The Kenyan fintech startup Chumz has advanced to the final round of the Milken-Motsepe Prize in FinTech, a global competition recognizing innovative financial solutions that drive inclusion in emerging markets.
Chumz, a savings platform alongside two other finalists, is now in the running for the prestigious US$1 million Grand Prize, set to be awarded at the Milken Institute’s 2025 Global Conference in Los Angeles this May.
Launched in May 2024, the Milken-Motsepe Prize in FinTech aims to support startups leveraging cutting-edge technology to expand access to capital and financial services for small businesses in underserved markets.
The competition attracted a highly competitive pool of applicants, with judges selecting three standout teams whose solutions demonstrate significant impact, scalability, and sustainability.
The Finalist Teams
- Chumz (Kenya) – A gamified savings platform that uses behavioral psychology to make saving money engaging and cost-effective.
- Oze (Ghana) – A digital lending platform that bridges Africa’s credit gap by providing banks with an SME-focused app to digitize financial data, improving risk assessment and lending opportunities.
- Verto (United Kingdom) – A business-to-business cross-border payments platform designed for emerging markets. Verto supports 49 currencies, eliminates intermediary fees, and enables faster transaction settlements.
Beyond the Grand Prize, the competition offers a total prize pool of $2 million, providing financial support and global exposure for the finalists.
Emily Musil, Managing Director at the Milken Institute, highlighted the broader mission behind the initiative, stating, “By supporting these pioneering teams, we aim to empower entrepreneurs who drive economic growth and opportunities in their communities.”
The Milken-Motsepe Prize in FinTech stands as a testament to the power of innovation in addressing financial challenges, and the 2025 Global Conference will serve as a pivotal moment for these startups as they showcase their groundbreaking solutions on a global stage.
All you need to know about Chumz
Chumz is a Kenyan mobile application designed to promote a culture of saving and investing among its users.
Founded by Samuel Njuguna, Titus Marenye, and Njogu Kinyanjui, the platform allows individuals to save as little as KSh5 directly from their mobile phones.
The idea for Chumz emerged from the founders’ observation of a significant gap in savings and investment among Kenyans.
In late 2020, they secured support from an angel investor to develop a prototype of the app.
By early 2022, Chumz obtained an operating license from the Capital Markets Authority (CMA), enabling them to channel user funds to licensed fund managers who generate returns for individual clients.
Chumz incorporates several user-centric features:
Goal-Oriented Savings: Users can set specific financial goals, such as saving for school fees or vacations, and monitor their progress through the app.
Interest Earnings: The platform offers an annual interest rate of 6% for regular savings and 8% for locked savings.
Group Savings: Chumz supports group savings, allowing users to collaborate with friends or family toward common financial objectives. This feature leverages social nudges to encourage consistent saving habits.
Behavioral Finance Techniques: The app utilizes behavioral psychology principles to guide users on when and how to save. For instance, it prompts users to invest money saved from discounts or negotiated deals, reinforcing positive financial behaviors.
Chumz’s innovative approach to digital savings has been recognized in the industry. The app won the award for Best Mobile App in Digital Savings at the 2022 Mobile App Awards, highlighting its impact on enhancing digital savings among Kenyans.
User Adoption and Impact
Since its launch, Chumz has experienced significant growth. As of June 2024, the platform had onboarded over 150,000 users, who collectively invested more than KSh500 million.
Chumz exemplifies how technology and behavioral finance can be harnessed to improve financial inclusion and foster a savings culture in Kenya.
