By Juliet Umeh

Savings culture may have started a gradual return to stay among Nigerians, as digital savings platform, CashBox said it has received up to N1 billion deposits in less than eight months of operation this year.

CashBox is a digital savings platform that helps everyone make saving a habit, and curb excessive spending, all on a seamless and easy-to-use interface.

The platform launched January 2019, said in its first year of operation, it saved about $350,000 compared to competition and since then, total savings month on month has gone up to 40 percent on the increase; and all that from just over 100,000 customer accounts.

As a result, it has upgraded its application to embrace a more robust operation and ensure a flawless customer satisfaction

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.

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“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 added.

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 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.

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