UKa$ii is a completely mobile Cryptocurrency Rewards Program, allowing consumers to earn "cash back" for cash spent at UKa$ii partner establishments. Partners will earn additional revenue, reach a wider customer base and have access to the UKa$ii Dashboard, enabling them to execute targeted campaigns. A key mission of UKa$ii is to support social causes in regions we operate. 5% of operational revenues will be invested in social responsibility projects, beginning with income from the ICO.
(Launch) Partner Contracting ---> continuous
Development / Testing of UKasii platform components ---> continuous
Registration of UKasii Nigeria
UKasii marketing activities / Blogs / Social Media / Roadshows / Conference Attendance ---> continuous
UKasii GO LIVE with first partner.
Launch "UKasii Swap", mobile app feature to exchange Kasii Tokens for Ukasii Coin
Launch UKasii South Africa
There's no guarantee of success in anything. Passed track records of success, no matter how strong and consistent, while a good benchmark, cannot guarantee that new ventures will succeed.
That being said, UKa$ii has been a year in the planning, with minute attention having been paid to every aspect of our target market(s), consumers, solution and business case. Meetings have been held onsite in Nigeria with potential user partners (retail establishments, one very large bank, travel agencies, sports teams) and consumers, and the market is open, ready and willing to adopt a new way of making transactions.
One reason is because money is "grubby" for want of a better word, and impractical to count when purchasing goods due to the weak currency, hence amount of money that needs to be carried in large quantities. We believe UKasii mobile transactions will greatly improve and enhance the consumer experience.
There are no real loyalty programs in the market and any that do exist do not provide any meaningful value in the form of returns. UKa$ii has been designed to generously reward consumers and partners, allowing people from all levels of affluence to benefit.
Our tagline, “Don’t judge each day by the harvest you reap, but by the seeds you plant”, forms the basis of everything we do and how we see and want business being done in the future. As such, a fundamental driver of our project is the social responsibility aspect. We have added CSR investment into UKa$ii’s cost of doing business and 5% of operating revenues will be invested in worthy projects annually, beginning with income from our ICO. Thus, consumers and partners alike will know they are contributing to the development of their local regions by using UKa$ii. A Head of CSR will report to the UKa$ii CEO in every country we launch, with UKa$ii teams actively participating in the projects we invest in, further promoting UKa$ii and its greater mission and in the process greater advocacy. We believe we will be very successful as a result of “ethical profits” and reaping what we sow.
The UKa$ii Founder, Mustafa Ozalcin formed the core team of executives having collaborated with each of them on various projects in previous roles, with the exception of Omer T. Zaim who is a childhood friend from London.
Omer is a highly experienced IT consultant who has been an early advocate and adopter of cryptocurrency and blockchain and naturally offered to support the project as soon as he heard about it, having evaluated and invested in a number of ICO’s over the past 4-5 years.
Ravindra and Mustafa have worked together on various loyalty projects going back over a decade, including travel industry loyalty events. Mustafa has spoken at several of the events organised by Ravindra’s organisation Global Flight. Ravindra has also supported customers and events organised by the companies Mustafa has been employed by, including Hitit and Amadeus.
Rob Prophet was a customer of the Founder’s previous organisations when he consulted on the formation of Equatorial Congo Airlines. Mustafa’s company provided the Loyalty and Passenger Services System solutions to the airline. Rob and Mustafa then collaborated on a project for Africa that formed the basis of UKa$ii, which you can read about in our blog which has been and continues to be published on Medium. This is where they first met Chinelo Obidigbo who was initially headhunted for an HR Directors role for the Africa project. Chinelo, a Nigerian national, was sold on the idea of UKa$ii – which had a different name at the time - and kept in touch throughout the planning process. As soon as UKa$ii was established as an entity in London, Chinelo came on board as Legal Advisor and has been assisting with the incorporation of UKasii Loyalty Nigeria.
Mention also should be made of the UKa$ii development team (5 - Europe) and local sales / marketing team (3 - in Nigeria), referred to as “UKa$ii Team X” on our website but not listed on Coin Schedule. These eight individuals are currently in full time employment and have supported the UKa$ii project pro bono since its inception but wish / have to remain anonymous for obvious reasons.
1. Regulatory: Naturally the regulatory environment in relation to cryptocurrency is always a risk for the immediate future. However, cryptocurrency is legal in Nigeria and much like the rest of the world, the framework is still to be developed. We believe cryptocurrency is here to stay and it’s our aim to be a part of the discussions as they progress. Preliminary meetings have been held with a prominent bank in Nigeria with strong ties to the Ministry.
2. Lack of customer adoption: As mentioned in our answer to Question One above, there's no guarantee of success in any project. If consumers don’t adopt the program, we cannot succeed. However, our meetings in Nigeria have been very positive and benchmarks with similar programs’ adoption rates where there is a more saturated market (e.g. Istanbul), show that these types of programs are received favourably. The goal is obviously to maintain the engagement, which is why we intend to keep things very simple until critical mass is reached. And still thereafter. Our Business Case is positive if we are able to attract and keep 2.5% of Nigeria’s 90 million urban population active in the program with minimal spend.
3. Lack of partner adoption: Similarly, with the above, if retailers etc. do not adopt the program, then it will be difficult to succeed. However, as mentioned above, our meetings in Nigeria have been very positive.
4. Implementation: While we have a very simple process for onboarding partners, implementing projects is a two-way relationship and there are dependencies on your customers, and in certain instances, their third parties. Though our team is very well versed in implementing projects of scale, for airline customers etc., the “dynamic” in Nigeria – for want of a better word - is slightly different. Response times can be slower than accustomed to in other regions. We intend to overcome this and keep this risk to a minimum with the support, experience and relationships of our local staff.
5. Competition: Currently there are no similar programs in Nigeria, however developments happen quickly in the world of tech. While we don’t anticipate any immediate threat from competition, a concern that does niggle away at us, is “what if someone with no real industry experience tries and screws up big time?” Considering cryptocurrency and blockchain are new technologies, this could potentially harm the future of other projects both from a consumer standpoint, as well as a regulatory one if such project had malicious intentions.