Ejara, a crypto investing firm in Cameroon, has raised $2 million to help pioneer crypto usage and investing in the francophone region of Africa.
The investment round was led by CoinShares Ventures and Anthemis Group together with Mercy Corps Ventures, Ledger, and Blockworks.
Ejara offers full control of one’s crypto assets by providing non-custodial wallets that let users own and store their keys so they can securely buy, sell, exchange, and store their crypto investments.
With over 200 million people using the CFA Franc, Francophone Africa has sparse crypto adoption despite being one of the most crypto-friendly regions in Africa.
Typically, crypto investing in Francophone Africa is reserved for a few elites who wish to diversify their assets.
Ejara wants to change this by enabling French-speaking Africans to invest as little as 5, 000 CFA Franc (~$9) into cryptocurrencies.
Speaking on how she started the company, Chatue Diop, CEO, Ejara, said:
“The built-in transparency and security of the blockchain combined with the popularity of mobile banking in Africa made it clear to me that a blockchain-based mobile investment platform was the key to expanding financial inclusion.
But as all these crypto companies were popping up left and right, I felt very few were speaking to Francophone Africans like myself.
In Africa, most people don’t have the safety net called retirement fund and some customers use Ejara for that. There are users, moms in particular, that use the platform to invest in their kids’ college education.
Then we have a tiny portion of the customer base that are wholesalers and do a lot of volumes; they use crypto to finance and buy their goods from overseas suppliers via this method.”
– CEO, Ejara
The seed invesment will see Ejara focus extensively on growth, feature deployments, and expansion of product and tech teams.
A recently report by Luno, one of the leading crypto exchanges in Africa, recently revealed that about 48% of Africans investing in crypto do so for their children’s education, which agrees with Ejara’s customer base.