By Zika Bobby
As part of its expansion efforts, Nigerian fintech company, Cashir has announced a further enhancement of the safety features on their app to bolster the confidence of their growing users in the country.
Its Chief Executive Officer, Wole Ademola Adewole told newsmen in Lagos that the app, which won the Microsoft for Startup Founder’s Award, has been fortified lately to ensure that users not only enjoy seamless transactions for their daily financial needs but are equally protected while doing so.
“Safely is a priority for us at Cashir. As such, we conduct an integrated know your customers (KYC) process for all registered users on our platform and this helps us rate users based on a pre-determined confidence level which we use to monitor user activities. In addition, we have thresholds for maximum transaction volume users can perform depending on their KYC classification. Furthermore, we are always innovating and rethinking how we make sure our systems are fraud-free and safe,” he said.
Emphasising that the company is determined to ensure financial freedom in West Africa and beyond, Adewole revealed that they have a clear roadmap to grow their user base to over 500,000 in 24 months and also expand to other African countries, starting in West Africa.
“In 5 years, we expect to have achieved a unicorn status of one billion valuation, which will be evident by our user base growth and transaction volumes. But more importantly we are on a mission to facilitate one million Africans to become financially banked. The target audience for Cashir App is the adult population between 18 to 50 years who have smartphones. Ideally, our early adopters are people between the ages 18 and 35 years and this is because they are more adventurous and ready to try out new things. Examples of this population group include students in universities, early career workers, market women, etc. As we grow and become more integrated, we expect more people from other age brackets will begin to use the Cashir App.”