TechInAfrica – CashBox, the tech startup that promotes savings habit in users as they earn interest wants to increase its user base from 10,000 to 20,000 with a leveraged technology and customer-centric services. Mr. Sydney Aigbogun, the CEO of the firm, said that 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.
The startup was established to encourage saving habits in an economy that has been challenged by falling disposable income and low purchasing power, according to Aigbogun.
Cashbox has three plans that adjust to a user’s need. The first plan, Regular Saver, allows users to save from N100 on a day, week, to monthly basis. Users in this plan earn 7-10 % yearly interest and are free to suspend their savings any time, with a maximum of 4 cost-free withdrawals on the first day of the last month of every quarter, such as March, June, September, and December. Any withdrawal outside the said month will charge 5% from the user’s account.
The second plan, Locked Savings, allows the user to lock a fixed sum of money on more than 90 days and receive their interest and locked funds in maturity. An amount of 15% interest can be achieved, depending on the time and user have the option to roll over or withdraw their savings in maturity. Overall, this plan works like a normal fixed deposit account.
The third plan, Instant Savings, gives the user the opportunity to add more funds or save any amount instantly to their saving plan, while still running their regular saving account.
“Funds saved under our platforms are safe and securely held with our partner bank which is the Nigerian Deposit Insurance Corporation, NDIC, insured. 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 said.
The startup was launched this year after being licensed under the corporative License Act.