CashBox to rekindle savings culture among Nigerians

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By Juliet Umeh

A Nigerian-based digital savings platform, CashBox, has said it wants to double the number of customers saving on its platform by year-end through improved quality services.

The tech start-up which is designed to inculcate and promote the habit of savings in users while earning interest, said it wants to increase its user base from 10000 to 20, 000 by leveraging more technology and customer-centric services.

CEO of the firm, Mr. Sydney Aigbogun, said they are investing hugely in secured technology to ensure that their customers get improved quality services which would help their growth and double the registered users before the year runs out.

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He said the company rewards its customers as much as 15 percent annually while allowing users save as low as N100.

Aigbogun explained that the reason for the establishment of the tech start-up firm is to encourage the habit of savings in an economy that has been challenged by falling disposable income and low purchasing power, so as to enable them cushion effect of shocks from arising unforeseen circumstances.

He said: There are three plans for users who wish to save on Cashbox; the first is the regular saver designed mainly for salary earners. The Regular Saver allows users save any amount as low as N100 regularly on a daily, weekly, or monthly basis, depending on the one convenient for the user.

Users on this plan earn between seven to 10 percent interest annually and are at liberty to suspend their savings at any time. They are also entitled to make four withdrawals at no cost, on the first day of the last month of every quarter, which is March, June, September and December and any withdrawal done outside these days attracts a five percent charge on the account, he said.

The reason for the five percent deduction outside the free withdrawal days was to discourage users from seeing the platform as a traditional back by curtailing all forms of unnecessary withdrawals.

The second plan is the Locked Savings which works like a normal fixed deposit account of Deposit Money Banks, DMBs. Nonetheless, users get their interest upfront and minimum tenor for the plan is 90 days.

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The plan also allows users lock a fixed sum of money for any time frame above 90 days, get their interest upfront and locked funds at maturity. Users of the plan can earn as high as 15 percent interest per annum depending on the length of time and are open to the option of rolling-over or withdraw their savings at maturity.

Then the last which is Instant Savings, which gives users the opportunity to add more funds to their saving plan or, save any amount instantly, while still running their regular saver account.

Aigbogun said CashBox was officially launched this year after being licensed under the corporative Licence Act.

Funds saved under our platforms are safe and securely held with our partner bank which is the Nigerian Deposit Insurance Corporation, NDIC, insured, he said. Our site was also built using Bank Grade security features, with users card and bank details secured using Paystack and Flutterwave, which operates one of the best payment technologies in the world and being used by top companies like Uber, Booking.com and many more.

Vanguard

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Author: Nwafor

Source: https://www.vanguardngr.com/2019/09/cashbox-to-rekindle-savings-culture-among-nigerians/

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