CENOA: The Dollar account for emerging markets sees unprecedented demand as it launches in Nigeria


Cenoa, the zero-fee dollar account that improves access to dollar-based products in emerging markets, has announced its strong entrance into the Nigerian market, exceeding 50K+ sign-ups in a month with a remarkable app store rating of 4.7/5.0.

Based on the substantial demand, in addition to their presence in 40+ countries for over a year, the team also declared their commitment to the Nigerian market with a global mission to enhance accessibility to digital dollars for everyday users. 

With global inflation, devaluation and local currency meltdowns at a 40-year high, people in emerging economies are struggling to protect their money’s value. Many are resorting to storing savings in strong currencies like the US Dollar.

However, buying & selling dollars, transferring dollars and using it for daily expenses is often difficult and costly due to existing financial systems. Even global companies like Spotify and Netflix prefer USD over local currencies. 

CENOA: The Dollar account for emerging markets sees unprecedented demand as it launches in Nigeria
How Cenoa works

Cenoa offers a simple way to access digital dollars without any fees. The process of depositing, withdrawing, and sending dollars internationally or locally are all simple and cost-free. Plus, Cenoa offers one real exchange rate – without markups, spreads or commissions – so people buy and sell dollars at the same rate.

Unlike traditional banks that impose high fees and complicated currency exchange procedures, Cenoa keeps things easy for everyday users. Additionally, a USD debit card for spending will be available soon. 

Created as a global solution, Cenoa mobile application is available on both Android and iOS platforms, across 40+ markets. Though built as a dollar account for emerging markets, Cenoa is already integrated with Fonbank and Paychant, which connected Cenoa with the local deposit and withdrawal options for Nigerian users. 

Cenoa’s mobile app is a non-custodial blockchain wallet that is designed to provide its clients security and full control over their financial assets. Integrations with licensed fintechs such as Fonbank, Paychant and Transak, a licensed UK Financial Conduct Authority fintech, establish a seamless connection between Cenoa and local banking systems, enabling effortless access to USDC (US Dollar Coins) issued by Circle.

Circle, a regulated fintech entity on par with PayPal, Stripe, and Apple Pay, undergoes regular audits and SEC reviews, reaffirming its trustworthiness. Cenoa’s software has received a stamp of approval from Certik, the leading auditor who audited $364 billion. Also, Cenoa’s foundation is crafted by top global experts in defense engineering from around the world. 

CENOA: The Dollar account for emerging markets sees unprecedented demand as it launches in Nigeria

In January 2022, Cenoa raised US$7 million in Seed funding. The raise was led by San Francisco-based venture capital firm Quiet Capital – an early backer of Robinhood, and Underscore VC – a Boston-based firm focused on backing the next generation of iconic companies at their earliest stages.

Further investors include Human Capital, Ulu Ventures, Acrew Capital, and Collective Spark – who have all invested in successful well-known global neobank and fintech unicorns such as Chime, Coinbase, Brex and SoFi. 

Read also: CBN still won’t sell dollars to BDCs, issues new guidelines in a bid to reduce exchange rate

In a statement shared with Technext, Seçkin Çağlın, Founder and Co-CEO of Cenoa, said the adoption of the app in Nigeria highlights the need for emerging markets with high-inflation to get access to digital dollars.

“In Nigeria, Cenoa’s mobile application has surpassed our expectations, attracting over 50,000 sign-ups in just a month with a stellar 4.7/5.0 store rating. This strongly highlights the demand for accessible digital dollars, particularly in emerging markets dealing with high inflation, he said.

Our commitment to this cause has never been stronger, as we continue to offer zero-fee dollar transactions, empowering everyday individuals. This stride reinforces our global mission in 40+ countries and the significance of Nigeria within it.” 

Over 51% of Nigerian women don't have bank accounts- Report

Similarly, Emre Ertan, Founder and Co-CEO of Cenoa, added that the team is excited to have reached fifty-thousand users within a month

“At Cenoa, we’ve witnessed the financial challenges faced by emerging economies due to soaring global inflation. Our mission to provide a simple, fee-free solution to accessing digital dollars has resonated powerfully. The integration of Transak, our collaboration with Circle, and the approval of the Certik audited smart contract attest to our commitment to safeguarding clients’ financial assets.

We’re excited to have surpassed the 50K user milestone thanks to the demand in Nigeria, and this success only fuels our determination to redefine digital dollar accessibility globally.” 

Cenoa’s target for the next two years is to serve millions of customers worldwide and bring easy and cost-free access to digital dollars for everyday usage. It is dedicated to providing tools for fighting inflation globally and specifically for the people of emerging countries.

Having recognized the demand in Nigeria, the company remains committed to assisting the nation to make a positive impact on Nigerians’ daily lives. To reinforce this, Nigerian talent is being added to the workforce. the goal is to enhance lives in Nigeria and beyond.

CENOA: The Dollar account for emerging markets sees unprecedented demand as it launches in Nigeria
About Cenoa

Cenoa, founded in April 2022 and based in Singapore, is a global dollar account for everyone improving access to digital dollar-based savings products ideal for everyday people in emerging markets. The company offers enterprise-grade security, seamless user experience and cost-free transactions. To achieve this, Cenoa’s non-custodial service built on blockchain technology radically cuts intermediary costs and eliminates inefficient TradFi procedures. 

The four-person Founder Team consists of Co-CEOs Emre Ertan and Seçkin Çağlın who developed their idea together at Stanford Business School; and technical Co-Founders Sırrı Perek and Buğra Çakmak. The company’s international team works from Turkey, Singapore, the UK, Italy, Germany, and Switzerland. 

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