Ejara, a Cameroonian fintech startup, has raised $2 million in funding to pioneer the use of cryptocurrency and investment services in French-speaking African countries. Mercy Corps Ventures, Lateral Capital, Lofty Inc Capital, and Netx Fund joined Coinshares Ventures and Anthemis Group in leading the funding round.
Cryptocurrency is being used to protect savings in Francophone Africa.
According to a report, the startup, founded by Cameroonian Nelly Chatue-Diop, aims to “level the playing field for the average French-speaking African, allowing them to invest as little as $9 (CFA5,000).” Furthermore, Chatue-Diop hopes that by launching this venture, non-elites in the region will be able to save and avoid the agony of losing everything, as her family did.
“I was very young, and we belonged to the middle class.” All of our savings vanished overnight, and the government was unable to pay its employees. So, even at that young age, I wondered how we could do everything right and still end up in that zone. So it stayed with me,” Chatue-Diop explained.
According to the report, Chatue-family Diop’s experiences inspired her to learn about blockchain and eventually team up with Baptiste Andrieux to launch Ejara in Cameroon.
Ejara, which already has 8,000 users from six French-speaking African countries, plans to “diversify into providing other assets, such as fractional shares, stocks, and commodities,” according to the founder.