DuniaPay, a full-service banking application that provides residents of African nations with a flexible digital platform to access financial services, has launched a new personal savings feature offering users over 8% annual interest on savings.
These interest rates are made possible by cXOF, a stablecoin currency developed by DuniaPay on Celo’s decentralized finance ecosystem.
cXOF tracks the West African CFA franc (XOF), a currency used by 14 Central and Western African countries, and will allow residents of these countries to easily save money, earn interest and transact globally by swapping natively between multiple stable currencies available on Celo (cEUR, cUSD and others).
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DuniaPay was created by three Burkinabé students studying in Canada who wanted to provide West Africa’s digital generation with an inexpensive, full-service banking experience.
The application, which has grown to host more than 18,000 active users, currently offers:
- International and domestic money transfers
- Crypto transactions for Bitcoin, Ethereum, and Celo Dollars
- In-store QR code payment options
- Airtime top-ups for mobile phones
- A personal savings feature
“When DuniaPay started, it was only supposed to offer money transfers and conversions from crypto to fiat currencies for the people of West Africa. As our offerings evolve and reach greater heights, our personal savings account takes us one step closer to realizing our mission of providing Africa with a seamless, one-stop daily finance experience.”
– Radha Mathur, Global Lead Marketing and Communications, DuniaPay
The team at @dunia_pay is working on the launch of cXOF, a West African CFA franc stablecoin on the Celo blockchain. The CFA franc is shared by 14 counties located in Central and Western Africa.🌍 This is an exciting new development for ecosystem growth! https://t.co/J7coWrjKdR
— Celo (@CeloOrg) April 28, 2021
DuniaPay’s latest personal savings feature allows users to create multiple, goal-specific saving pools, and earn over 8% annual interest on their savings, more than double the 3.5% starting interest rates typically offered by traditional banks.
These high interest rates are made possible by cXOF, a stablecoin currency developed by DuniaPay on Celo’s decentralized finance ecosystem.
cXOF tracks the West African CFA franc (XOF), a currency used by 14 Central and Western African countries and will allow residents of these countries to easily save money, earn interest and transact globally by swapping natively between multiple stable currencies available on Celo (cEUR, cUSD and others).
“The DuniaPay team is positively impacting the day-to-day financial lives with a growing ecosystem based on a safe, reliable and innovative DeFi experience.
The addition of our stablecoin to their platform enables the opportunity to earn significant interest, making DuniaPay even more effective for West Africa’s booming digital generation.”
– Aliu Musa, Ecosystem Lead, cLabs, working on Celo.
In addition to providing users superb interest rates, DuniaPay’s savings account offers flexible payout periods for interest earned, all within a safe, secure, and regulated environment.
cXOF is freely tradable on any Celo compatible wallets and as DuniaPay continues to build additional usability for cXOF, more information about the approach to stablecoins can be found here.
The app is currently available to download on the Android play store and iOS app store in Burkina Faso with expansion plans for Côte d’Ivoire, Senegal, Mali and Guinea.
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RECOMMENDED READING: Opera, Africa’s Leading Mobile Browser, Adds Africa-focused Celo as its First Ecosystem Stablecoin
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