but what if such occurrences found you prepared for these moments.This can be made possible in your fingertips,just by using your smartphone.

This guide shows you how to build a financial safety net using mobile tools already in your pocket,from M-PESA savings hacks to insurance applications and various other budgeting and financial planning workflows.Whether you are a student,hustler,or a parent,you'll learn how to safeguard your financial future without needing a bank account or complex systems.

Whether you're applying for a personal loan,tracking your spending,or just trying to stay financially woke and discipline,understanding your M-PESA statements is not only necessary but a game-changer.Many Kenyans do not realize how powerful this statements are,they aren't just receipts but a your financial story.

In this article we're going to breakdown the two types of M-PESA statements Mini Statements and Full Statements.We'll cover their differences,how to request each and why they matter for your hustle,your savings and your financial future.