On Cenoa, users can begin their investment journey with 1 kobo for a 5% annual yield

Dennis Da-ala Mirilla
On Cenoa, users can begin their investment journey with 1 kobo for a 5% annual yield

What is Cenoa?

The digital age has brought with it a myriad of features, proposals and apps, in a bid to usher us into the digital revolution. Many payment platforms, savings platforms, and platforms that allow users to buy airtime, pay for cable and buy lunch have been launched in mobile app stores.

In Nigeria, fintechs especially savings platforms and payment gateways offering B2B products have seen steady growth and for obvious reasons. Nigeria is a country with very little access to credit from traditional financial institutions.

In this setting, saving represents the easiest and most sustainable option to pay for goods and services. And with all the fintech and e-commerce and prop-tech companies popping up, well, they need companies offering payment gateways and remittances to carry on with their business.

But in the past few years, a fleet of new products offering investment options has been gaining ground in the continent, especially in Nigeria.

How Cenoa intends to solve Nigeria’s inflation crisis with its borderless super wallet

From mobile money providers to startups offering virtual USD cards, fintechs have been rolling out investment options, offering users access to the Nasdaq Stock Exchange, where they can trade stocks from multinationals like Apple and Nike.

But that investment option remains for more seasoned and wannabe seasoned professional investors. Users looking for more stable fixed investments have largely been left to the long and short-term savings companies.

However, savings companies offering fixed investments come with restrictions and deals that sometimes leave customers at a loss.

Enter Cenoa, the global investment platform, offering users its app to grow their wealth through their non-custodial wallets. The Cenoa app is sleek and lean, offering users only the features and functions that they need to invest, send and withdraw money.

Here is how Cenoa works

New users are given a wallet address tied to the blockchain. They fund the account in local currency through Cenoa’s local partners and then their investment journey begins.

Users’ funds on Cenoa are stored on the blockchain. The funds on Cenoa through investments that will yield returns are not locked in. This means that users can withdraw their capital along with the profits at any time and can transfer the money when they want to.

From the point of investing, as it is with other investment and savings companies, new and existing users see how much percentage they will earn from their investment after a period of time. On Cenoa, it’s currently five per cent annual yields.

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

But because Cenoa is non-custodial by design with the smart contracts too, interests are guaranteed because liquidity companies have paid the interest already.

Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.

Cenoa reviews the smart contract every three months to adjust interest rates and dollar rates to meet modern trends.

Since funds are not locked in on Cenoa, users flock to the platform as a savings option with a guaranteed return on investment and a plan that works.

The more popular savings apps in Nigeria, for years, favoured by young Nigerians looking to multiply their money, institute methods of punishing users who sought to withdraw before a set date.

Cenoa effectively presents itself as a dark horse in the race, immediately changing the game by offering another way to grow wealth.

But Cenoa’s main selling point remains its cost-free transactions, very rare for financial interactions and trading happening on the blockchain. Typically transacting on the Blockchain attracts gas fees. “Gas fees” are the transaction fees that users pay to miners on a blockchain protocol to have their transactions included in the block.

Cenoa covers the gas fee on its non-custodial platform, allowing users to enjoy buying dollars safely, easily and affordably and they can execute next-to-free transactions on its app.

While Cenoa remains a global app, being tied to the demands of international money regulators and forex trade bodies is perhaps why users will stick to it as a preferred platform.

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