Cashlet Eyes East Africa Expansion

Cashlet, a fintech platform, has announced plans to launch in neighbouring markets like Uganda, Tanzania, and Rwanda a year after obtaining regulatory licensing by the Capital Markets Authority (CMA) of Kenya.

The CMA approval enabled Cashlet to go commercially public in January 2024, empowering 13,000 active users and facilitating over $1.2 million in gross inflows, with more than $500,000 in assets under management (AUM). Cashlet has achieved a 50 percent monthly growth in gross inflows, cementing its role as a pioneer in financial inclusion in Kenya.

“This past year has been a turning point for financial empowerment in Kenya,” said Aggrey Obimbo, Co-Founder and Chief Commercial Officer of Cashlet. “The CMA’s regulatory approval enabled us to launch a platform that has made saving and investing accessible to underserved communities. The enthusiasm and trust from our users demonstrate the urgent need for innovative financial tools. Our focus remains on deepening our impact in Kenya while preparing for expansion into broader African markets.”

Cashlet’s platform offers ultra-low barriers to entry, with savings starting at just $1. Key features like goal-based savings, automated deposits, and access to high-yield financial products empower users to take control of their financial futures. Cashlet also emphasizes financial literacy, with educational resources that have been viewed over 600,000 times, ensuring users make informed financial decisions.

Kenyan users have embraced Cashlet’s mission, with many citing the platform as life-changing. “Cashlet has made it possible for me to save for my children’s education and invest for the first time,” shared one user. “It’s easy to use, and I feel like I’m finally building a secure future.”

Cashlet is committed to driving financial inclusion in Kenya while laying the groundwork for expansion across Africa. By the end of 2025, the company aims to onboard 200,000 users, grow AUM to $15 million.