Cenoa, the zero-fee dollar account that improves access to dollar-based products in emerging markets, announces its strong entrance into the Nigerian market, exceeding 50K+ sign-ups in a month. Based on this substantial demand, the team also declared its commitment to the Nigerian market and a global mission to enhance accessibility to digital dollars for everyday users.
With rising global inflation, devaluations, 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. As technology expands on the continent and more Nigerians embrace the internet and access global services, dollar transactions are also becoming more common. Most online services like Spotify and Netflix prefer USD over local currencies. However, buying & selling dollars, transferring dollars, and using it for daily expenses is difficult and costly in Nigeria and a lot of other economies. The dollar is scarce and despite FX reforms from the Central Bank of Nigeria (CBN) the problems persist.
To address these problems, Cenoa has introduced a zero-fee dollar account that makes buying dollars safe, easy, and affordable for Nigerians. Cenoa is a global dollar account that improves access to digital dollar-based savings products and is ideal for everyday people in emerging markets. The company offers enterprise-grade security, seamless user experience, and cost-free transactions. They do this by building their services on blockchain technology which radically cuts intermediary costs and eliminates inefficient traditional finance procedures. The process of depositing, withdrawing, and sending dollars internationally or locally are all simple and cost-free. Cenoa also offers unified exchange rates—without markups, spreads, or commissions—so people can 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. Cenoa also has a mobile application available on both Android and iOS platforms, across 40+ markets. This mobile app is a non-custodial blockchain wallet that is designed to provide its clients with security and full control over their financial assets.
Though built as a dollar account for emerging markets, Cenoa is already integrated with Fonbank, Paychant, and Transak, a licensed UK Financial Conduct Authority fintech and these integrations establish a seamless connection between Cenoa and local banking systems. These integrations enable effortless access to USDC (US Dollar Coins) issued by Circle, connecting Cenoa with the local deposit and withdrawal options for Nigerian users. Circle is a regulated fintech entity on par with PayPal, Stripe, and Apple Pay. It undergoes regular audits and SEC reviews, reaffirming its trustworthiness. Cenoa’s software has received a stamp of approval from Certik and Cenoa’s foundation is crafted by top global experts in defense engineering from around the world.
Speaking of this expansion into Nigeria, Seçkin Çağlın, founder and co-CEO of Cenoa, says “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. 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.” Echoing similar sentiments, Emre Ertan, founder and Co-CEO of Cenoa, adds, “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 was founded in April 2022 by a team of four and is based in Singapore. The four person founding team consists of co-CEOs Emre Ertan (former CPO & CTO of rapid delivery decacorn Getir) and Seçkin Çağlın (ex-McKinsey, former Head of Cards & CMO of BBVA Garanti Payments), and technical co-founders Sırrı Perek (Facebook) and Buğra Çakmak (Google). The company’s international team works from Turkey, Singapore, the UK, Italy, Germany, and Switzerland.
In January 2022, Cenoa announced it had raised $7 million in seed funding. The fundraise 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. Other 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.
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. Cenoa is dedicated to providing tools for fighting inflation globally and specifically for the people of emerging countries. Having recognized the demand in Nigeria, Cenoa 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. Cenoa’s goal is to enhance lives in Nigeria and beyond.