An Honest Chumz Savings App Review: Can This App Really Help You Save?

We’ve all been there: you swear you’ll start saving next month, but then life happens, and that goal gets pushed off again. It’s a vicious cycle, one Chumz promises to help you break.

Chumz is out to help you develop – and maintain – healthy saving habits by keeping you accountable with gentle nudges, fun challenges, goal tracking, and other features.

But does it actually work, or is it just another fintech fad? More importantly, is it the right fit for the average Kenyan like you and me? Let’s see.

TIP: Want to make a savings plan? Ivy Oyori explains how to do it.

DISCLAIMER: this article is not paid for by Chumz, nor does Chumz endorse this article. This article reflects the personal view of the writer.

Chumz is a mobile app designed to help anyone with an M-Pesa account save money and earn some interest on it. When Moneto Ventures Ltd partnered with Nabo Capital to build it, they had one goal in mind: to make it easier for users to start saving and stick to it.

To make that possible, they packed Chumz with several features:

•A low threshold that lets you start saving with as little as 5 bob.

•Automated nudges that encourage you to save based on your spending habits and transactions

•The option to set specific saving goals — like rent, school fees, investment, and specific purchases like shoes, electronics, or even a down payment for a house or a piece of land.

•Savings challenges to add some fun and discipline to your savings journey.

Chumz also supports group savings. So mkishikana as a chama, friends, or family, mnaeza fungua a joint savings account where everyone can see exactly what’s going on. The money doesn’t just sit in your account. It earns interest through low-risk investments managed by Nabo Capital.

Now that uko familiar na Chumz, acha tu-dig deeper.

If you know anything about assessing the legitimacy of any financial app in Kenya, unajua the first background check unafaa ku-run ni kucheki ka the company behind it iko licensed by the Capital Markets Authority (CMA).

Though Moneto Ventures Limited isn’t on the CMA’s List of licensees, Nabo Capital, the company that handles the investment side of things, is.

Legitimacy box checked!

Getting started is quite simple:

•Install the Chumz app on your phone (iko available on both Google Play Store and Apple App Store).

•Create an account using your phone number and link your M-Pesa.

•Set a custom saving goal or select one from the preset categories.

•Pick a savings plan— kuna 52-Week Challenge, Mia Kwa Mia Challenge, na Envelope Challenge.

•Start saving and track your progress.

TIP: want to build a savings budget with pen and paper? Millie shows you how to do it.

To answer this question, we have to look at the app’s key selling points and how they actually work “kwa ground.”

Chumz won’t move money from your M-Pesa into your savings account. You still need to approve everything, and that requires a bit of financial discipline.

PS: are you looking to save up to start a business? Watch the exclusive video by Otachi on how to get capital for your biz.

Kitu inafanya ni kucreate the kind of environment where saving feels “less painful”, more manageable, and maybe even fun. Now, we could’ve just explained how the app’s features help you achieve this and be done with this review.

But since team MESH is always more interested in “venye vitu ziko kwa ground”, tuliget in touch na our very own Joy (name changed for confidentiality purposes) atupee experience yake.

Here’s what she had to say:

Joy started saving with Chumz in April 2025, after a friend introduced her to the app.

"Honestly, just opening a savings account felt out of reach,” Joy recalls. “Banks want 500, 1000. Who has that lying around these days? Chumz made savings easier cause I can save as little as 10 shillings or 5 bob.”

Her line of thought checks out, too. Ni easier kuanza kujifunza ku-save na small amounts because the “pinch” is less painful.

“I chose it because I can categorize my savings. Saving goals are clearly defined,” says Joy.

I’m sure she’s not alone on this. If you’ve ever tried to start saving for the sake of it, you know how hard it can be to commit to it. Saving becomes an afterthought. Sometimes, it remains just that – a thought.

I’m sure she’s not alone on this. If you’ve ever tried to start saving for the sake of it, you know how hard it can be to commit to it. Saving becomes an afterthought. Sometimes, it remains just that – a thought.

Ina-make sense if you really think about it. Turning saving into a game taps into that competitive spirit we’ve all got. Perhaps more interestingly, research inasupport the idea of turning not-so-fun real-life activities into a game to boost motivation.

“Plus, if one withdraws prior to the goal/set date, there's a fine, so this keeps one disciplined,” she says, referring to the fact that uki-widrawal prematurely kwa lock savings plans, you lose 50% of the interest you’ve earned. This works great as a deterrence ju izi plans ukua na higher interest rate of 8% (rate ya other plans ni 6%).

The 52-Week Challenge is one of the three structured challenges designed to boost your discipline:

•Mia Kwa Mia Challenge: Save between KES 100 and 900 daily for 100 days.

•52-Week Challenge: Pick how much to save on week 1, then keep increasing the amount each week. Ukisave 50 bob week 1, unasave 100 bob week 2, then 150 bob week 3, and so on. You can even choose to start with the highest amount such that the figure you save decreases each subsequent week.

•Vault Challenge: Lock your funds for a minimum of 9 months. But if you withdraw earlier, kuna fine ya 50% of the interest you’ve earned up to that point.

Joy is a big fan of the 52-Week Challenge. Since alianza kutumia Chumz April, she needed a way to “catch up,” and she’s glad the app allows her to do just that.

“I started with the 52-week challenge, and I started with 100 bob. Ideally, the 52-week challenge starts in January, but with the app, you can backdate your savings.

As with any other fintech product, Chumz iko na strengths na weaknesses zake. To help you decide if this is the app for you, nimezi-summarize in an easy-to-understand format:

•It makes it easier to stick to a savings plan with fun challenges, leaderboards, and reminders to save.

•You can start with as little as 5 bob.

•You don’t need a bank account to start – a Safaricom line, a smartphone, and internet are the only requirements.

• A goal-based approach helps you stay focused.

•It offers both individual and group saving options.

•It’s backed by a CMA-regulated company.

• Your money goes to low-risk trusts, ensuring you earn interest without losing your savings.

•While keeping your money in low-risk unit trusts protects it from market volatility, it also means you get modest interest rates.

•Reminders to save are nudges at best — you can still override them. If you lack financial discipline, these prompts won’t magically change that.

•You need a smartphone and internet connection to access Chumz– many Kenyans still lack one or both.

Chumz iko is designed for anyone looking for a low-risk, accessible, and flexible way to start saving and build consistency. That includes:

● Hustlers, freelancers, na wasee wako na irregular sources of income.

● Chamas, families, and other groups looking for a transparent way to save toward a common goal.

● Unbanked individuals looking for a simple way to save.

Ukweli ni, Chumz won’t fix bad saving habits overnight. But if you work with the app and follow through, inaeza kusaidia ku-develop financial discipline.

The app does exactly what it says it does: it provides a safe, convenient, and maybe fun way to save towards a specific goal.

If your biggest challenge is simply getting started and staying disciplined, Chumz could be the nudge you need.