Nigerian Fintech CashBox sees a transaction value surge of 1150% within 2 years

CashBox, a fintech startup that offers a platform for financial services offers savings and investment services customers can see that monthly transaction value has increased from N16million in 2019 to N200million in 2021. That’s an 1150% increase.

In the same time period, the number of users grew from 10,000 to 200,000. This is a sign of growing digital savings adoption in Nigeria.

CashBox was established in 2019 to help users develop a savings culture. It has specific targets and incentives.

A savings plan CashBox a user can earn as high as 6 to 13 percent interest annually depending on their set tenor, the amount of savings they have and the amount of money in the wallet. Users can save as little as N100

Sydney Aigbogun, the founder and CEO, stated that the company’s savings are invested in viable assets, such as lending platforms and agriculture. This is done to reduce third party risk. Real estate is also an option where the company partners with developers. The funds can be withdrawn by a saver at any time, but they may also be reinvestable.

CashBox is working on adding more features. CashBox has added an investment function to its platform following a recent upgrade to its mobile app, which was upgraded from 3.0 and 5.0. This allows users to profit from opportunities in different areas of the economy. The company sometimes shares the 17 percent interest rate with users, but some investments offer interest rates of 6 to 7 percent.

CashBox was established in 2008 by CashBox. Aigbogun indicated that CashBox has been able to survive on its own since then, but CashBox could soon be going to the markets to raise funds. CashBox wants to attract more technical talent and boost its brand visibility throughout the country.

“Our digital marketing budget is very small compared to our competitors and that is because we have relied mostly on referrals to build the business,” Aigbogun said. The company will continue to communicate with potential investors as it plans for its fundraising.

CashBox hopes to capture a greater share of the wealth management industry in the long term and diversify its offerings for Nigerians living abroad.

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