CashBox Announces KidsBox, a new Savings App for Kids and Teens
The Upbeat centre in Admiralty Way, Lekki, Lagos, was packed with children on Saturday, May 28. It wasn’t simply because it was a weekend, either.
CashBox, a digital savings platform that encourages people to “make saving a habit,” gathered children to debut its newest feature, KidsBox.
The app’s new function was created to teach kids and teens about financial responsibility.
In celebration of #ChildrensDay2022 , we have launched a savings feature strictly for our youngsters, it’s called KidsBox.
Parents can use this feature to start saving for their kids. To start saving, download the CashBox app, you’ll find our KidsBox feature right on the app. pic.twitter.com/2Afj7h9N8g
— CashBox (@Cashboxng) May 27, 2022
According to Cashbox, the hangout at Upbeat was organized to debut the app and celebrate CashBox youngsters in honor of Children’s Day on May 27.
The event also served as an opportunity to meet with parents in order to obtain feedback and present CashBox and KidsBox to new people.
A short story about CashBox
Cashbox debuted in 2019 and claimed to have assisted over 100,000 customers in saving more than $2.5 million by 2020.
According to CEO Sydney Aigbogun, gaining consumer trust was vital to the company’s survival in the aftermath of COVID-19.
According to BusinessDay, “many were originally skeptical of CashBox’s operations, especially during our first six months in existence.”
Our online presence is very visible, and they see a lot of reviews from users who have saved with us. These reviews give new customers confidence in us.
Sydney Aigbogun
Aigbogun is determined to enhance all Nigerians’ savings habits. He told Disrupt Africa that he started CashBox to fill a gap in the market.
“The typical person wants to save, but they want to do it quickly, safely, and without having to deal with extra maintenance fees and penalties, as well as by using a system they can trust,” he said.
The organization focuses on instilling a culture of saving and has included children and teenagers in the mix to ensure that they are not left out of financial responsibility.
Many people want to save money, but doing so in traditional banks makes that money conveniently accessible, defeating the point. You can automate your savings and watch your money increase towards your goal, according to CashBox.
Why KidsBox?
According to the company, saving for children is critical because their demands are continuously changing. From fees and vacation to healthcare and personal stuff, everything is covered. Having some savings, whether set up for a specific expense or for any other reason, allows a parent or child to be prepared when the time for those expenses arrives.
As soon as parents decide to set up a plan for their children, KidsBox, according to CashBox, caters to children of all ages. Teenagers with bank accounts or debit cards can also sign up and begin to develop a savings habit at a young age.
The smallest amount that can be saved is 100 naira, and the shortest time that a child’s target savings plan can be implemented is four months. Users of the app’s kid’s flex option can withdraw once every three months and run a plan for as long as they wish.
How will it work?
The app can be downloaded from either the Apple App Store or the Google Play Store. Users may download it to their phones, choose a practical savings plan that meets their needs, and begin saving manually through bank transfers or automatically with a debit card.
“We want to partner with different schools across the country by providing this new functionality to students and their parents,” the business said. The goal is to become Nigeria’s most popular saving platform for children and teenagers.”
Also, despite the fact that the account is managed by parents, KidsBox is still intended for children.
“You can begin saving for your 12-year-old with a weekly allowance of $1,000, and when the youngster is older, he or she can continue the savings account on their own.”
“That early start establishes a culture of saving.” We can also add that the KidsBox allows parents to easily distinguish between savings for themselves and saves for their children.”
