LATEST TECH NEWS: Nigeria’s Cashbox accrues $2.5m from 100k users. 3 other things and a trivia you need to know today, October 9, 2020

These latest stories from the tech space will keep you updated with trends today.

1. Nigeria’s Cashbox accrues $2.5m savings from 100k users

This year alone, the Nigerian online savings startup Cashbox has reportedly recorded a significant milestone, accruing US$2.5 million from stellar about 100,000 users. Since its launch in January 2019, the startup has been helping people easily save money irrespective of their income or social class.

Reviews, from the public revealed that Cashbox allows users to earn interest on savings free of charge and via a seamless mobile interface. Identifying a void in the market, founder and chief executive officer (CEO) Sydney Aigbogun informed that this influenced his decision to found the company. He emphasised that the difficult methods of saving in the past was a major discouragement for people.

He said: “The average individual wants to save but wants to do that easily, safely and without having to go through the hassle of unnecessary maintenance fees and charges, and also by using a system they can trust,” he said. According to him, the old options kept the public in fear, holding back funds that could be saved and invested for the rainy days.

“This to a large extent affected the saving habit of people since they would rather spend their money rather than save it in a system they didn’t trust. We decided to find a way to get this savings product to almost anybody that has a mobile phone and wants to save money. With the help of technology, we have been able to build Cashbox and make it extremely secure,” he submitted.

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Tech Trivia:

Which ex-Manchester United player created Axis Stars as a social network for professional sports stars?

A. Ronaldo
B. Ferguson
C. Saha
D. Evra

Answer: See end of post.

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2. Nigeria’s Chaka, 2 other African startups, make Seedstars list

Against Seedstars’International Demo Day slated for October 14, three African startups have been included on the list. The Nigerian money startup, Chaka, will stand a chance to pitch at this year’s virtual Demo Day, alongside 17 others. Chaka, from Nigeria, and two Kenyan startups, Fuzu and Pezesha will participate in the session featuring startups from regions including Asia, the Middle East, and North Africa along with Latin America and Latin America. According to press, the Demo Day is part of the Seedstars International Growth Programme, a three-month-long virtual post acceleration programme that has been designed to assist startups.

Read also: LATEST TECH NEWS: Gmail unveils new logo. 2 other things and a trivia you need to know today, October 8, 2020

Seedstars, the organisation floating the initiative, noted that the programme was aimed to assist startups in building a growth team and implement a strategy to support the business’s growth. Speaking on criteria for merits, participants, now selected, had to meet certain requirements to be eligible for the programme. According to the board, participants for the demo day must have verified business model, and be generating sales and revenue with an investor ready mentality. In addition, however, the firm must be operating in agriculture, education, financial services, energy, real estate, retail, energy, or any major government sectors.

3. Kenyan startup announces launch of P2P car-sharing platform

As the last quarter of 2020 unfolds, Komboa, Kenyan startup has launched a peer-to-peer (P2P) car-sharing platform, allowing users to rent private vehicles. Although still available on desktop since its initial launch in June, the company looks to taking over mobile devices soon. According to Komboa founder, the new wave has risen for the sharing economy. To him, leveraging technology to redefine mobility is the future. He said: “We are firm believers in the sharing economy, where people are beginning to think differently about car ownership and mobility. Having access to a car now does not necessarily mean needing to own a vehicle. Similarly, mobility is not restricted to one mode of transportation, with trips becoming more multi-modal.”

Reports noted, however, that the company was bootstrapped, with relatively slow uptake. Already devising means to upscale, the founder noted that his startup has started conversations with car owners who might consider a deal. “We are in the process of marketing to car owners who are a very key component of our operations,” Gisore said. Industry insight revealed that the company still operates solely in Nairobi at the moment. However, there are plans on expanding to other major towns and cities in Kenya once it hits a threshold of 1,000 users. As a business venture, Komboa operates on a commission basis, taking 20 per cent on every transaction that takes place on its platform.

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Tech Trivia Answer: Louis Saha

The former France international striker and ex-Manchester United star launched the company in 2013, the same year he retired after 23 years in the game. Taking inspiration from his career in sport, Axis Stars provides financial advice for professional athletes, coaches and agents with the aim of preventing bankruptcy – something that has plagued many once-wealthy stars down the years.

Sportsmen who signed up have included Andy Murray, Didier Drogba, Phil Neville and Florent Malouda. The network gives them a place to chat about lifestyle, insurance finance, physios, sponsorship and anything else related to their careers.

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