Chumz App Review: Saving for Everything!

Chumz App Review: Saving for Everything!

Chumz means money in Swahili Slang. In simple terms, Chumz makes saving money more accessible and more personalised. The app offers interest rates of 6% for regular savings and 8% for fixed savings.

The app hosts several saving options like insurance, rent, shopping, education, travel or event clearing off debt. If you don’t have a specific goal in mind, you can use the Quicksave option. It even allows you to deposit just Ksh 1. 

Chumz has a feature called “Save as Group” that is perfect for saving money collectively for a common goal, such as a holiday or a birthday present. You can set a specific amount you want to save, or you can save until you feel you’ve saved enough. The group saving feature is designed to provide high levels of security when it comes to withdrawals. When multiple users are collectively saving money, it can be challenging to ensure everyone is on the same page. Hence, the app only allows withdrawals when all savings group members have approved them.


The one key feature that keeps you returning to Chumz is the quick save-up feature, where there’s no pressure to save for anything in particular. It helps with developing the habit of saving. So even if you’re left with three Bobs, you know where to park it for future use.

Chumz regularly sends reminders to help you stay accountable and committed to your saving goals. For instance, every weekend, it reminds you to be responsible while spending and encourages you to save some money before indulging in weekend spending. Similarly, at the start of each month, when users typically receive their salaries, Chumz prompts them to set aside some amount for savings.

The application includes a leaderboard that displays the total amount saved by all users, which serves as a source of motivation to continue saving. Additionally, there is an option to add a next of kin, such as a family member or spouse, in the event of an emergency. This allows you to designate a person to receive the saved funds.

The app causes some issues as well. Occasionally, when a user logs out of the app, they are required to log back in using their phone number. While this could be a security feature, it can be bothersome compared to other apps where one can simply log in using a PIN.

Currently, the Chumz app only supports money transfers from the M-Pesa app, which may add challenges to the withdrawal fee offerings. Often, withdrawal charges nullify the little interest earned on deposits. This is directly related to high M-Pesa withdrawal charges, not necessarily Chumz fees or charges. 

Withdrawals are processed within 48 hours, excluding weekends. This may pose a challenge for those in urgent need of funds but could help prevent impulsive spending. 

source: Chumz@Facebook

It should be noted that when there is some money left in one of the savings goals after a withdrawal, it cannot be directly transferred to a new goal. For instance, if there is some money left in the “Quick Save” option, it cannot be transferred directly to another savings option, such as “Education” or “52 Week Challenge”. Instead, the leftover amount has to be withdrawn entirely and then transferred to the other savings option, which may be disappointing due to the withdrawal charges.

The installation process is simple and without any issues. The app’s user interface is very user-friendly and easy to navigate. It’s not complicated at all, just straightforward to use. When you open the app, you first see the option to create a new goal, making it easily accessible. Once you create a new goal, you can view all your current goals that you’re saving towards. Additionally, a WhatsApp number is provided in the app that users can use to contact the customer support centre and resolve their queries.

Our rating 3.8/5

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