Ejara facilitates investing in cryptocurrencies with CFA francs

(Agence Ecofin) – Since the Nellie Shatue-Diop family lost everything due to the devaluation of the FCFA, they initially wanted to save in foreign currency. But his project provided an opportunity that changed the way we invest in cryptocurrencies.

Ejara, a Douala-based company founded by Cameroonian Nellie Chateau-Diop, published news in late 2021, announcing that it had raised $ 2 million just a year after its creation to fund the next stages of its growth. But what many people don’t know is the revolution he introduced in the country by allowing the FCFA to invest in cryptocurrencies.

Videos on YouTube show that these new types of financial assets could already be bought and stored. But the procedure is long, complicated and limited. If existing platforms allow you to manage a digital wallet, the payment stage remains the most delicate, as it is necessary to transfer money via mobile to someone who wants to give up their cryptocurrencies. Also on these platforms, customers do not keep the keys of the virtual wallet, which exposes them to the risk of loss in the event of attacks by cybercriminals.

Ejara offers solutions to both of these problems. Its platform allows you to make transactions without any external transactions. In addition, the key to users’ wallets is their ownership, which reduces risk. But in addition to reducing steps to invest in cryptocurrencies, the platform also gives diaspora Africans the opportunity to share their earnings with their families through money or cryptocurrency transfers. To protect this process, the company says it is working on the Tezos blockchain, which boasts a strong level of security.

The solution proposed by Ejara is a meeting between its founder’s past and her academic and professional development. Nellie Shatu-Diop says that at a very young age, in 1994, she suffered from a sudden devaluation of the FCFA, which reduced her parents’ purchasing power. ” I was very young and we were middle class. During the night, all our savings fell, and the government could not even pay salaries “, – she said, according to comments collected by Techcrunch.

Her academic experience has provided her with the tools to learn how to develop IT solutions, and her professional experience has enabled her to gain experience in creating and managing payment and pricing processes. Although many platforms allow people living in Africa to invest directly in cryptocurrencies, little is known in French-speaking sub-Saharan Africa.

Ejara already has almost 8,000 users, but needs to grow in a market where regulation imposes barriers. In the CEMAC and UEMOA zones, central banks are reluctant to authorize this type of transaction. They are exacerbated by situations where platforms that promise high returns lead to losses for their users. The decision of the Central African Republic to make bitcoin a legal tender looks like an opportunity.

Today the company is turning to new goals. He wants to allow his users to buy shares in the stock market of companies such as Amazon, Netflix or Microsoft, invest in goods and, above all, buy foreign currency, such as the US dollar. At the same time, Nellie Shatu-Diop is fully realizing her dream of making investments and savings available to people living in Africa that will protect them from possible devaluation.

Naturally, this protection comes at a price. For each transaction, the platform charges a fee according to its business model.