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Ejara raises $ 2 million to offer cryptocurrency and investment services in French-speaking Africa

(Agence Ecofin) – French-speaking African start-ups attract significantly less venture capital funding than their English-speaking counterparts. For 2021, this funding would be around 1%.

Cameroonian fintech Ejara announced on October 7, the success of a fundraising fund of $ 2 million to boost the use of cryptocurrency and investment services in French-speaking Africa. This fundraising was mainly led by CoinShares Ventures and Anthemis Group.

Based in Douala, the company has a mobile financial services application that offers secure purchase, transfer, backup and savings of digital assets. The goal of the start-up is not only to promote financial inclusion, but also to allow French-speaking Africans of the middle class (investment from 5000 FCFA, or about 9 dollars) to participate in the democratization of financial assets. .

« 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 financial inclusion. »Says Nelly Chatue-Diop, CEO of Ejara.

The start-up has, we learn, more than 8,000 users from Cameroon, Côte d’Ivoire, Burkina Faso, Mali, Guinea and Senegal, as well as French-speaking Africans in the diaspora (Europe, Asia and United States). It also signed a partnership with crypto payment infrastructure company MoonPay, so its diaspora users can send money to loved ones in Africa.

As a reminder, although French-speaking Africa represents a market of more than 200 million people, or 25% of the continent’s population, the region is less dynamic than the English-speaking one with regard to the financing of start-ups, but has nevertheless of a unicorn. This is the Senegalese fintech Wave.

Adoni Conrad Quenum (intern)

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