The Capital Markets Authority (CMA) has admitted a new app-based fintech to its Regulatory Sandbox program. This admission will allow the startup roll out a beta version of its app to early adopters.
Cashlet, as the app will be known, is developed by Sycamore Capital Limited. It is done in partnership with regulated fund managers in Kenya including ICEA Lion Asset Management, Old Mutual and Genghis Capital.
It will allow users to invest in unit trusts in a simple and digital manner from as little as KES 500. Cashlet promises flexible and easy ways to deposit and withdraw.
The Regulatory Sandbox was developed by the CMA 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.
Availability:
The beta version is set to open to the public in mid-February. There’s a waiting list open for those who want to get first access – here.
Kwaku Foh, one of Cashlet’s co-founders says, “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 spaces, have been left behind and we are looking to change this together with our partners.”
“We are building features that will ensure that we are not “just another financial app” but a one-stop shop for you to manage, invest, and grow your money minus all the complications,” says Kwaku.
It will be interesting to see Cashlet’s uptake, and how the idea will compete with a sort of similar upcoming product – Safaricom Mali.
Cashlet joins 13 other fintechs, that have been admitted into the CMA Regulatory Sandbox program since July 2019.
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