Ever woken up with a great idea that would make you lots of money? Then, assuming that it’s not the right time, you push it aside and before you know it, someone else beats you to it. This was almost the case with Maya Whitehead’s Cash Cloud.
Whitehead was born in Bulgaria and lived in 22 countries before she moved to South Africa. She was frustrated that she couldn’t open a bank account, and her unexpected divorce made things much harder.
“I have been here for 16 years and for the first 10 I didn’t have anything—no bank accounts and no ID book, so it was very hard… You can’t even get a job because people don’t want to pay you cash.”
Whitehead thought about leaving the country, but instead of running away from the problem she found a solution. There were many others who struggled to secure a bank account; among them the blacklisted, foreigners and those who were turned away from the banks.
“People will have an alternative because the system is very strict. I mean, you make one small mistake and that’s it, it’s over for you. You can’t take out a cellphone [contract], you can’t open an account, you can’t do anything. And it takes you years to clear that up and it’s always against your name, it’s like you’ve been to jail.”
With an idea in mind, the next step was how. Then the smartphone application Instagram came into the picture—Whitehead was intrigued and confused.
“I was talking to my brother and said maybe it’s a way they will allow us to move money faster. We were shocked. Someone had stolen my idea and we had to go check it out.”
Whitehead was relieved to find that Instagram was not an inexpensive banking business but a photography and video sharing website and smartphone app.
“I thought, ‘Oh Instagram, maybe somebody made something where you instantly move money’. Because I was thinking of MoneyGram&#8230; that’s what I was using the entire time,” laughs Whitehead.
It was a moment that turned her dream into reality. Along the way she encountered a few doubting Thomases, along with legislation and red tape.
“The problem with me is when someone tells me that no there’s no way, then I have to go prove them wrong.”
With a background in the food industry, Whitehead knew she didn’t have the skills to execute the business and that’s when she called on her professional contacts.
Cash Cloud launched in April and with backing from Absa, Visa and Nedbank. It set out to give the banking giants a run for their money, with a particular focus on those who have never received a letter that started with “Dear Valued Customer”.
With no formal marketing strategy, the company makes use of Facebook and local agents.
“The strategy is to be close to the people and utilize relations. Our field agents live where they sell… We targeted the township areas and medium businesses with existing relations. It was very important for the agents to communicate to the customers in their language.”
Cash Cloud’s clients range from a biscuit factory in Soweto, to a limousine company in Sandton and a vegetable shop in Fourways.
With its corporate package, the company is a major benefit to industries where employers pay employees cash in hand. For many people it is a risk to carry cash. The corporate package allows the employer to pay its employees through Cash Cloud.
Whitehead often has to explain to her clients how to operate an ATM.
“Some people haven’t had bank cards before and that’s nothing to be ashamed of. Our business is 80% education and 20% the rest, because people need to know what they are paying for.”
Whitehead believes that this banking system was a long time coming. She feels that she got lucky because she was at the right place at the right time, which was combined with the frustration she experienced in not having an account.
“I haven’t been conditioned to the point which other people have been, in believing that such things are impossible. I was exposed to outside influences, saw similar processes in Europe. And through asking questions I realized that this was possible.”
With the first phase of Cash Cloud—the debit card—underway, the second phase—an online banking and mobile application—launched at the end of July. Whitehead is most excited about the third phase of the company—the money transfer system—which will be in full swing by the end of the year.
The lucrative money transfer system will operate in six countries: Zimbabwe, Zambia, Mozambique, Tanzania, Botswana and South Africa.
Whitehead hopes to go into car finance, lending solutions and cellphone contracts, based on the same principle and by targeting the same customers.
At the time of writing, Cash Cloud had sold 26,000 cards.
Not bad for a company that has only been in operation since April.
Whitehead often finds it hard to believe how she even got here. She thought that she was going to be a doctor, then dabbled in the hospitality industry and has a range of health foods, called Skinny Foods.
When she is not busy with Cash Cloud you will find Whitehead sitting under an umbrella in the sun with a big smile on her face at one of her five restaurants. As the cloud appears, blocking the sun’s rays, she smiles. Then comes the rain and a tumble of cash.

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