OlyCash is a fintech startup in Uganda that facilitates cash payments between parties from different locations, online and offline, using agents where one-time code serves as money.
The startup went live in 2016 and serves its customers via agents who have access to electronic accounts and facilitate the cash-in and cash-out on a market-determined fee. OlyCash began accepting payments and listing sellers less than three months ago, and so far it has signed up over 290 sellers, while doubling its revenue each month.
In a statement to a section of the media, Eisah Mayanja the CFO and co-founder of the fintech startup said: “The most realistic solution invented for the developing markets situation was cash-on-delivery. OlyCash is determined to change that. If you have cash, you should be able to buy anything, anywhere.”
So far, the startup has been self-funded and has been in beta for most of its market existence. However, they currently feel they have discovered a business model that is scalable, secure, and reliable.
“For lack of better options, this even includes our own shipment processing and tracking system. We have established major industry relationships relevant to the operation and growth of such a business from the top three shipment providers and all major telecoms in Uganda.”
OlyCash is currently only available in Uganda but is planning on soft launching in California. Mayanja strongly believes California has a lot of relevant use cases and has already identified demand for the service; Craigslist being one.
“We want to prove that OlyCash can handle both extreme ends of the economic spectrum. We then plan to start spreading in developing and developed markets alike as per our planned schedule. This will make it tough for any copycat, whether in developing or developed markets, unless they can beat us on execution.”
The startup’s cash revenue comes from charging a 1% on every successful transaction between the two parties transacting on its platform. It could be between a store and a shopper (purchase), or between an agent and a shopper (a cash out).
“We also make extra from the add-on services, such as a seller’s online shop-front or ticketing – all in line with the value proposition. Our intention is to build an economy on top of OlyCash where agents, developers, sellers, entertainers, and other businesses thrive.”