Kiasi start-up comes with ‘e-kibubu’

Kiasi start-up comes with ‘e-kibubu’

KIASI, a digital solution start-up, has created an electronic piggybank that enables its clients to select a saving plan through mobile phone money transactions.

Under the KiasiApp e-piggybank or money box, one picks a financial plan and selects the amount to be deducted per day, week, or month.

The app enables the deduction but withdrawal is only applicable at the end of the saving plan. The top amount to be saved is up to 1.0m/-.

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KiasiApp Founder and Chief Executive Officer Emans Kiula said they developed an electronic piggybank where one creates his or her saving plan through mobile money service providers and after creating a goal, the app deducts the amount and lock the saving until reaping time.

“The saving plan is chosen by the individual and directs the app to deduct whether daily, weekly, or monthly and the app does the rest.

“The goal is to save a particular amount and once the goal is realise deductions stops… one can have multiple financial goals be tuition fees, electricity bill or a dream car,” Mr Kiula told the `Daily News.’

KiasiApp charges 500/- for registration and currently has almost 80 members who have over 100 financial goals through mobile money operators.

The CEO said the deducted funds will remain with the telephone company until the financial plan ends and the withdrawal can take place.

“KiasiApp does not use the funds of its users for commercial activities,” he said.

Mr Kiula and his co-founder spent one year developing the app which is based on enabling many to save simply and easily using technology instead of putting the money on a traditional money box.

“The e-kibubu is affordable and accumulating saving easily through direct deduction…the challenge is now to link the app with banking infrastructure. This needs capital and lenders’ awareness of creating deposits,” Mr Kiula said.

The app was launched late last year and so far has employed five people. It is currently accessible through Airtel Money and TigoPesa.

This year KiasiApp team is working on to increase the number of mobile network operators and pay some bills direct from the App.

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