Sycamore Capital, a Kenyan-based fintech company, has announced its successful exit from the Capital Markets Authority (CMA) sandbox as an intermediary services platform provider. This paves the way for the commercial launch of its Cashlet app after successful testing and regulatory oversight over the past 24 months.
Cashlet is a mobile savings and investing app that will enable Kenyans to save and invest in several money market funds from one platform. Users will also be able to earn strong interest on their savings, start with as little as KES 100, and gain instant access to their funds when there is an emergency. This is being delivered through partnerships with licensed Kenyan fund managers such as ICEA Lion Asset Management, Etica Capital, and Orient Asset Managers.
Sycamore Capital said in a statement that more than 10,000 Kenyans signed up for the Cashlet app during the testing period (beta phase). Following the commercial launch, the Cashlet app is now open to the general Kenyan public. It can be downloaded from the Google Play Store and Apple App Store. It takes you less than 1 minute to sign up and activate an account on the platform.
“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 designed 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.”
Sycamore Capital was admitted to the live-testing environment in July 2021.
‘The regulatory sandbox remains an important tool for the Authority in developing evidence-based policy and regulation by facilitating innovation. However, more strategically, we see it as a driver for growth in the investor base, democratizing wealth and enhancing liquidity in the capital markets’, CMA Chief Executive Officer Wyckliffe Shamiah said.
The Cashlet app is available on both iOS and Android.
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