Start-up Raises $2 Million to Pioneer Cryptocurrency Usage in Francophone Africa
A Cameroonian fintech start-up, Ejara, has raised $2 million to pioneer the usage of crypto and investment services in French-speaking African countries. Coinshares Ventures and Anthemis Group led the funding round in which they were joined by Mercy Corps Ventures, Lateral Capital, Lofty Inc Capital, and Netx Fund.
Using Crypto to Protect Savings in Francophone Africa
According to a report, the start-up, which was founded by Cameroonian Nelly Chatue-Diop, wants to “level this playing field for the average French-speaking African so they can invest as little as $9 (CFA5,000).” In addition, Chatue-Diop hopes that through this start-up, the non-elites from this region can also save and avoid going through the painful experience of losing everything as her family did.
“I was really young and we were part of the middle class. Overnight all our savings dwindled and the aftermath was that the government couldn’t even pay salaries. So even at that tender age, I asked myself how we managed to do everything right and still end up in that zone. So it stayed on my mind,” explained Chatue-Diop.
As noted in the report, it was Chatue-Diop’s family experiences that motivated her to learn about blockchain and to eventually partner with Baptiste Andrieux to start Ejara in Cameroon.
According to the founder, Ejara, which already boasts some 8,000 users from the six French-speaking African countries, plans to “diversify into providing other assets, including fractional shares, stocks and commodities.”
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Author: Terence Zimwara