Xhuma introduces community based finance tools like group expense splitting, stokvel accounts and instant payments while offering these and other high-end services at a price point similar to that of the most affordable bank accounts.
Xhuma has arrived and as its name denotes, it is here ‘to connect’ its users with one another and with next gen digital tools to manage their finances. It introduces community-based finance tools like group expense splitting, stokvel accounts and instant payments while offering these and other high-end services at a price point similar to that of the most affordable bank accounts.
Users can access Xhuma for as little as R13 per month. In this way, this fintech aims to simplify financial management, provide greater control over money, and offer a wide range of unique features.
According to Xhuma's Founder, Schalk Burger CA(SA), their goal is to democratize a top-tier digital transactional experience that is typically reserved for Private Banking customers. He added that simply put, Xhuma is like consolidating the functionalities of Splitwise, 22 Seven, Venmo and your bank account into one.
Here are some key features that make Xhuma unique:
1. GroupPay - A hassle-free group expense splitting tool:
With Xhuma, managing shared expenses among friends or roommates becomes effortless. Users can instantly split multiple bills and settle group expenses with just a few taps, promoting ease of use and fostering healthy financial interactions.
2. Group Vaults and streamlined stokvel management:
Xhuma caters to communities engaged in stokvels by automating contributions, payouts, and record-keeping with Group Vaults. This feature enhances transparency, eliminates manual processes, and streamlines overall stokvel operations.
3. Spendsense - An integrated budgeting and financial analysis tool:
Xhuma incorporates powerful functionalities to provide a comprehensive view of finances. Xhuma can auto-categorise spending, monitor adherence to budgets and help users gain valuable insights to achieve their financial goals.
4. Automated Savings Goals using Vaults:
Xhuma allows users to set savings goals and easily track their progress. The app provides personalized insights and prompts to encourage regular and automated savings, simplifying the saving process.
5. TravelGenius - An AI-powered travel agent:
Xhuma goes beyond personal finance management by integrating an AI-powered travel assistant. Users can plan trips anytime through the app, accessing the best prices on flights, accommodation, travel insurance, and even receiving assistance with understanding visa requirements.
6. Cutting-Edge AI Customer Service:
Xhuma's customer support utilizes artificial intelligence to ensure quick and efficient issue resolution. Users can expect instant outcomes without the long waits and frustrations often associated with traditional call centers.
Following the success of global fintech companies like Monzo, Chime, and Revolut, Xhuma aims to disrupt the traditional banking sector with its innovative and customer-centric approach. The user-friendly interface, seamless onboarding, and powerful community-based financial tools have the potential to transform how South Africans perceive and engage with transactional services within their communities.
Xhuma's introduction has the potential to ignite additional innovation and rivalry within the transactional industry in South Africa, ultimately leading to advantageous outcomes for consumers. With its focus on ease, convenience, community elements and enabling financial independence, Xhuma establishes the groundwork for a fresh era of digital financial management in South Africa, specifically tailored to meet the demands of the technologically adept generation.