Cashbox review – Is this program legit or scam [well…this happens]

Cashbox – The ratio of synergy and savings culture in Nigeria is apparently not at its best yet, according to a recent report.

Do not rule out the fact that, the path to the Nigerian economic growth depends, to a large extent on the relationship between savings and investment. This has a valid backing by economic theories even.

You cannot ignore the fact that the weak investment approach in Nigeria is largely attributed to; low level of income, policy inconsistency, high lending rate, reliance on crude oil sales for revenue and impending breed of corruption.

These and their likes have hampered the nation’s economy, as well discourage the citizenry from imbibing good savings and investment culture.

Having cited that now, let’s take a holistic look at the major cause of this guide as seen earlier.

This guide promises to be a torchlight on your way into deciding whether to save your money with cashbox or not.

On a lighter note, you’ll have genuine review void of any form of ambiguity or bias, as well understand my position as a neutral figure who has nothing to lose or gain, hence you’re assured of nothing but the real truth

Read also: Piggyvest Review: What you need to know about Piggyvest savings and investment options

With that out of the way now, let’s get the motion running…

What is Cashbox?

This is a digital savings platform that claims to help everyone “Make savings habit.” In their assertion, the program was founded as a fun way to encourage a healthy saving habit and help curb excessive spending, on a seamless and easy-to-use interface.

By this arrangement, this program aims to inculcate savings habit which eludes the Nigeria populace.

While this happens, it’s pertinent to understand that it’s activities are digitalized, which means it’s not like the usual traditional banking where you visit the bank business premises to make deposit.

Who owns Cashbox?

Cashbox is a property of Global Service Limited, with RC 1529133.

With a mission to partner with its customers and help them take charge of their finances. Then come their corporate values enshrined in;

  • Service excellence
  • Transparency
  • Integrity
  • Research development and
  • Structure.

How cashbox works

This platform onboard users in two simple steps.

You will have to create a profile, then select a savings plan from their arrays of packages. You can save by automating the amount you wish to contribute at regular interval, debits to the tune of the amount will be passed on your account.

By this arrangement, you will have to link your ATM card to your profile for easy account access.

Your savings can be withdrawn on withdrawal date; March 1st, June 1st, Sept 1st and 1st Dec.


According to the pioneers of this platform, they have carefully carved features that will enable and enhance users of varying capacities to take advantage of the platform into building savings culture.


The target plan lets users save consistently, usually daily, weekly or monthly as the case may apply.

Their savings are usually to attain set financial goals, they can earn a maximum of 10% p.a on the savings.

As a plan recommended for disciplined savings, withdrawal is allowed on plan maturity only.

Users may save for education, rent and vacation etc.


This is a plan suitable for users without ATM card, as well not automated. For these category of users, they are required to credit their swift via bank transfer, amount transferred will reflect in your swift balance.

By this claim, despite operating a digitalized savings platform, it still provides ample opportunity for users who wish to transact without ATM card.


The platform made a claim that users can save regularly at ease, daily, weekly or monthly as they deem fit.

Not only would they save, they will receive an interest of 10% p.a on their savings/deposit. You are at liberty to effect withdrawal once inclusive to the set withdraw date usually once per quarter.

By this arrangement, you can withdraw twice per quarter.


The clique feature permits users to save with family and friends the little way to achieve financial goals and objectives.

You may earn up to 10% p.a on this feature.

Despite saving together, no one can have access to your funds but only you, the upside is that it motivates group savings in principle.


By default, this is a personal fixed deposit account, the interest rate ranges from 10-15% p.a however dependent on tenor.

This plan goes with a behavioral pattern of treasury bills, your interest is paid upfront upon deposit, you may choose to go as far as 90 days.

Your withdrawal comes on maturity date of the investment.

General note: For the above features mentioned, you could attract a 5% penalty if you choose to withdraw outside the withdrawal dates stated earlier, this is to discourage withdrawal and encourage savings.

Read also: SumoBank Review: All you need to know about SumoTrust before you invest or make money with them

Press briefing

According available press briefing, Cashbox was established in 2018, ever since boasts to had help over 100,000 Nigerian users save as much as $350,000 in the first year and have processed over N1bn between January and August 2020, however looking to deepen market share with new product features.

Digital/online savings is quickly transforming the spending habits of many Nigerians in a way that traditional bank saving could never have imagined.

The benefits of going online with a savings account include; convenience and efficiency, users quickly without stress open an online savings account and manage same on the go.

Cashbox was created because we wanted to bring basic financial services to everyone regardless of their location as well make it free of charge without maintenance fee of whatsoever kind, said the founder and CEO Sydney Aigbogun.

He continued…. “With the number of financially excluded people raising in the country driven by poverty, it’s increasingly difficult for a lot of people to set aside money for the rainy day.”

Is cashbox really safe?

In terms of security of users funds, they’ve gone further to make the below assertion;

“Security of our savers is paramount. The system was built using Bank grade security features.

Your personal and card details are safe, all payments are handled through flutterwave and Paystack which operates one of the best payment technology in the world with top companies like Uber,, MTN, Bolt, Nairabet and many more use.”

However, on being safe to save with, keep reading.

How are they able to pay interest higher than the bank?

Reacting to this question, Sydney Aigbogun noted that Cashbox is not a traditional bank, as such do not have high cost associated with running multiple bank branches. He likewise noted that funds are invested in short term low risk bonds, securities and investments.

I’m not sill convinced with the above claim, how do they make the money they claim to be paying?

Going by the claims, they invest in short term securities, bonds other investments.

Now, short term security deal with those securities traded in the money market e.g, Treasury bills, Open Market Operations, Commercial Paper, Banker’s Acceptance, Certificate of Deposit etc.

These securities can be traded with high yield, returns are always presumably, giving a short duration of trade.

Investment in bonds however is capable of bringing yield, especially government bonds.

Giving the return they could have in this market, it’s obtainable with formidable team of experts, again, financial outlay available to them makes it possible to realize huge returns in event the market goes bullish.

What people are saying about Cashbox

Apparently there wasn’t much said about this platform yet as at the time of writing this review, the very few found were not negative except account cocerns, this does not mean one should throw caution to the wind any ways.


Platforms like this arguably provide avenue to improve on ones savings culture, all things been equal users will;

  • Have opportunity to save and meet their future financial obligations
  • Rather than spend before they save, they’ll learn to save first then spend what they have left
  • The interest rate will return higher yield than the traditional bank does
  • The service is rendered at no fee charged, unlike banks who will charge for account maintenance fee etc.


  • A penalty of 5% applies when you effect withdrawal outside the withdrawal dates, this however discourages withdrawal.
  • Should the goings go wrong, rest assured users are most likely to lose their funds, giving that there’s no record as to whether the platform is under the National Deposit Insurance Commission’s (NDIC) auspices.
  • There could be heavy loses, if particularly their acclaimed team of experts are not good enough, where they may have wrong choice of investment. But given their records so far, it appears they have competent team to have risen so rapidly within a 2-year frame.

Are there similar platforms in Nigeria or it’s just one of its kind?

If you’ve been an ardent reader of this blog, you should have come across few positive reviews on platforms that help Nigerians save and invest their fortunes at the same time.

They’ve lived up to expectations even as at the time of writing this review, they have been so typical and outstanding, namey; Piggyvest and SumoTrust.

To say the least, they are just awesome and hopefully Cashbox may fall in this category too.

Optical appraisal

Looking at the track records of this platform available at the public domain, what they have achieved and the extent to which users have had continued business with them speaks volume, on this premise, it will be most uncharitable to paint it in bad light.

Let’s say things are going well with them at the moment and hopefully everyone wish to see that advance even.

They probably may be conversing for external investors in the nearest time, been equally made to understand that preparations are in advance stage to see them venture and play in other sectors of the economy like agriculture, foreign exchange etc.

Read also: Opaybinary review: How reliable is this investment platform? Find out…

My verdict

It’s apparently obvious at this time that they’re getting affirmative node from me, I grade them on the same pedestal with Piggyvest and SumoTrust they’ve been touching and changing lives for better in Nigeria.


Here is just a true and honest review of Cashbox, just like I have nothing to lose by stating the obvious, I likewise do not have anything to gain by convincing you.

However, recommendations have been made, but you have the sole right to decide what you do with your money.

If you choose to save with them, go gradually and improve when you are thoroughly assured by your own conviction.

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