According to a recent survey, only 3% of Nigerians can afford to spend more than $300 per month. With foreign gigs offering up to an average of $400 per month, it is unsurprising why many Nigerians are flocking after foreign gigs; which has led to the establishment of multiple dollar account service providers.
Despite the existence of these service providers, receiving payments as a Nigerian is still fraught with multiple challenges—from compliance to direct conversions from certain countries. Further, even when payments finally come through, the final amount in some cases is lower than the original amount.
Enter Cenoa: Payments Partner for Freelancers Across 40+ Countries
Cenoa is a digital dollar account for global payments serving 400,000+ customers across Nigeria, Turkey, and the EU. Asides from providing named USD accounts that earn 5% per annum, it provides an avenue for users to access dollars with their local currency and convert back in real time.
Also, customers can send from their wallets to local bank accounts in multiple countries like the US, Turkey, Germany, and every other country in the EU.
Cenoa x Ruul: The Profitable Match for Freelancers
In bid to allow freelancers to get paid instantly and with 10x lower cost, Cenoa has integrated Ruul, a leading merchant of record service provider for freelance digital services.
Ruul, which powers payments for ~100k freelancers, takes up the burden of covering all compliance angles that dissuade a business from entering an engagement with a freelancer. All the freelancer needs to do is raise an invoice and send it to the client for settlement. With this partnership, invoices raised in any currency will be settled, in the dollar value, into the Cenoa wallet of the freelancer.
Together, they are creating an ecosystem where freelancers can not only sell their services seamlessly but also receive payments and grow their earnings effectively.
What do Freelancers Gain?
Get Paid in Full: Better Exchange Rates
Cenoa has 10x better exchange rates when compared to multiple providers. It says users get NGN2000 more for every $100 exchanged with them. There are also no bogus fees that end up reducing actual earnings.
Instant Settlement
Given that Cenoa’s payments are powered by the blockchain, once the invoice is processed by the contractor the payment is instantly settled. No more long waiting times.
Wider Coverage
Prior to Ruul, freelancers from emerging economies like Nigeria struggled to invoice customers from multiple regions due to compliance and local payment integrations in those countries. A Ruul invoice fixes all of these in one go.
5% Returns on Balance
All funds in Cenoa automatically earn a return of 5% per annum in hourly bits. Hence, aside from helping freelancers hedge against inflation, the balance doesn’t stay idle. It earns returns to enhance its value.
How to get Started
- Sign up on Ruul and log in.
- Complete your KYC, it takes just a few minutes.
- Add Cenoa as your preferred payment method.
- Start getting paid.
If you have more questions about Cenoa and Ruul, you should check them out on Instagram and X—@cenoaapp and @ruulnow.
