Nigeria: CashBox marks five years, focuses on expanding beyond Lagos

CashBox, an innovative digital savings platform, has reached a significant milestone by celebrating its fifth anniversary. Over the past five years, CashBox has empowered and encouraged thousands of Nigerians to cultivate a healthy savings habit. Through its user-friendly digital platform, CashBox has successfully helped more than 500,000 customers save billions of naira, fostering financial security and stability within the community.

During a recent celebration in Lagos, Mr. Sydney Aigbogun, the Chief Executive Officer of CashBox, highlighted the company’s achievements and outlined its ambitious expansion strategy. Emphasizing their commitment to growth, he revealed plans to extend CashBox’s services beyond Lagos to additional states, aiming to reach and positively impact even more communities across Nigeria.

According to him, in 2024, CashBox plans to reach more users in other states of Nigeria. “We are already quite popular in Lagos State so we feel it is time we spread the word of CashBox to many more states. This we plan doing by using smart strategies and the right people on our team,” Aigbogun said.

Reflecting on the past five years, Mr. Sydney Aigbogun expressed his gratitude for the remarkable journey CashBox has experienced, surpassing initial expectations. He articulated his ambitious vision for the next five years, emphasizing that while the previous half-decade had been extraordinary, there is still much more to achieve.

“We have helped over 500,000 users save over N50 billion they would ordinarily spent on frivolous things. In the month of December 2023, we paid out over N4 billion in withdrawals to our customers in that single month. So the next five years is very promising, we are a company that keeps researching and making quick changes with time. We never want to be an obsolete organization,, so we will keep doing what we are doing and employ smarter ways to do it. Five years from now, we should have at least five million customers using CashBox, that is the goal and we believe it is very achievable considering where we are coming from.

Giving the data about those saving with CashBox, Aigbogun said: “Few years ago, about 65 per cent of our users were female between the ages of 22-45, but right now, our male customers have increased. As of today, our customer base is quite more diverse having close to 50 per cent usage by both male and female, ages between 17-57. Majority of our customers reside in Lagos and quite a number are in the South West and Northern states as well.”