Formed in September 2020 by Alexis Roman and Delila Kidanu, Koa has created a safe and secure platform thus having a high customer demand. The startup raised a pre-seed funding round late last year and was recently selected for the Catalyst Fund Programme .The focus is on providing better services compared to the other savings and investments institutions in East Africa. In order to start saving on Koa, one is required to download the Koa application. A few questions on the app will be asked for verification purposes and that’s when you can create your first goal and start saving on Koa.It is absolutely free to use and access the Koa savings platform. The only cost incurred is the standard Mpesa transaction fees when topping up your Koa goals with Mpesa.Koa does not charge any fees on the savings made as the only focus is to help the client grow money and achieve financial goals. The process is a laidback procedure that everyone can access. The minimum deposit users can make on Koa is Ksh 100 which makes it affordable for all Kenyans. Clients are needed fill in their ID and KRA details for verification purposes. This is because Koa works with the Kenya’s regulatory bodies such as the Central Bank of Kenya alongside financial partners who have strict Know Your Customer requirements. The need for a KRA pin is to check that the identity documents provided matches with what has been recorded on official databases. Users who provide their details are assured that their data is protected and is only used for verification purposes. The interest rates provided by Koa are subject to change at any time based on market conditions. When customers enroll on the Koa platform, their interest is earned and compounded daily. The savings earn interest of up to 10% p.a which accrues daily on the current balance. The interest amount is paid monthly at the beginning of every month and is reflected on the clients’ Koa app. All the saved funds are warehoused and managed by BRITAM which is a leading asset management company in Kenya .BRITAM is registered and regulated by the Central Bank of Kenya and Capital Markets providing an assurance that the savings are extremely safe and guaranteed. The indicative rate of return is not fixed and varies from time to time depending on the investment period and prevailing economic, political and social circumstances. Koa has created a platform that users can improve their relationship with money and save on their own terms.
