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Fintech sees transaction value surge in two years

By Guardian Nigeria
30 March 2022   |   2:55 am
A finicial technology (fintech) firm, CashBox said it has seen monthly transaction value grow from N16 million in 2019 to N200 million in 2021, representing a 1,150 per cent increase

Sydney  Imuetinyan Aigbogun, Chief Executive Officer of CashBox.

A finicial technology (fintech) firm, CashBox said it has seen monthly transaction value grow from N16 million in 2019 to N200 million in 2021, representing a 1,150 per cent increase in the period.
   
The number of users also rose from 10,000 to 200,000 within the same period, an indication of the growing adoption of digital savings in Nigeria.
 

 
Founded in 2019, CashBox helps users cultivate a savings culture, with specific targets and incentives attached to it. A savings plan on CashBox can earn a user as much as six to 13 per cent interest per year depending on the set tenor and the amount of savings they have in the wallet. Users can save as low as N100.
   
Founder and CEO of the company, Sydney Aigbogun, said the savings are invested in viable assets such as lending platforms, agriculture which is done directly with farmers to mitigate third party risks, and real estate where it partners with developers. A saver is allowed to withdraw the funds at maturity and may choose to reinvest.
  
CashBox is looking to add more features. Following a recent upgrade of its mobile application from 3.0 to 5.0, the company introduced an investment feature on the platform which enables users to take advantage of opportunities in different sectors of the economy. Some of the investments deliver interest rates between 6 to 7 percent which the company shares with the users sometimes at a 17 percent interest rate.
  
Aigbogun said CashBox has bootstrapped since it was founded but may be going to the market soon to raise new funds as it looks to recruit more technical talents and push its brand visibility across 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. However, the company continues to keep in touch with potential investors as it plans its fundraising.

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