CashBox, a Nigerian-based digital savings platorm, aims to double the number of customers saving on its platform by year-end by leveraging more on technology and constantly delivering customer-centric services.
The firm hopes to increase its user base to 20,000 from its current 10,000.
“We are investing hugely in secured technology in ensuring that our customers get improved quality services, which would help us achieve growth and double the registered users before the year runs out,” Sydney Aigbogun, CEO for the firm said in a parley at the firm’s office in Lagos.
CashBox is a secured online platform designed to inculcate and promote the habit of savings in users while earning interest. The tech start-up rewards as much as 15 per cent annually while allowing users save as little as N100.
Aigbogun explained that the reason for the tech start-up firm was 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 unforeseen circumstances.
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 convenience to the user.
Users on this plan earn between 7 to 10 per cent 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.
However, any withdrawal done outside these days attracts a 5 per cent charge on the account.
According to the online savings tech boss, the reason for the 5 per cent deduction outside the free withdrawal days was to discourage users from seeing the platform as a traditional bank 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 tenure for the plan is 90 days. 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 per cent interest per annum, depending on the length of time and are open to the option of rolling over or withdrawing their savings at maturity.
The last is the Instant Savings, which gives users the opportunity to add more funds to their savings plan or, save any amount instantly, while still running their regular saver account.
CashBox was officially launched this year after being licenced under the Corporative Licence Act, Aigbogun said. Card payments under the platform are secured using Paystack and Flutterwave.
“Funds saved under our platforms are safe and securely held with our partner bank, which is Nigerian Deposit Insurance Corporation-insured,” he said. “Our site was also built using Bank Grade security features, with user’s 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.”
Aigbogun explained that users fund is kept in the bank and are invested in in risk free asset.