A technology firm, CashBox, has expressed concerns over the impacts of rising inflation in the country, especially on businesses.
Speaking in Lagos, when the firm marked its fifth anniversary, the Chief Executive Officer of CashBox, Sydney Imuetinyan Aigbogu, said the inflationary trend was seriously impacting small businesses in the country and urged the federal government to do something urgently to address it.
Aigbogu, who hinted at the firm’s plans of re-inventing and expanding to other states of the country, said: “One of the most important lessons we have learnt is to try as much as possible to keep everything in-house, especially the marketing and tech aspect.
“Outsourcing to a third party can be very expensive and not as effective as in-house would be. We have also learnt that when investing, doing proper due diligence is very important. No matter how good an investment looks, it is extremely important to dig deep and be sure funds invested will be very secure.”
The CEO, who disclosed that over 500,000 users currently use CashBox, adding: “We currently have over 200,000 successful deposit transactions monthly and grow steadily month-on-month. Our user base also grows every month.”
Speaking on the strategy, he identified ease of use, a customer-friendly app and generally a “cool” way to save money, which is quite different from traditional banks.
“Our customers are internet savvy and use social media a lot, so we try as much as possible to push marketing in a language they can easily relate with.”
