As of March this year, there were 20 active and regulated unit trusts including CIC, Coop Trust, ICEA Lion, Britam, NCBA, Old Mutual, Stanlib, Madison, Dry Associates, Zimele, Amana, Equity, Genghis, Cytonn, Nabo, Apollo, African Alliance, and Alpha Africa.
“The innovation by Moneto Ventures Limited facilitates CMA’s mandate of promoting a high level of savings and investments from retail investors and enhances investments to support economic development,” said CMA chief executive officer Wyckliffe Shamiah.
There has been a huge growth of unit trust in the country due to the ease of using mobile phones to invest and withdraw cash as well as decent returns between 4.8 and 10.5 percent.
According to the latest Capital Markets Authority quarterly statistical bulletin, retail investments in pooled funds have grown from Sh55.7 billion in March 2017 to Sh140.6 billion in the first quarter of 2022, representing a 152 percent jump.
Chumz App, built by Moneto Ventures Limited is a mobile application that functions as a CIS intermediary service platform. It enables investors to save and invest towards a specific goal with as low as Sh5.
