Digital savings provider, CashBox, has restated its commitment to transform the asset management space in Nigeria as more Nigerians take advantage of its platform to save money during the lockdown.
The company said it saw a 40 per cent growth month-on-month between March and July and has since carried out over N1 billion in transaction value for users on the platform.
Prior to pandemic savers on the platform lodged between N30 million and N50 million on a monthly basis. Since the lockdown was declared that the number has grown to about N200 million.
Founder and CEO of Cashbox, Sydney Aigbogun, who said this during a media briefing, added: “We cannot say exactly what led to the leap, but we did intensify our campaign; making them more targeted at a specific segment of users.
“We tried to convince users they could save their transportation since they would not be going to work anymore or other spending they will usually do while physically at work.”
Founded a year ago, CashBox has been dogged in its strategy, accomplishing in its first month twice the volume savings of its much older and well-funded competition. Cashbox has never been funded, although it is hoping to change that in the nearest future.”
Aigbogun, said the decision to not seek funding and bootstrap in its first year was to enable investors see that CashBox was more than an idea.
“We wanted to show our results, we wanted to show that our idea is working,” he added.
The company is hoping to raise between $600,000 to $1 million.
In June 2020, CashBox revamped its mobile application adding features like the pidgin language which is popular among young people in Nigeria. It is therefore not surprising that much of the demography of its users are young and mostly come from Lagos and Abuja.
The mobile app has a remittance feature that makes it easier for Nigerians living abroad to send money to their loved ones without the stress of the usual bank channels. Also, the usual multiple fees are eliminated. A user living in London, for instance, can send money in pounds to the app which is eventually converted and withdrawn in naira.
The mobile app also presents users with options for savings such as the clique, regular, vault, and Swift savings.
Aigbogun explains that the next frontier for CashBox is in helping its growing users manage and grow their savings, hence the company is already discussing with investment experts on potential assets that would guarantee a return on investment.
“We don’t just want to invest in anything like everyone is doing. The company is already planning a new life in agriculture investment and would consider real estate as time goes on,” Aigbogun said.