Until the advent of technology, saving culture was only possible through the traditional financial institution or Ajoo or Esusu which is difficult for some people. Leveraging on technology to redirect people’s mindset has redefined how financial services are being offered with different technological innovations coming into the ecosystem.
Founder and CEO of CashBox, emerging Wealthtech platform, Sydney Aigbogun, has attributed the formation of the startup to the desire to enhance Nigerians’ savings culture and change the narrative by offering annual interest of 15 per cent on the savings.
Aigbogun said the target was to leverage on technology to offer a seamless platform that will boost customers’ financial service experience in a simple, smart and effortless way.
“CashBox is a platform that offers digital savings platform that helps everyone to make savings a habit”, he said.
It was founded as a fun way to encourage a healthy savings habit and help curb excessive spending all on a seamless and easy-to-use interface.
He explained that the platform offers what traditional banking institution couldn’t offer by providing a digital investment platform that offers a 15 per cent interest rate per annum.
He said through CashBox, users can invest with as low as N100 and make a high return at the end of their investment circle.
“CashBox was founded because we saw a huge void in the market. The average individual wants to save but wants to do that easily, safely and without being charged unnecessary maintenance fees and charges,’’ he said.
He explained further that, “Savings reach was very limited in the past with zero or little technology; hence, we have decided to go into that space and help savers achieve more and securely save most importantly.”
He informed that the lowest interest any saver can earn on CashBox is seven per cent and “that is for even the N100 savers. As your balance increases, the interest earned also increases. To earn 15 per cent interest on CashBox, a user would have to use our “locked savings” feature to lock away money for at least 360 days.”