CashBox Advocates Adoption of Digital Savings among Nigerians

Emma Okonji

Moved by the growth of subscribers on the CashBox platform, which rose from 10,000 to 200,000 in 2001, with additional rise to 250,000 customers in March 2022, the Fintech company has said such growth is an indication of the growing adoption of digital savings in Nigeria, and has called for more adoption of digital savings among Nigerians.

The Founder and CEO of CashBox, Mr. Sydney Aigbogun, who made the call in Lagos at a press conference, where he introduced the new CashBox app, which is an upgrade from CashBox Version 3.5 to 5.0, said CashBox, a fintech company that offers savings and investment services to customers, saw monthly transaction value grew from N16 million in 2019 to 200 million in 2021, representing 1150 per cent increase within the period. 

According to him, “The upgraded app comes with new features that make it easy for customers to do seamless transactions online, hide their online financial transactions from fraudsters and hackers and to also address most of the challenges they may encounter online, without the need for their physical presence at the CashBox offices to lodge complaints.” 

Aigbogun said savings were 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 per cent, which the company shares with the users sometimes at a 17 per cent interest rate,” Aigbogun said.