Why I started CashBox – Aigbogun
Sydney Imuetinyan Aigbogun is the founder and CEO of CashBox, an online savings platform aimed at encouraging Nigerians to instill the habit of saving.
For young Aigbogun, the marginal propensity to save (MPS) in Nigeria is low and, therefore, people need to be educated on the need to embrace savings as a means of meeting both transactional and precautionary reasons for saving money. reserve a percentage of the income in safekeeping.
Created three years ago, CashBox is already fulfilling its mandate by helping a legion of Nigerians meet their savings needs unlike in the past.
Baring his mind on the journey so far, the boss of CashBox said, “CashBox was founded in January 2019. We are an online savings platform or you can call us an online ‘piggy bank’. We help thousands of users cultivate a healthy savings habit. Users can easily download our app on Android and iOS, link their ATM cards to the app, and create a savings plan showing how much they want to save as well as how often. Everything is controlled by the user from the app.
“Since we launched CashBox, we have been focused on getting started and have always found ways to grow our business and improve the user experience while saving money. To reduce operating costs, we had to take care of everything. Almost all of our work is internal. We outsource very little and that has helped reduce our costs. “
A good number of companies have closed their doors in recent years due to what analysts have called the “Start big syndrome”. Apparently, learning quite early on the curve, Aigbogun chose to launch CashBox in its own way, doing things in-house that would otherwise have been outsourced. Not only has this proven to be an effective cost-cutting measure; He also succeeded in building the skills of internal staff, who will play an important role in the company’s quest to grow in the African sub-region over the coming years.
According to Aigbogun, a finance background at the famous Ivory Tower, the University of Lagos, influenced his decision to integrate CashBox and test some of the ideas he read in books for practicality and relevance. .
He continued, “I have a background in finance and have always looked for ways to make the financial process smoother for everyone, young and old. CashBox is just that. CashBox is easily used by young and old alike. It’s a way to help everyone make smart financial decisions.
“We didn’t want the savings process to be done the traditional way most people are used to. With the help of the technology that we rely on a lot, it has helped us achieve a lot and even do a lot more in the future. “
In the past two years, the health pandemic caused by the global coronavirus has brought about a major change in the way of doing business. In government or private businesses, a paradigm shift has become necessary even as managers unable to improvise closed workshops or have found new ways to cope.
So how did CashBox go through these difficult times caused by the dreaded virus? He replied: “COVID-19 has been a shock to the world, especially to businesses. No one ever imagined the world would stop. The moment it all stopped and we had to work on it. home, myself and the team had a reunion and we knew we just had to make the most of what we had.
“We had to come up with a narrative that would make sense to people and encourage them to save while the world was ‘on lockdown’. People weren’t going to work, no restaurant, no cinema, no social event, so that also meant people weren’t spending money. So we started some social media campaigns encouraging people to start saving the money they normally would have spent when the world was normal and it really did increase our savings pool.
In elementary economics, profit is considered the main engine of private affairs. This is largely true, but for Aigbogun, running a business is about more than making money. The client must be treated well if he is expected to maintain patronage. A good team is fundamental to the success of any business, he says.
“Running a business is very difficult, especially in this part of the world, but with a great team, it eases the burden. I believe the customer is king while the staff are queens. With this thought, it makes my life as an entrepreneur a lot easier, ”he added.
The purchasing power of the naira may be low and most Nigerians do not earn much.
Whatever the situation, the boss of CashBox said savings is the way to go for anyone looking to meet their needs, given that the economy at the micro and macro levels can get worse without warning.