The Capital Markets Authority last week admitted Cashlet, an app-based FinTech into its Regulatory Sandbox.
This means that the product by Sycamore Capital Limited, which provides an easy way to invest in Unit Trusts, is being tested for roll-out.
The beta version of the Cashlet app is due to be released on the Android Playstore and Apple Store by mid-February 2022, but users can sign up now to join their Waitlist and be first to get access. “Our mission is to help people invest, manage and grow their money in the simplest way possible. Most industries in Kenya have been transformed by the power of technology and mobile apps. Unfortunately, the personal finance industry, including savings and investing space, has been left behind and we are looking to change this together with our partners. We want to uberize the space” said Kwaku Foh, one of Cashlet’s Co-founders.
“We are building features that will ensure that we are not “just another financial app” but a one-stop shop for you to manage, invest, and grow your money minus all the complications”.
The app works in partnership with regulated fund managers in Kenya. The initial partner fund managers include ICEA Lion Asset Management, Old Mutual, and Genghis Capital.
Pioneering features
According to Sycamore Capital Limited, Cashlet App will allow users to invest as little as Sh500 where users will load money from Safaricom’s MPESA mobile wallet with just a few clicks.
The app provides full and real-time transparency on how a user’s funds are performing, with an easy way to top up or withdraw funds.
“Cashlet gives the user a dashboard view of all goals, percentage progress made, daily interest/gains accumulated, and reminders to help stay on course. There are also no lock-ins or withdrawal penalties.’, the firms statement stated in part.
The rate of return is projected to between 8-10% per annum.
Cashlet’s in-app live chat support will also give users access to a knowledgeable support team. Users can ask for tips on unit trusts and other financial products and seek advice on personal finance topics.
Cashlet joins 13 other fintechs, that have been admitted into the CMA Regulatory Sandbox program since July 2019
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