By Juliet Umeh
In its effort to offer its customers a better saving experience and promote the culture of saving among Nigerians, a Digital Savings Platform, CashBox said it has upgraded its application.
The platform launched in January 2019 is owned by Cashbox Global Services.
Founder and Chief Executive Officer of the company, Sydney Aigbogun who revealed this to the media said the upgraded app came with unique features like a better interface, easier handling, choice of pidgin language for engagement and a better customer-experience than the previous app.
According to him, “Since we launched the app, month on month total savings had gone up to at least 40 percent. In our first year we saved over $350, 000 compared to our competitors. This year alone, we’ve saved at least a billion Naira.
Our customer account is over 100, 000 and we are all on Android and iOS. In our first year we did more than what they did in their first year.
“We’ve not had any fund raised but before the Coronavirus, we planned on starting a fund-raising but with the whole outbreak, everything has been slowed down.“We have introduced pidgin language on our app where users will have options to choose either English or Pidgin English. We wanted the kind of customer engagement with a comic sight. We are the only one with such a feature in the app in the whole financial industry not just the financial technology, Fintech,” Aigbogun explained.
Speaking on the vision of the company, he said: “Our goal is to grow into a Fintech Asset Management Company, bringing technology into asset management. The asset management companies around these days are mainly for people that have the big money. But we want to start managing assets as low as N100. We want to encourage people with very low income as low as N2000.
He added that the company also plans on introducing cash savings to be able to reach the unbanked sectors. He noted that those that fall into that category are still huge and even larger than the banked sector.
Aigbogun said: “Even though they are unbanked, they still have their own traditional or local ways of saving in their communities which is just based on trust. So, we can make it more secure and pay them a better interest rate at zero charges because right now in the cash box, our users save at zero charges and we pay interest on their savings.”
Also speaking on the plans available on CashBox, the company head of operations, Kemi Adebayo, said the plans include: Target, Vault, Cliques all you need is to create a free profile in less than one minute with your full name, email and phone number. Then choose from any of the saving plans and securely start saving.
According to Adebayo, one can select a savings plan by securely adding an ATM/Bank card to the profile.
She said: “CashBox will automatically debit your bank account either daily, weekly or monthly for your set savings amount as created by you, and will save this into your CashBox savings plan. Users earn up to 15 percent interest depending on chosen plan and savings balance.”
Speaking on withdrawal processes, Adebayo said: “CashBox is all about encouraging a healthy savings habit. We encourage users to save as long as possible and resist the urge to withdraw except when extremely necessary. Some plans do not allow withdrawal until maturity (Target, Regular, Swift, Vault, Cliques). Other plans allow users to withdraw any one time and also on our free withdrawal days (Mar 1st, June 1st, Sept 1st and Dec 1st).”