Cenoa, the innovative zero-fee dollar account provider aiming to enhance access to dollar-based services in emerging markets, has made a significant entry into Nigeria, amassing over 50,000 sign-ups within a month, coupled with an impressive app store rating of 4.7/5.0.
Responding to the substantial demand and bolstered by a year-long presence in over 40 countries, the company has reaffirmed its commitment to the Nigerian market. The overarching objective is to improve accessibility to digital dollars for ordinary users, aligning with a global mission.
As global inflation, devaluation, and currency volatility reach a 40-year pinnacle, individuals in emerging economies are grappling with preserving the value of their money. Many are turning to the US Dollar as a store of value due to its stability.
Yet, the processes of buying, selling, transferring, and using dollars for daily expenses are frequently complex and costly due to prevailing financial systems. This predicament extends to even major corporations like Spotify and Netflix, which favor USD over local currencies.
Approach Cenoa is Taking on this
Cenoa simplifies access to digital dollars devoid of any fees. Depositing, withdrawing, and sending dollars internationally or locally are streamlined and free of charge. Furthermore, Cenoa provides a single authentic exchange rate, eliminating markups, spreads, or commissions, enabling users to buy and sell dollars at parity.
Unlike conventional banks that impose exorbitant fees and convoluted currency exchange protocols, Cenoa prioritizes user ease. A USD debit card for spending is also slated for imminent availability.
Cenoa’s mobile app, accessible on Android and iOS platforms across 40+ markets, serves as a global solution. While conceived as a dollar account for emerging markets, Cenoa has already integrated with local options like Fonbank and Paychant, which facilitate seamless deposit and withdrawal processes for Nigerian users.
Enhanced by licensed fintech partnerships including Fonbank, Paychant, and UK’s Financial Conduct Authority-regulated Transak, Cenoa forms a seamless link between its platform and local banking systems. This ensures effortless access to USDC (US Dollar Coins) issued by Circle.
The Credibility and Funding
Circle, a regulated fintech entity analogous to PayPal and Stripe, undergoes rigorous audits and SEC reviews, solidifying its trustworthiness. Certik, a premier auditor of $364 billion, has endorsed Cenoa’s software. The foundation of Cenoa is established by accomplished global experts in defense engineering.
Cenoa secured $7 million in Seed funding in January 2022, led by Quiet Capital and Underscore VC, renowned backers of innovative companies. Prominent investors such as Human Capital, Ulu Ventures, Acrew Capital, and Collective Spark have also joined, leveraging their experience with successful neobanks and fintech unicorns.
In the words of Seçkin Çağlın, Founder and Co-CEO of Cenoa, the rapid adoption in Nigeria underscores the necessity for accessible digital dollars in inflation-prone emerging markets. Emre Ertan, Founder and Co-CEO, emphasized Cenoa’s mission to provide a straightforward solution for digital dollar access amidst global financial challenges.
Founded in April 2022 in Singapore, Cenoa serves as a worldwide dollar account, focusing on enhancing access to digital dollar-based savings for individuals in emerging markets. Promising top-tier security, seamless user experience, and fee-free transactions, Cenoa’s non-custodial blockchain-based service slashes intermediary costs and outdated procedures.
The dynamic Founder Team, consisting of Co-CEOs Emre Ertan and Seçkin Çağlın, along with technical Co-Founders Sırrı Perek and Buğra Çakmak, brought their idea to fruition during their time at Stanford Business School. The international team operates from various locations, including Turkey, Singapore, the UK, Italy, Germany, and Switzerland.
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