Cashbox is focusing on savings for kids because their needs constantly change, from fees and vacation to healthcare and having a stash somewhere either saved towards a particular expense or for other purposes, makes them prepared for the expenses.
The new feature on the application is to introduce kids to financial responsibility.
“We are planning to partner with different schools across the country by introducing this new feature to students and their parents. The aim is to become the number one savings platform in Nigeria for kids and teenagers,” the company said.
To commemorate the children’s day celebration, the company organized an event where it taught about the app, as well as interacted with parents and it received positive feedback.
With over 200,000 users, the company’s long-term target is to improve every Nigerian saving habit.
“A lot of people have the desire to save but doing that in traditional banks makes those funds easily accessible and defeats the purpose. With cashbox, you can automate your savings and watch your money grow towards your goal,” the company said.
Read also: CashBox eyes expansion as users hit 200,000
The application, which is available on the Apple Store or Google play store, caters to kids of all ages as soon as the parents decide to set up a plan for their children.
After installing the application on the phone, choose a savings plan that works for you and your goals and start saving either manually through bank transfers or automated savings when you add your debit card.
Teenagers with access to bank accounts or debit cards can also sign up and cultivate savings habits early.
The company stated that the least amount to be saved is 100 naira and the least period for kids’ target savings plan is a period of four months.
“For the kids’ flex, you can withdraw once in three months and you can run your plan for as long as you want,” a company representative said.
Despite parents being the ones handling the account, the company explained that it is still actually for kids. “You can start saving for your 12-year-old, maybe 1000 weekly from his/her regular allowance, and when the child is of age the child can then continue the savings account by themselves, the saving culture has already been incorporated.”
With Kidsbox, parents can also compartmentalize what savings are for themselves and the ones for their kids.
