NAIROBI, Kenya, Feb 2 – Wealth-tech startup Ndovu has officially been launched today at a media event in Nairobi, Kenya by its co-founders Radhika Bhachu, Ro Nyangeri, and Gianpaolo De Biase.
Ndovu, which is available on both the Google Play and Apple App stores, provides users with easy access to global financial markets. It was founded upon the realization that current investment options in Kenya lock out the vast majority due to complexities in market access and high management fees.
It takes off in a Kenyan market where the aggregate value of wealth under management by different collective investment schemes stood at KSh117 billion ($81.02b) in June 2021, having grown from KSh56 billion ($493m) in September 2017, as per data from the Capital Markets Authority (CMA).
“Our idea was born out of our passion to improve financial lives across Africa. Our vision is to provide every African, regardless of income level or financial knowledge, with the right tools to grow their wealth. We believe educating our people on how to make their money work for them will bring us one step closer to reducing poverty on the continent,” Radhika said.
By using Ndovu, which is regulated by the Capital Markets Authority (CMA), users can invest as little as KSh5,000 ($50) in local and global investments.
“If you were to save $100 per month for 10 years in a bank account paying 2 percent per annum, you would earn USD13,200. On the other hand, if you invest USD 100 per month for 10 years using Ndovu, into the S&P 500 fund, you could earn approximately USD23,500,” said Ro.
Ndovu enters a wealth-tech industry that is still in its infancy in Africa. Traditional players in the region are yet to adopt the innovations that would enable them to serve a diverse portfolio of clients.
“At Ndovu, we are playing a key role in financial inclusion by opening up the previously-gated financial markets to all. We are also demystifying investments by breaking down financial jargon with an easy-to-use platform” said De Biase.
