Digital savings platform, Cashbox has added another feature to its application known as KidsBox. It is a section of the Cashbox app that is specifically designed to expose kids to savings culture.
The new feature was launched weekend at the Upbeat Center, Admiralty Way, Lekki, Lagos, in commemoration of the Children’s Day celebration. Kids and their parents were there to grace the event.
According to Sydney Aigbogun, CEO at Cashbox, the new feature on the app was made for kids to introduce them to financial responsibility.
“We taught about a way to launch the app and celebrate cashbox kids, hence a free event for kids a day after children’s day celebration.”
He said the event helped Cashbox as a company interact with parents while receiving a lot of positive feedback about Kidsbox.
“Most of the parents even opened accounts for their kids on the spot, including people that weren’t aware of cashbox before.”
Cashbox will also be in partnership with other critical stakeholders to ensure that more kids are exposed to saving culture.
“We are planning to partner with different schools across the country by introducing this new feature to students and their parents.”
Benefits of KidsBox
Exposing kids to saving isn’t just a basic money habit. Saving teaches discipline and delayed gratification. Saving teaches goal-setting and planning.
According to Aigbogun, the aim is to become the number one saving platform in Nigeria for kids and teenagers.
Although parents are the ones handling the account, KidBox is still actually for kids.
“Parents can start saving for their 12-year-old kids, maybe N1000 weakly from he/she 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.”
Aigbogun said the KidsBox in a way helps parents to comfortably compartmentalize what savings are for themselves and the ones for their kids.
According to him, saving for kids is essential because their needs constantly change, from fees and vacations to healthcare, and having cash somewhere either saved towards a particular expense or for whatever purpose, makes parents prepared adequately.
How KidsBox Works
It’s just a section of the Cashbox application that can be downloaded from the Apple Store or Google Playstore.
After downloading and installing the app, you can 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.
Aigbogun said the least amount that can be saved is 100 naira, and the least period for a kids’ target savings plan is 4 months.
“For the kids’ flex, you can withdraw once in 3 months and you can run your plan for as long as you want.”
CashBox is a digital savings platform owned by CashBox Global Services Limited. Cashbox focuses on making savings a 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.