FINANCE

Wealth creation platform Ndovu launched in Kenya

Kenya is one of the world leaders in driving financial inclusion.

In Summary
  • It is available on both the Google Play and Apple App stores
  • The startup enters a wealth-tech industry that is still in its infancy in Africa.
Humphrey Wattanga,Vice chairperson, Commission on Revenue Allocation speaking at the launch of Ndovu in Nairobi
Image: TWITTER

Ndovu, a wealth creation platform, has been launched in Kenya adding to the list of growing mobile investment application in the country.

Founded in 2020 by finance and tech experts; Radhika Bhachu, Ro Nyangeri, and Gianpaolo De Biase, the platform provides users with easy access to global financial markets.

It is available on both the Google Play and Apple App stores, it helps investors make decisions and grow wealth in real-time, anytime, anywhere on the planet.

It was formed upon the realisation that current investment options in Kenya lock out the vast majority due to complexities in market access and high management fees.

Kenya is one of the world leaders in driving financial inclusion through the use of digital finance solutions.

It highlights the significant work already happening across government, private sector, civil society, businesses, academia among others and identifies further action required to ensure all Kenyan citizens and residents can thrive in a global digital economy.

Ndovu takes off in a Kenyan market where the aggregate value of wealth under management by different collective investment schemes stood at $81.02billion (Sh117 billion) in June 2021, having grown from $493million (Sh56 billion) in September 2017, as per data from the Capital Markets Authority (CMA).

“Our idea was born out of our passion to improve financial lives across Africa. Our vision is to provide every African, regardless of income level or financial knowledge, with the right tools to grow their wealth.” Ms. Bhachu, Ndovu’s chief executive officer said.

She added that educating people on how to make their money work for them will bring us one step closer to reducing poverty on the continent.

By using Ndovu, which is regulated by the Capital Markets Authority (CMA), users can invest as little as $50 (Sh5,000) in local and global investments. 

The startup enters a wealth-tech industry that is still in its infancy in Africa.

Traditional players in the region are yet to adopt the innovations that would enable them to serve a diverse portfolio of clients.

“At Ndovu, we are playing a key role in financial inclusion by opening up the previously-gated financial markets to all. We are also demystifying investments by breaking down financial jargon with an easy-to-use platform,” said De Biase, chief operating officer.

Its innovation has seen it secure investor confidence through an undisclosed pre-seed funding from 4DX Ventures, Plug and Play Tech Center, Future Africa, and Oui Capital.

The firm has current active users and plans to expand into other countries within the next three years.

Walter Baddo, co-founder at 4DX Ventures, said: “The opportunity to create frictionless and low cost investment products for all Africans remains an important mission that we believe in.”

He added that the Ndovu team is building an innovative product that addresses the core investment needs of an increasingly mobile-first African population.