Cashbox Global Services Limited, the owners of a secured digital savings platform known as CashBox, Tuesday, said it is targeting at least 20,000 active users before the end of 2019.
Similar to the conventional style of saving money through the traditional banks, with CashBox, anybody could save money digitally irrespective of location.
The firm began operation early this year and currently has about 10,000 registered users on the platform, and “we are deploying different strategies to double the figure before the end of 2019,” the company said in a press conference in Lagos.
For any user to start using the platform, registration must take place on the website (cashboxng.com) after which the user downloads the CashBox App from Google Play Store.
“With one week, CashBox had over a thousand downloads on the Play Store. However, the process of having it on the Apple Store is in the pipeline,” Sydney Aigbogun, Founder of CashBox said.
CashBox rewards as high as 10 percent interest rate depending on how much fund a user has saved up over a period of time. However, users must either do a bank transfer or link their debit card to the platform.
“For any user to start saving, the user’s ATM/debit card details are automated such that the specific amount to be saved is being periodically deducted,” Aigbogun said.
He assured that users have maximum control over their savings, however, adding that the primary objective is to inculcate the culture of saving money on users.
He said CashBox is all about financial discipline and encouraging the habit of saving. “We believe little drops make a mighty ocean. With regular saving, it will amaze you at how much you can save.”
Aigbogun explained that CashBox is not like the traditional bank App where users need to log in all the time to carry out transactions.
“We encourage the idea of saving. For instance, you do not allow users to save on Monday and withdraw on Friday. That’s not a typical saving standard. Users need to save their money as long as possible while earning high interest on it.”
Responding to questions on cyberattacks, he revealed that Paystack and Flutterwaves secure all the card transaction on the platform. These fintech companies are reliable and have processed many card transactions across Nigeria.
He said the card and bank details of users are secured having leveraged the technology provided by Paystack & Flutterwave. These companies operate one of the best payment technology in the world with top companies like Uber, Booking.com and many more, he said.
“The security of users is paramount to us and I can assure you that our platform was built using bank-grade security features.”
When asked about the safety of funds, he revealed that the company has a strategic partnership with Nigeria Deposit Insurance Corporation, a bank that is insured to ensure the safety of customers fund on the platform.
According to Adebayo Kemi, Head, Operations, Cashbox, the free withdrawal days for users are March 1st, June 1st, Sept 1st, and December 1st. Users who withdraw on these dates do not get charged on withdraw.
“But you can also withdraw anytime you want but at a 5 percent penalty charge of the amount you are withdrawing,” she added.
She reiterated that CashBox remains a digital savings platform that helps everyone “make saving a habit”.
”Cashbox was founded as a fun way to encourage a healthy saving habit and help curb excessive spending all on a seamless and easy-to-use interface, ” she said.