Digital savings platform, Box has added another feature to its app known as KidsBox. This is a section of the Cashbox app specifically designed to expose children to the culture of savings.
The new feature was launched over the weekend at the Upbeat Center, Admiralty Way, Lekki, Lagos, in commemoration of the Children’s Day celebration. The children and their parents were there to honor the event.
According to Sydney Aigbogun, CEO of Cashbox, the app’s new feature was designed for children to introduce them to financial responsibility.
“We taught a way to launch the app and celebrate the cashier kids, hence a free kids event a day after the kids day celebration.”
He said the event helped Cashbox as a company engage with parents while receiving lots of positive feedback about Kidsbox.
“Most parents have even opened accounts for their children on the spot, including people who were unaware of the till before.”
Cashbox will also partner with other key stakeholders to ensure that more children are exposed to the culture of savings.
“We plan to partner with different schools across the country in introducing this new feature to students and their parents.”
Advantages of KidsBox
Exposing children to savings is not just a basic financial habit. Saving teaches discipline and delayed gratification. Saving teaches goal setting and planning.
According to Aigbogun, the aim is to become the premier savings platform in Nigeria for children and adolescents.
Although parents manage the account, KidBox is still aimed at children.
“Parents can start saving for their children at 12, maybe N1000 lowly of their regular allowance, and when the child is of age, then the child can continue the savings account on their own, culture savings has already been incorporated. ”
Aigbogun said the KidsBox kind of helps parents comfortably compartmentalize savings for themselves and their children.
According to him, saving for children is essential because their needs are constantly changing, from expenses and holidays to health care, and having money somewhere saved for a particular expense or for whatever purpose, prepares parents in a way adequate.
How KidsBox works
It is just a section of the Cashbox app downloadable 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 via bank transfer or automated savings when you add your debit card. Teens with access to bank accounts or debit cards can also join.
Aigbogun said the minimum amount that can be saved is 100 naira and the minimum period for a target savings plan for children is 4 months.
“For the flexibility of the kids, you can withdraw once every 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 strives to make saving a habit.
Many people have the desire to save, but doing so at traditional banks makes these funds readily available and defeats the purpose.
With cashbox, you can automate your savings and watch your money grow towards your goal.