Frequently asked questions

Koa basics

What is Koa?

Koa is your partner for a better financial future! We make saving simple, seamless, flexible, and hassle-free. We want to help you achieve your financial goals right from your phone.

Why should I trust you?

We work closely with the Capital Markets Authority(CMA)
We are delighted to announce that on May 26,2021, we were accepted to the CMA Sandbox. See the CMA's Press Release and list of accepted firms.

We only partner with reputable and regulated investment partners
Your Savings are always invested with regulated partners. These include asset managers, investment banks, and retail/institutional banks.

Where and how will you invest my money?

Your funds will always be invested in regulated products such as collective investments schemes (i.e. Money Market Funds), fixed deposit accounts, shares and bonds publicly traded on the Nairobi Stock Exchange (Investment Products).

These investment Products are made through our partners who are regulated financial service providers such as but not limited to asset managers, investment banks, and retail/institutional banks, Saccos and Cooperatives duly regulated by the Capital Markets Authority, Central Bank of Kenya, Sacco Societies Regulatory Authority and the Commissioner of Cooperative Societies.

This ensures that Koa gets the best interest rate while considering the safest return on investment.

Are you regulated?

We partner with regulated financial service providers such as asset managers, retail and investment banks, Saccos and Cooperatives, who are all duly regulated by the Capital Markets Authority, Central Bank of Kenya, Sacco Societies Regulatory Authority and the Commissioner of Cooperative Societies.

Is my money safe? How do I know this is not a scam?

The safety of your money is our top priority. Your money will be safe as it is only invested with regulated third party financial institutions such as asset managers, retail and investment banks, Saccos and Cooperatives, duly regulated by the Capital Markets Authority, Central Bank of Kenya, Sacco Societies Regulatory Authority and the Commissioner of Cooperative Societies.

Where is my money being held?

Your money is being held at one of our trusted partners. We work with Britam and Sanlam to invest your funds and provide you a return. Both institutions are regulated and licenced by the capital markets authority,

Is my data safe?

The safety of your data is very important to us. All information you provide through our application is securely stored and once verified, will only be accessed upon your request.

What are the benefits Koa offers me? / Why should I save on Koa? Koa enables you to:
  • Get started saving with a 2 minute digital onboarding

  • Save as little as sh.100

  • Make free deposits via MPESA

  • Grow your money with compounded daily interest

  • Access your funds when you need to with same day withdrawals

  • Interact with excellent customer support right from your app

  • Financial literacy through articles and webinars

  • Outside of the Koa app, we’ll keep you up to date with regular app updates, spontaneous gifts and occasional lunches with our team.

Does Koa have an office?

Yes, our registered office is at 3rd Floor, Rhapta Heights, Rhapta Road (crossing with St. Michael Road), Nairobi.

How long has Koa been in existence?

We've been around for close to a year now.
For knowledge: Here's a short summary of our journey this far;

  • 2018: Alexis & Delila,Koa co-founders, meet and begin brainstorming

  • 2019: The team of two meet Bubunyo Nyavor, CTO, and a spark ignites

  • 2020: 1000+ interviews with potential users to better understand the market

  • 2020: Koa partners with Sanlam & launches in Beta

  • 2021: A two-month break to take in the learnings, grow the team and come in stronger

  • 2021: Koa partners with Britam Asset Managers and goes live in June

  • We're excited to have you on the ride for what comes next. ✨

Customer Journey

  • Get started saving with a 2 minute digital onboarding

  • Save as little as sh.100

  • Make free deposits via MPESA

  • Grow your money with compounded daily interest

  • Access your funds when you need to with same day withdrawals

  • Interact with excellent customer support right from your app

  • Financial literacy through articles and webinars

  • Outside of the Koa app, we’ll keep you up to date with regular app updates, spontaneous gifts and occasional lunches with our team.

How long has Koa been in existence?

We've been around for close to a year now. For knowledge: Here's a short summary of our journey this far

  • 2018: Alexis & Delila,Koa co-founders, meet and begin brainstorming

  • 2019: The team of two meet Bubunyo Nyavor, CTO, and a spark ignites

  • 2020: 1000+ interviews with potential users to better understand the market

  • 2020: Koa partners with Sanlam & launches in Beta

  • 2021: A two-month break to take in the learnings, grow the team and come in stronger

  • 2021: Koa partners with Britam Asset Managers and goes live in June

  • We're excited to have you on the ride for what comes next. ✨

How do I get started saving?

It takes a few minutes to get started saving on Koa.
Here’s how:

  • Download the Koa app from the App Store & Play Store

  • Create an account by signing up with your preferred email address

  • Verify your mobile number

  • Complete your profile by providing your full legal name, your date of birth, that is registered to your name, identity information such as your National Identity card or Passport number and your home address.

  • Your account will be verified in a few minutes

  • Create your first goal or deposit into your Koa Account

What is my Koa PIN?

Your Koa PIN is a unique & confidential 4 digit PIN that you will use to secure your Koa account.

What will you use the pin for?

You will use it to authenticate your withdrawals and to access your account.
Some tips for you:

  • Ensure your PIN is unique

  • Use a PIN that is not easy for others to guess

  • Choose a PIN you can always remember

  • Never share your PIN with anyone, not even Koa staff

  • For security reasons, you can change your PIN at any time through the Koa settings menu.

Where can I find the Koa app?

You can find the Koa app on the App Store and Play Store

What will I need to get started saving?
  • A smart-phone

  • An MPESA registered phone number

  • A Kenyan issued National ID or Passport

  • An active KRA PIN (Optional)

Do you require my KRA PIN? Why should I enter my KRA PIN?
  • Providing your KRA PIN on Koa unlocks a higher saving limit. It serves to check that the identity documents provided matches with what has been recorded on official databases.  
    Rest assured, your data is 200% protected and we ensure that it is only used for verification purposes.

  • Koa does not sell your private information to any other parties.

Do I have to use an MPESA number registered in my name?

Yes. For compliance purposes, we will require that the name on your identity document matches the name on your MPESA.

Can I use an Airtel/Telkom number?

Not just yet. We’re working on enabling multiple payment options so that all customers can save how they would like to save.

Do you accept Alien ID’s?

Yes we accept Alien ID are a form of identity, please ensure you provide your name and Date of birth as per your ID card.

KYC - “ Know Your Customer”

What is KYC verification?
  • KYC or KYC verification is the mandatory process of identifying and verifying your identity when opening a Koa account and periodically over time.

  • We need this KYC Verification  to provide an additional layer of security on your Savings in regard to authentication.

How long does the verification take?
  • Our verification process usually only takes anywhere from a few minutes to 24 hours based on feedback from our security partners and government databases.

  • Validating your KRA PIN generally only takes a few minutes to 24 hours based on feedback from our security partners and government databases.

What does the verification process entail? Who does the verification?
  • Our KYC process involves cross checking the details you provide across various government agencies such as the Kenya Revenue Authority and the Integrated Population Registration System.  

  • All information you provide through our application is securely stored and once verified, will only be accessed upon your request.

Can my verification be unsuccessful? What are the next steps for me?

Your verification can be unsuccessful if the information you provide is incorrect or cannot be verified. You will be informed via the app, where you will be able to edit your details accordingly so they can be submitted once again. Alternatively, you can reach out to our Support team for assistance.

How to get started

What is my “Koa account”?

Your Koa account is where your funds are held and is the entry point to the Koa app. Money held in your Koa Account does not gain interest, instead your funds here can be utilized towards products available on the App. Move your money into a My Savings product to start saving and earning interest.

What is “My Savings”?

The “My Savings” tab found at the bottom of your home screen gives you access to different types of investment products that are available to you. Start investing in the ones that are a right fit for you.

Where do I need to put my money to earn interest?

Your money does not earn interest whilst it sits in your Koa account. You must place your money into a Savings product for it to start earning interest. The Koa products are outlined in the Koa Products section.

Koa’s Products

My Savings & Locked Savings

What is “Locked Savings”?
  • Higher interest as an incentive to reach one’s targets or goals (A Locked Saving will earn more than a Normal Savings).

This is an optional feature available when creating a specific “Savings type” that enables you to lock your Savings.

This option offers 2 major benefits:

What is the difference between “Locked Savings” and “My savings”?

The “lock” feature on the Savings enables you to prevent withdrawals until the date or amount you set has been reached by helping discipline your habits through greater reward, but with also a risk through the penalty feature.

My Savings is a product that allows you to set your own target or goal either as a target amount, period, both, or neither.

Can I edit “My Savings”?

Yes you can. Here’s how:

  • Click on a goal under "My Savings" on the Home Page

  • Alternatively, click on More or Swipe if you have multiple goals

  • Select a goal that you would like to edit

  • At the top you should see three vertical dots. Click on them.

  • Select 'Edit'

  • Update the details of your goal

  • Click save

  • That’s it 🎉

Will I be penalized if I do not achieve my savings goals or fall behind?

Not at all, unless you have locked your savings.

We completely understand that life happens. You are welcome to edit your Savings to fit your circumstances or delete it if it is no longer serving you.

What happens when I achieve my target for my “Savings”?

Congratulations! You can choose to withdraw your money and spend it towards your goal! OR Better yet, you can choose to keep growing your money by continuing with the Saing, and it will continue to accrue interest!

What does it mean to Lock a Savings?

When you create a Savings, you have the option to lock this saving if it has a target amount or period that you have selected. By locking a Savings, you earn higher interest than a Normal Savings that is not Locked; however, you will also face a penalty of 2% on the balance in the Locked Savings anytime you choose to withdraw funds. This option has been created at the request of our users who need more discipline to empower their Savings habits.

The funds in a Locked Savings will automatically transfer to your Koa Account upon completion of either the target amount or period you have set (whichever comes first).

In case I get an emergency and I need to withdraw and remove the “lock feature”?

In the case of an emergency, you will be able to remove your funds from a Locked Savings, but you will be penalized with a fee of 2% on the total balance in the Locked Saving at the time of withdrawal to your Koa Account. The same penalty fee will be applied on a withdrawal from the Locked Savings to your M-pesa, but will also include the standard Ksh 50 withdrawal fee.  

Will I earn more interest from Locked Savings?

Yes, Locked Savings offer higher interest rates.

How much is the interest in a “Locked Savings”?

The interest given on a “Locked Savings” will be up to 10% p.a. And is approximately 1% higher than a “Normal Savings”.

How long does the Savings need to be Locked?

You have the option to decide how long you’d like your Savings to be Locked, however, the minimum amount of time for a Locked saving is 1 month. There is no maximum amount of time to lock your Savings.

What is the process of locking my Savings?
  • Log into the Koa App

  • Choose the Savings Tab and finds the “My Savings” Product

  • Select “Create Savings” on the “My Savings” Product Screen

  • Enter the following details to create a Saving
    i.   Name of your Saving
    ii.  Profile Picture for your Saving
    iii. Choose between the following Options
        - Target Value
        - Target Duration
        - Frequency

  • You will then have the option to choose via the Toggle Switch whether you want to lock your Savings (i.e. turn it from a simple My Savings to a Locked Savings)

Profile management

Account Info

Can I change my mobile number?

For compliance and safety reasons, you can only change your mobile number if you have not made any deposits.

Please reach out to our support team right from your app or by emailing hello@withkoa.com for help with this.

What is the process of deleting my account?

Please reach out to our support team right from your app or by emailing hello@withkoa.com for help with this.
Please note, that if we are required by law to retain your data, we shall communicate to you the ground(s) for retaining your data. In such an instance, we shall ensure that we restrict access to your data by taking special measures to archive and store such data safely and maintain strict confidentiality about your identity, until we are allowed to permanently erase your data. Read more about our Data Retention Policy

Beneficiary

Who is a beneficiary?

A beneficiary is a perA beneficiary is a person you nominate to receive your Savings in the unfortunate event of your demise. You may choose to nominate a next of kin, a spouse or partnerson you nominate to receive your savings in the unfortunate event of your demise. You may choose to nominate a next of kin, a spouse, or a partner.

How can I add a beneficiary?

You can add a beneficiary right from your Koa app. Here’s how:

  • Click More

  • Select ‘Account Beneficiary’

  • Add the details of your beneficiary

  • Hit Save

  • That’s it 🎉

Can my beneficiary be a minor/under 18?

Yes, they can. Simply add them as a beneficiary on your Koa app. If they do not have an identification number like a passport or National ID, you can omit this entry.

Can I change my beneficiary?

Yes. You can change or edit the details of your beneficiary by:

  • Click More

  • Select ‘Account Beneficiary’

  • Update the details

  • Hit Save

  • That’s it 🎉

Referrals

Can I refer my friend and earn?

Yes! Our new and improved referral scheme is up and running, which allows you and your friend to both earn KES 250.00 when you successfully complete the referral  (T&Cs apply). Start referring your friends by following the instructions below:

  • Step 1: Share your referral code with up to 10 new customers and encourage them to start saving with Koa.
  • Step 2: The new customer must then sign up to Koa, be fully verified, deposit a minimum of KES 500.00 within 24hrs of verification and ensure that the minimum deposit is held for at least 15 days
  • Step 3: Upon completing the minimum deposit and 15-day balance requirements, the new customer and the referee will both be rewarded with KES 250.00 transferred directly into their Koa Account.

If you have any questions you can contact the customer service team on hello@withkoa.com or via the in-app chat.

Transactions

Deposits

Where does my money go?

When you deposit on Koa, your money is passed on to regulated third party financial institutions who invest in regulated products such as collective investments schemes (Money Market Funds), fixed deposit accounts, shares and bonds that are publicly traded on the Nairobi Stock Exchange (Investment Products).

This diversification ensures that your funds remain safe and earn competitive interest.

How can I make a deposit into Koa?

You can make a deposit right from your Koa app.
Here’s how:

  • Tap on the Deposit button on the home screen.

  • Enter the amount (a minimum of sh.100)

  • Click on Transfer Funds

  • Enter your Koa PIN and confirm

  • An MPESA pop up will appear

  • Enter your MPESA PIN

  • That's it 🎉

What is the minimum and maximum I can deposit?

You can deposit as little as Ksh 100 and up to your maximum daily limit on MPESA.

Top-up your savings at any time for free with a single click via MPESA through the Koa app!

Can I transfer from my bank to Koa?

Not just yet.

We’ve heard your feedback and are working on enabling this feature by later this year. Stay tuned for updates.

Can I deposit via a Paybill into Koa?

Not just yet.

We have significantly improved the deposit experience and removed all costs associated with making a deposit via our app.

Can I deposit using my debit or credit card into Koa?

Not just yet. Deposits can only be made via MPESA through the Koa app.

We’ve heard your feedback and are working on enabling this feature by later this year. Stay tuned for updates.

How long does it take for my deposit to be completed?

3 to 5 minutes to reflect (should be immediate)

Withdrawals

How can I make a withdrawal from Koa?

You can make a withdrawal right from your Koa app.
Here’s how:

  • Tap on the Withdraw button on the home screen.

  • Enter the amount (a minimum of sh.100)

  • Click on Transfer Funds

  • Enter your Koa PIN and confirm

  • That's it 🎉

  • You should receive your withdrawal in a few minutes

How long will it take for me to receive my withdrawal?

Your withdrawal should arrive within a few mins; however, in the case that there are issues beyond our control with our transaction partners this can be further delayed.

In the case of an emergency, can I withdraw my funds immediately?

Absolutely. With Koa, you will always have access to your money. If you choose to make a withdrawal from any of your goals, you can withdraw this money at any time and no interest will be forfeited or any penalties made against your account

How many withdrawals can I make in a day?

You can ONLY initiate two withdrawals within a 24-hour window.

Charges

Will I be charged when making a deposit?

Not at all! All deposits made on Koa towards your savings are absolutely free.

Will I be charged when making a withdrawal?

Yes. Each withdrawal will attract a fee of 50sh. Please note: you can ONLY initiate two withdrawals in 24hours.

Does Koa charge me for anything other than withdrawals?

Not at all! We do not charge any fees on your savings, we only focus on helping you grow your money and achieving your financial goals. There are no hidden fees with Koa.

Does Koa charge management fees?

No, Koa does not charge any management fees.

Can I get a loan on my savings?

Not just yet.

Koa is a technology company focused on helping you save and reach your goals. We make saving simple, seamless, flexible, and hassle-free.
This means that we are not able to offer you a digital loan but would like to enable you to save for the future.

Our team is working on getting the necessary licenses to enable us to provide this service for you in the future.

Can I save with others e.g. a chama or with my friends?

Not just yet.

We’ve heard your feedback and are working on enabling this feature by later this year. Stay tuned for updates.

Will I receive a statement at the end of the month?

Yes, you will automatically be sent a monthly statement to the email you have registered with the app.

We have designed the Koa app to make it easy for you to track your Savings goal and interest. Once you log in to your Koa app, you will see:

  • Your total Savings: The total amount you have saved on your Koa app.

  • Your earned interest: How much your money has grown on your total deposits.

  • Pending actions: These are upcoming actions based on your Savings, for example: 'transfer KSH 1,000 to your Emergency Stash'.

  • My Savings: This is a snapshot of how each Saving you have created is performing, how much has been saved, and the maturity date of those Savings.

  • Recent transactions: This is a section providing details of all your transactions including deposits, withdrawals, and interest applied whether successful or unsuccessful for full transparency.

We also send you notifications on your emails and registered phone number anytime a transaction occurs to ensure no activity on your Koa account goes unnoticed or unapproved by you. In the unlikely event that this happens, please reach out to us immediately to further investigate the occurrence.

Devices

Is the app compatible with all android and IOS devices?

For Android

  • Koa is compatible with all Android devices that are running Android version 6 or higher.

For iOS

  • Koa is compatible with all iOS devices that are running iOS version 13 or higher.

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