Sycamore Capital announces commercial launch of the Cashlet app after successful exit from the CMA Sandbox

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

Cashlet is a first-of-its-kind mobile savings and investing app. For the first time, Kenyan consumers will be able to access a seamless, secure, and modern mobile app that enables them to save and invest in several money market funds from one platform, 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.

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 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.”

Cashlet Features

Key features include:

EARN MARKET-LEADING INTEREST RATES:

Cashlet offers attractive interest rates of 11 – 15%²p.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.

For more information about Cashlet, please visit cashlet.co.ke.

About Sycamore Capital/Cashlet

Sycamore Capital is a trailblazing fintech company in Kenya that is passionately committed to revolutionizing the saving and investing landscape. It is regulated by the Capital Markets Authority as an intermediary service platform provider.

The Cashlet app is a simple, convenient, and secure mobile savings app, empowers users to embark on their financial journey with confidence. It is currently used by over 10,000 Kenyans. For detailed information, visit www.cashlet.co.ke.