Over the past two years, CashBox’s transaction value has increased by over 100%

Despite the consequences of the COVID-19 pandemic, CashBox, a fintech firm that provides savings and investing services, has seen its transaction value increase by over 100% in the last two years.
 
As a result, the company has expanded its platform and improved the Cashbox app’s functionality and usability.
 
Cashbox claims that the value of its monthly transactions increased by 1150 percent from N16 million in 2019 to N200 million in 2021.
 
Within the same time frame, the number of users increased from 10,000 to 200,000, indicating Nigeria’s expanding use of digital savings.
 
CashBox’s main goal is to encourage customers to save money by setting precise goals and incentives. It was established in the year 2019. Users can start saving with as little as N100. Depending on the selected tenor and the amount of funds such consumers have in their wallet, a CashBox savings plan can earn them anywhere from 6% to 13% interest per year.
 
Sydney Aigbogun, the company’s founder and CEO, explained the company’s growth strategy by stating that the savings are invested in viable assets such as lending platforms, agriculture, and real estate. In agricultural, he said, the company works directly with farmers to avoid third-party risks, while in real estate, the company works with developers.
 
At maturity, a saver has the option of withdrawing the money or reinvesting them.
 
CashBox is trying to expand its capabilities. Following a recent upgrade of its mobile application from version 3.0 to version 5.0, the company added an investment option to the platform, allowing users to take advantage of possibilities across the economy.
 
Some of the investments pay interest rates of 6 to 7%, which the company shares with consumers at a rate of up to 17%.
 
CashBox has been bootstrapped since its inception, according to Aigbogun, but it may be going to the market shortly to secure new cash as it seeks to hire more technical expertise and expand its brand awareness across the country.
 
“We have a relatively tiny digital marketing budget compared to our competition because we have depended heavily on referrals to grow the firm,” Aigbogun explained. However, as it plans its financing, the company continues to communicate with possible investors.
 
CashBox is aiming for a larger portion of the wealth management market in the long run, and it wants to diversify its service to include Nigerians in the diaspora.