The growth of financial technology startups in Africa has provided alternatives to populations excluded from traditional financial services. Through these solutions, they can save or invest according to their means.
Ejara is a fintech solution developed by a Cameroonian startup. It allows users to access financial services through its mobile application. The Douala-based startup was founded in 2020 by Nelly Chatue-Diop, Baptiste Andrieux and Tierno Tall. In 2022, it successfully completed an $8 million financing round to democratize access to digital investment and savings products and support its growth on the continent.
“In Africa, most people don’t have the safety net of a retirement fund and some clients use Ejara for this. There are users, mothers in particular, who use the platform to invest in their children’s college education. Then, we have a small part of the customer base who are wholesalers and who do a lot of volume; they use crypto to finance and purchase their goods from foreign suppliers via this method,” said Nelly Chatue-Diop.
The Ejara application is available on iOS and Android, where it has already been downloaded more than 100,000 times. After downloading, the user creates an account to access the various services of the young company. Among other things, it is possible to save funds and earn up to 5% annual interest or to buy and sell cryptocurrencies. From bitcoin to tether, including ethereum and Binance Coin, the Cameroonian fintech company offers African populations access to these cryptocurrencies.
Ejara’s system is based on blockchain, which guarantees secure transactions. Also, the fintech has set up a gateway that allows its users to top up their digital wallet using mobile money. Thus, with 1,000 FCFA (around $1.63), the user can start saving or investing on the mobile platform of the young Cameroonian company.
“The built-in transparency and security of blockchain, combined with the popularity of mobile banking in Africa, made me realize that a blockchain-based mobile investment platform was the key to expanding inclusion financial”, said Nelly Chatue-Diop.
Adonis Conrad Quenus
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Cameroonian fintech Ejara raises $8 million to expand its services in French-speaking Africa
