A personal finance mobile app, Cashlet, has been admitted to the Capital Market Authority’s regulatory sandbox program.
This means that the app will now be released as a beta and seeks to onboard as many young people as possible.
CMA developed the Regulatory Sandbox to enable fintechs and other companies to soft launch innovative products, solutions, and services that have the potential to deepen or broaden the Kenyan capital markets.
Cashlet has been developed by Sycamore Capital Ltd, and it works in partnership with regulated fund managers in Kenya, to allow users to invest in unit trust products in simple, fully digital, and modern way.
The initial partner fund managers include ICEA Lion Asset Management, Old Mutual, and Genghis Capital.
The beta version of Cashlet will be launched sometime in mid-February, 2022. It will be available for both Android and iOS users.
Interested users can also sign up now to join their Waitlist and be the first to get access.
The app seeks to pioneer saving and investing flexibility, lifegoals creation and tracking, market interest rates, financial visibility, and expert support.
“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.
Many Kenyans find it had to manage their money. In fact, most Kenyans have no savings, a worrying trend that is rooted in systemic failures that are uniquely local. Nonetheless, Kenyans are more financially informed than they have ever been thanks to fintech apps and companies that have done more than demystifying the world of finance.
It should also be remembered that fintech companies are at the forefront of innovation in Kenya and have done an excellent job packaging all sorts of financial tools. Some help people access loans, while others help customers invest their spare money.