With increased economic pressure and considerable uncertainty, Kenyans are turning to organized groups to align their financial future. The rise of financial fraud and quack-Sacco’s has also become a pain on optimistic savers.
There is a lot you could do with your money: You can take it to the bank, spoil yourself with some shopping or even invest. However, any finance guru will tell you one word, which also happens to be the secret to the most successful people: “SAVE.” What they fail to tell you is how and where to save your money.
I have surrounded myself with a number of successful investors, and I have truly acknowledged the fact that saving is a bet you should never lose. However, how and where to save is a big deal.
I learned of an Android platform mobile application dubbed SmartChama App, and I was convinced that technology is a magnificent aspect especially when it comes to investment and financial solutions. One of the biggest challenges that group-saving plans experience is the lack of accountability in managing the finances.
I had an interview with Dennis Mageto, a Kenyan software developer, and web designer. The **-year-old is part of the brains behind the SmartChama App that has already been adopted by a number of Saccos in Nairobi, the latest adopters being the Neptune Investment Club. The optimistic developer is positive that the mobile application will soon gain popularity as it simplifies the accounting system for saving groups.
Here is a transcript of the full interview with Dennis