Cashlet, a fintech platform founded by Aggrey Obimbo, announced its plans for expansion into East Africa on Monday.
The company aims to enter markets in Uganda, Tanzania, and Rwanda following its successful regulatory approval from Kenya’s Capital Markets Authority (CMA) in January 2024.
Growth and impact in Kenya
Since its launch, Cashlet has experienced remarkable growth, boasting over 13,000 active users and facilitating more than $1.2 million in gross inflows.
The platform focuses on financial inclusion and allows users to start saving with as little as $1. “This past year has been a turning point for financial empowerment in Kenya,” Obimbo stated.
The platform’s features include goal-based savings and automated deposits, which have significantly improved users’ lives.
One user shared, “Cashlet has made it possible for me to save for my children’s education and invest for the first time.”
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Plans for East African markets
Cashlet is not just focused on growth; it is also committed to enhancing financial literacy among its users. The company has provided educational resources that have been viewed over 600,000 times.
As it expands into neighbouring countries, Cashlet aims to onboard 200,000 users and grow its assets under management to $15 million by the end of 2025. This ambitious plan reflects Cashlet’s dedication to fostering financial empowerment across East Africa.