The Nkwa App: Our Local Solution to Disciplined Savings #MadeInCameroon
Remember growing up as kids and our most trusted bank accounts was our mom. As she kept all the money given to us by our uncles and family when they visited with the hopes that mom would give us to purchase that favourite toy or buy that Power Ranger or Barbie CD we have been eying for ages… well we all know how those ended.
Transitioned to having plank banks which for the undisciplined we split open whenever a sweet called our name. we all have struggled with one major problem through different stages of our life’s saving for the toy or saving to buy roses for your high school crush or saving to buy that new phone laptop tv etc….
Some of us went as far as getting bank accounts and credit cards… but with the high tax rate and uneasy access to these accounts, a majority of our credit cards are as good as red and yellow football penalty cards.
To the masses like me who have had issues saving for that date or project I present to you NKWA developed by NKWA Tech.
As the name goes Nkwa is your digital savings plug. Imagine your wooden bank and your smartphone had a cute baby… that’s Nkwa.
Created for the underbanked and with the realities we face Nkwa is a lifesaver and a money saver we live in an era where sending money has never been easier with our mobile money and orange money accounts sending money is a breeze. But we all can also attest to the fact that it takes an insane amount of nearly superhuman discipline to save and keep this money in our MOMO and OM account and considering multiple responsibilities and miscellaneous shock Nkwa is your surest plug.
About NKWA (Solution and App Futures)
Nkwa is a mobile application that serves the underbanked providing them a safe space to save with discipline and creating a platform to develop better financial habits. Save for rainy days. Save for projects and specific goals. And overall financial stability. With over 25000+ users Nkwa has proven to be an innovative solution to our common problem and a household name amongst many young adults in the Silicone Mountain and beyond. More than just a savings plug here are some of the features Nkwa offers:
1. Nkwa Goal Savings:
We all have that shoe or project or business idea we want to meet up with house rents will be due in a bit or maybe you just want a new laptop. From saving for that gift to saving for your Dubai Vacation its all possible. Saving from as low as 100frs we can start adding small drops to meet that goal.
And the best part is you get interest on the amount saved. To keep you disciplined a penalty is set for breaking your goal… from 2% - 45% you set a penalty which will be deducted from your account in the event where you choose to withdraw from your account before meeting your target or before the agreed-upon time frame.
How its done:
- Set a goal e.g Bone straight wig for Bae.
- Set an amount e.g 100000xaf.
- Set a dateline e.g 1 month. 2 months. Etc…
- Set a penalty.
- Done.
2. Nkwa Reserves:
At some point of every day we have those extra coins or loose change with no particular use in mind that’s where Nkwa reserves come in. Without a particular goal in mind this is particularly helpful for rainy days and to just give you the comfort of having a backup fund at some end in case things fall apart.
To keep you from blowing up your backup account Nkwa gives you 4 free withdrawal dates in a year separated in 3-month intervals and a 2% fee in the event where you would like to withdraw out of this specific dates.
How its done:
- Connect your MOMO | OM account.
- Deposit into your Nkwa account.
- Done.
3. Group Savings:
Saving as a group for a common goal has never been easier than saving for that trip. Or wanting to plan that surprise gift for a friend or loved one. A joined project or even your local Njangi. Nkwa group savings is your go-to solution providing a safe and fun savings system where only the group admin can approve a withdrawal.
It also features a challenge mode where group members can challenge themselves to save regularly in specific intervals and are rewarded if they stayed consistent and disciplined.
3. Nkwa Me
“…don’t forget to send charges” Nkwa-me allows users to send money between each other seamlessly and with little or no charges. Sending from MTN MOMO to Orange Money or reverse has always been a battle due to the high rates and charges incurred but Nkwa-me makes its all seamless and easy.
As a bonus Nkwa allows you to buy Airtime directly from your account or MOMO | OM number to any network and get a 3% return benefit.
Impact
Nkwa’s growth to 25K+ users has mainly been organic as users tell others about the platform and the solution they offer. To give back to its amazing users Nkwa has a referral program where users gain bonuses by telling their friends about the app.
The Team
Behind every great solution is a team who worked for hours to make it a reality.
Nkwa is made up of a 10-man team headed by the brains behind the idea Akwo Ashangndowah (CEO) and Alice Ndeh (CTO)
Inspired by the reality of having financial problems and being unable to discipline their self to save up for projects. Nkwa is a passion project for them as they aim to see others gain financial stability and gain discipline through the platform.
It wasn’t all glamorous and smooth sailing for the team as the journey from 1 user to 25000+ users has been nothing short of challenging.
From having issues raising funds to product development and design. They are putting their all into providing you an amazing product and solution.
Know more at www.mynkwa.com
Upgrades to look out for:
- Nkwa Invest: Putting your money to a good cause by investing in a carefully selected business and making a profit.
- Nkwa Push: Loyal users with an active goal can get that urgent 2k to settle shock and not break their goals… paying in time also earns you a bonus.
“Nkwa is becoming a household name and the world should watch out for us” – Alice CTO Nkwa.
What are you waiting for? Get the Nkwa App now on Playstore and AppStore
Compiled by Sama Chifen
Content Writer @ Tech Chantier
Do you have an app or website made in Cameroon that is currently running and you would like it to be profiled on our Made In Cameroon Local App profiling series? Click here to submit your app
