Britam Asset Managers and Kenya-based fintech startup KOA, have today announced a partnership to offer customers access to low-risk investment opportunities.
This partnership is the first of its kind in the market of a Digital Independent Financial Advisors (IFA) agreement. IFAs are professionals who offer independent advice on financial matters to their clients and recommend suitable financial products.
The Koa app makes it easy for customers to start their savings and investment journey with the Britam Money Market Fund in under 2 minutes. Through the partnership, Koa users can start saving with as little as Ksh100 and watch their money grow and multiply with Britam’s Money Market Fund.
Britam Asset Managers’ Principal Officer, Jude Anyiko, said the partnership will expand the firm’s omnichannel strategy and deliver a superior customer experience.
“Britam Asset Managers is delighted to partner with Koa to rollout the country’s first digital IFA agreement. This partnership will enable Britam to deliver its digital savings and investment solutions in ways that are attractive, engaging, and intuitive allowing us to access new emerging markets,” said Mr. Anyiko.
“This Partnership is part of Britam Asset Managers’ broader initiative to develop innovative products that support savings and investment penetration in the region,” Mr. Anyiko added.
Koa’s Co-Founder and COO Delila Kidanu, said that the Koa App is designed to offer Kenyans an easier way to put money aside towards their personalized savings goals, encourage more people to gain control of their finances, and offer a higher interest rate as compared to other savings products in the market.
“Once goals are set, Koa lets users know how much they need to save each day, week, and month to reach their goals. Through this partnership with Britam Asset Managers, Koa users can access low-risk and high-growth savings and investment opportunities. This will not only enable them to reach their goals faster but also create long-term financial resilience.” said Kidanu.
“The idea of formal savings is often perceived as intimidating, inconvenient, and difficult to start for a lot of young Kenyans. Koa is the only digital savings companion that makes it easy to start saving instantly and remain committed through personalized savings goals. Our goal is to put Kenyans on a clear and visible path toward financial freedom,” said Kidanu.
Savings is Koa’s first step into the digital financial services foray. Through partnerships and financial literacy programs, Koa says is looking to fill existing market gaps and be the go-to financial companion for the Kenyan youth. Building trust and delivering a great user experience for its high-interest savings products is Koa’s first priority, while also leveraging other distribution channels to reach more customers. Kenya is the company’s first market, with expansion plans to grow across the region.
Britam recently rolled out its 2021-25 Strategic Plan which seeks to enhance customer experience by becoming more customer-centric. As part of its new strategy, Britam is seeking to capitalize on its investments in technology to expand its customer base to drive growth.
“Backed by investment in a robust IT system, Britam is today well placed to accelerate its digital programmes to ensure customers continue to access our products and services in a seamless manner. By creating a technology-led strategy that prioritizes customer demands and overall customer experience, Britam has been able to provide innovative solutions through seeking digital partnerships”, Anyiko said.
Savings is a key component in building financial resilience. While Kenyans are no strangers to the idea of saving, a Geopoll survey showed that only 34% of Kenyan respondents indicated that they save frequently. According to the survey, mobile money is the most popular savings platform, accounting for 54%, followed by bank accounts (48%) while chamas ranked third.