As the World Cup continue to thrill in Qatar, investors are getting innovative, seeking to reap maximum rewards off the Qatari pitches.
Here in Kenya, miles away from the action in the Middle East, a group of tech-savvy Kenyans have launched a feature on interactive app, Chumz, that enables football fans to invest as little as Sh5 as their cheer their favourite teams.
Under the initiative, dubbed #SuperFansChallenge, football fans can decide an amount of money to save should their team of choice win, lose or draw throughout the World Cup and even upon the return of the English Premier League season.
“We are excited to launch this functionality in the Chumz App especially around this time when the World Cup is going on with fans investing more time and money in following the world’s biggest sports event,” noted Samuel Njuguna, CEO of Moneto Ventures Ltd, Chumz App developers.
“As part of discouraging consumerism and encouraging a saving and investment culture especially among the youth, we are challenging Kenyans to enjoy the game but also save a dedicated amount of money on the Chumz app which will earn them interest whilst creating lasting memories.”
So far defending champions France, record winners Brazil, former European champions Portugal, African champions Senegal and the Netherlands have qualified for the knockout rounds in Qatar.
In addition to Senegal, Ghana and Morocco are primed to reach the second round same as Cameroon, even though the Indomitable Lions have a Herculean task against the Selecao.
“We are rooting for our African brothers and hoping they go far. We hope Kenya will get there some day but until then, we want to help put down an efficient saving structure for sports lovers,” said Njuguna.
The App allows persons with mobile money accounts to create financial goals, either as an individual or as a group, to deposit an amount of their choice and reap rewards in the form of interests.
The App functions as a collective investment scheme (CIS) intermediary service platform, with the funds earmarked by clients towards a specified goal held by a custodian bank licensed by the Capital Markets Authority for safe-keeping and invested in a CIS registered by the Authority.
