With as little as Sh5,000 Kenyans can now access a wide array of global investment vehicles thanks to a new digital platform.
Investment advisor Waanzilishi Capital has launched an online investment platform that will allow ordinary Kenyans to invest in local and international financial markets.
The Ndovu platform offers low-cost, globally diversified portfolios as well as financial education.
They provide investors with short- to long-term financial securities from emergencies, retirement, holidays to kids’ education.
The wealth tech firm relies on customer data to provide personalised financial advice.
Current investment options in both the local and global financial markets have locked out many Kenyans who do not have the financial muscle to pay for huge service fees.
Wealth-tech industry is still in its infancy in Africa, with investment firms yet to embrace innovative approaches to wealth creation.
“Our idea was born out of our passion to improve financial lives across Africa,” said Ndovu founder and chief executive officer Radhika Bhachu said.
“Our vision is to provide every African, regardless of income level or financial knowledge, with the right tools to grow their wealth.”
Me Bhachu noted that educating people on “how to make their money work for them will bring us one step closer to reducing poverty on the continent.”
Through the platform, a customer can open an account by signing up on the platform unlike traditional investments that require lengthy paperwork.
Through Ndovu, which is regulated by the Capital Markets Authority (CMA), users can invest as little as Sh5,000 in local and global investments.
“If you were to save $100 per month for 10-years in a bank account paying a two percent per annum, you would earn $13,200. On the other hand, if you invest $100 per month for 10-years using Ndovu, into the S&P 500 fund, you could earn approximately $23,500,” said the firm’s co-founder Ro Nyangeri.
Under the basic subscription plan – which is the lowest investment of Sh,5,000- clients will be charged an annual fee of one percent. Similarly, in a premium plan, whose minimum investment will be $1,000, it will attract a 0.75 percent fee per annum.
“At Ndovu, we are playing a key role in financial inclusion by opening up the previously-gated financial markets to all,” said Gianpaolo De Biase, who is also a co-founder.
“We are also demystifying investments by breaking down financial jargon with an easy-to-use platform.”
Ndovu, which is available on both the Google Play and Apple App stores, seeks to simplify complexities in market access and reduce high management fees.
Ndovu, said De Biase, plays a key role in financial inclusion by opening up the previously-gated financial markets to all.
Ndovu has won investors’ confidence, receiving financing from 4DX Ventures, Plug and Play Tech Center, Future Africa, and Oui Capital.
Walter Baddo, Co-founder and General Partner, 4DX Ventures, said:
“The opportunity to create frictionless and low cost investment products for all Africans remains an important mission that we believe in,” said Gianpaolo De Biase, who is also a co-founder.
“The Ndovu team is building an innovative product that addresses the core investment needs of an increasingly mobile first African population. We are excited to partner with them in this next chapter.” Ndovu has an ambitious plan of onboarding more than 1,000,000 users through expansion into other countries in the next three years.
Afcacia seeks to be a powerful tech mouthpiece, giving a voice to your products and services in a way that has never seen before.