August 31, 2018 IBOMLLC Team

Uganda’s fintech startup OlyCash enables Remote Cash Transactions

Innov8tiv
Innov8tiv – Blacks In Technology in USA, UK, Caribbean Islands & Africa

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 …read more

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