Kenya-based fintech, Sycamore Capital, has announced that it has successfully exited the Capital Markets Authority (CMA) sandbox as an intermediary services platform provider. With this exit, the fintech has announced the commercial launch of its Cashlet app after 24 months of successful testing and regulatory oversight.
The Cashlet app is a unique mobile savings and investing app from Sycamore Capital. This one of a kind app makes it easier for Kenyans to save and invest in several money market funds (MMFs) seamlessly and securely from one platform. Before this, those interested in MMFs had to look at the individual products through different platforms and this was not convenient if you wanted to invest in more than one product.
With the Cashlet app, you can invest as low as ksh 100 and start earning interest on your savings. After saving, you still have access to your funds in case of an emergency. Cashlet works in partnership with licensed Kenyan fund managers including ICEA Lion Asset Management, Etica Capital, and Orient Asset Managers.
The Cashlet app has been in beta phase for month and 10,000 Kenyans have signed up to use it. You can download the app through the Google Play Store on your Android phone and through the Apple App Store for your iOS device. Downloading and registering takes less than a minute.
“We are committed to ensuring that every individual, irrespective of their financial standing, can benefit from our platform. The goal is not merely to set money aside but to empower users to earn strong returns/interest on their savings and have comprehensive control over their financial journey,” said Aggrey Obimbo, a Director at Cashlet. “Cashlet is for everyone. Whether you’re starting with a small sum or have more substantial financial resources, our platform is tailored to meet your unique financial goals. After all, financial success knows no bounds, and at Cashlet, we are committed to making it accessible for all.”
Key features of Cashlet App
Earn Market-Leading Interest Rates:
Cashlet offers attractive interest rates of 11 – 15%2 p.a. on customers’ savings. This is achieved through integration with 3+ money market funds.
Accessible to Everyone:
Customers can start saving on the Cashlet app with as little as KES 100. Subsequent top-ups can be as low as KES 50.
Gain instant Access to funds:
No waiting around for days when there is an emergency. With Cashlet, there are no lock-in periods and customers can withdraw and receive funds into their Mpesa account within seconds.
Experience Simple, Convenient Processes:
It takes less than 1 minute to set up an account. Customers can deposit and withdraw using multiple payment options. The User Interface (UI) is carefully designed to make the savings experience fully digital and hassle-free.
Enjoy Total Control And Flexibility:
Customers can create multiple savings goals, choose from 3+ money market funds, and monitor the growth of their savings in real-time. Cashlet provides flexibility to tailor savings to unique needs and preferences.
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