19-year-old developer who founded Finitech App, Kyanda App, Mr Collins Kathuli has been nominated for this years Founder of the Years Awards (FOYA Awards) 2020 in two categories; Fintech founder of the year Under 30 and Techprenuer of the Year Under 30.
Kyanda launched their app in August with the aim of helping its customers make mobile transactions at the lowest costs possible.
The Kyanda app allows users to make easy, cheap and fast money transfers, purchase discounted airtime, pay bills and get instant discounts and one feature that can greatly benefit a lot of users is that you can convert excess airtime back to cash form. Kyanda is also carrying out a pilot test to allow users access and invest in companies listed with the Nairobi Stock Exchange.
Kyanda app was founded by 19-year-old Collins Kathuli with the aim of helping users save money as they make their financial transactions on the app.
“Not only can Kyanda be used personally, but businesses such as kiosks and more established brands can also make use of our platform and save money.” Kathuli says.
A report from the 2019 FinAccess Household Survey in collaboration with the Central Bank of Kenya, Kenyan National Bureau of Statistics and FSD Kenya shows that 82.9% of the adult population has access to at least one financial product.
Kathuli reasons that while accessing at least that one Financial service, you may end up incurring an extra coin to make sure the need has been catered for. This brought the urge to build a simplified platform housing nearly all financial services under one mobile platform while enabling individuals and businesses save an extra coin.
Unlike other platforms where you most likely incur some fees for every service you access, Kathuli claims that Kyanda can save you up to 80%.
Anyone with a Smartphone can install the Kyanda app. Kathuli says they also aim to cater to the people with no access to a smartphone by developing an offline product.
Kyanda earns its revenue from commissions charged on money transfers, airtime conversion, and displayed ads. Since the release of the app in February, Kathuli says that Kyanda has attracted more than 2,000 active clients making use of the platform with over 100,000 transactions.
The business graph has been rising steadily especially during the pandemic period where Kenyans have been looking to save every extra coin.
Kathuli and his partner co-founder, Emmanuel Manani have cited slow Marketing strategy and Improper Funding as the main challenges they have had to contend with.
Currently, the app has around 2,000 downloads and 800 to 1200 active users per month.