Cameroon: Nkwa promotes rigorous savings for improved financial discipline

By : Melchior Koba

Date : jeudi, 27 octobre 2022 13:54

The developer of the innovative tool is passionate about digital technologies given their importance in helping address key issues.  He sees Nkwa as a way to improve the population’s financial discipline. 

Nkwa is a web and mobile - available for Android and iOS devices- financial solution developed and launched by Cameroonian tech entrepreneur Akwo Ashangndowah in 2020. It allows users to regularly save money directly from their mobile phones simply and more safely for their future projects.  

To start saving with Nkwa, users need to register and set specific targets, including duration or overall amount to save. Once the targets are set, the user can start saving via mobile money.

Like bank savings accounts, Nkwa offers a yearly 3% interest rate for amounts saved. In case of an emergency, users can withdraw the amounts they saved without waiting for their set targets or amounts. However, in that case, the startup applies a 5% penalty on the amount withdrawn. 

In 2021, Akwo Ashangndowah explained that Nkwa helps users have a clear view and control over their money and the things they want to achieve with the savings since they are not required to make big savings. 

Nkwa is an initiative of Maealth Tech Limited, an innovative company founded and led from 2015 to 2020 by Akwo Ashangndowah, who has also worked in the health technology. In October 2022, the startup was selected as one of 15 African fintech startups that will participate in the fifth edition of "CATAPULT: Inclusion Africa" organized by the Luxembourg House of Financial Technologies (LHoFT). The start-up will also participate in the Arch Summit taking place on October 26-27, 2022.  

Melchior Koba


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