There has been a notable surge in the adoption of digital savings in Nigeria, as disclosed by Cashbox, a fintech company in the country.<\/p>\n
During its fifth-anniversary celebration, Cashbox announced a remarkable 150 percent growth in its user base over the past 22 months. The digital savings and investment platform revealed that its user base skyrocketed from 10,000 to 500,000 individuals in 2023, indicating a significant uptick in the adoption of digital savings.<\/p>\n
Sydney Aigbogun, the Chief Executive Officer of Cashbox, shared this information at the event, also revealing that savings on the platform have soared to N50 billion.<\/p>\n
“With over 200,000 successful deposit transactions monthly, and a growing user base, we are witnessing a steady rise in our platform\u2019s popularity,” stated Aigbogun.<\/p>\n
The firm noted a shift in its user demographics over the past five years, achieving a more balanced gender distribution. It highlighted that the majority of its users reside in Lagos.<\/p>\n
Looking ahead to 2024, Aigbogun outlined Cashbox’s plans to expand its reach to users in other Nigerian states. Despite challenges posed by the devaluation of the naira in 2023, Cashbox remains resilient and innovative, according to Aigbogun.<\/p>\n
“We remind ourselves that we haven\u2019t raised any funds from investors, so we do not have room for trial and error. We achieve what others spend millions on with less than N500,000,” he added.<\/p>\n
According to a 2022 International Monetary Fund (IMF) working paper, Nigeria ranked 11th in the sub-Saharan region for private savings. During the pandemic, 42 percent of Nigerian households cited savings as their source of financing, the IMF noted.<\/p>\n","protected":false},"excerpt":{"rendered":"
There has been a notable surge in the adoption of digital savings in Nigeria, as disclosed by Cashbox, a fintech company in the country. During its fifth-anniversary celebration, Cashbox announced a remarkable 150 percent growth in its user base over the past 22 months. The digital savings and investment platform revealed that its user base […]<\/p>\n","protected":false},"author":12,"featured_media":18907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[180],"tags":[],"class_list":["post-18905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/18905","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=18905"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/18905\/revisions"}],"predecessor-version":[{"id":18910,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/18905\/revisions\/18910"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/18907"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=18905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=18905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=18905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}