Cashlet will introduce unit trusts as part of their one-stop-shop offering to allow investors to manage, invest and grow their finances.
The platform, developed by Sycamore Capital Limited in partnership with fund managers ICEA Lion Asset Management, Genghis Capital, and Old Mutual, will debut its beta app allowing users to save and invest as little as Ksh 500, and earn interest rates between 8-10% through low risk, accessible, and easy-to-invest products like unit trusts.
Unit trusts are funds where investors contribute to a collective investment scheme managed by a professional fund manager who invests the funds in a portfolio of securities like stocks and bonds among other authorized securities to generate income for investors.
Currently, Cashlet is testing its innovation in the Capital Markets Authority (CMA) Sandbox and plans to launch in mid-February 2022. Users can join the waitlist to get early access to the app here.
Once live, the Cashlet solution will simplify investing by offering an interactive, easy-to-use platform, allowing users to easily sign up, invest and exit the market. Besides, cutting the minimum amount users need to access unit trusts will allow more investors to participate in capital markets.