By Prince Osuagwu

Online secure savings platform  CashBox said it has accumulated more than half a million users on its network since it opened shop in Nigeria five years ago.

The company said it was able to achieve the feat just by keeping its activities local and in house, while employing global service standards to satisfy users on its platform.

CashBox says it earns depositors on its platform up to 15 percent interest on their savings per annum to the envy of the traditional banks.

CEO of the company, Sydney Aigbogun, while reminiscing on the journey so far, said that one of the most important lessons the company learnt in its five years journey is to try as much as possible to keep everything in-house especially the marketing and tech aspects.

He said outsourcing to a third party can be very expensive and not as effective as in-house. For him, the company has also learnt that when investing, doing proper due diligence is very important.

He said: “These last five years has been amazing, we have done alot more than we thought. We have helped over 500,000 users save over N50 billion they would have ordinarily spent. In the month of December 2023, we paid out over N4 billion in withdrawals to our customers in that single month. So the next five years is very promising, we are a company that keeps researching and making quick changes with time. We never want to be an obsolete app or company, so we will keep doing what we are doing and employ smarter ways to do it. Five years from now, we should have at least 5million customers using CashBox, that is the goal and we believe it is very achievable considering where we are coming from.