Despite accounting for 25% of the African population, Francophone Africa receives only 1% of venture capital investment. As a result, if Ejara, a Cameroonian business that helps Africans invest in cryptocurrency, receives $2 million, it could be on to something.
The Offer
Ejara provides digital wallets from which users can save, receive, and trade cryptocurrencies on the blockchain platform. The app is targeted at French-speaking Africans who haven’t caught up as quickly with cryptocurrencies, and aims to democratize the technology both as a store of value and as a means of exchange and growing wealth. For those who are not keen on trading, the app, available on both Android and iOS, helps them protect their financial assets from local financial downturns.
The Selling Point
In its effort to help Africans invest in crypto, Ejara has significantly lowered the entry point for users at FCFA 5000 (less than $10). Users have complete control over their funds, but Ejara helps them make decisions by sharing investment information through its website and social channels. The company curates a steady stream of guides on trading concepts, cryptocurrency, and markets.
The Adoption
Ejara was founded by tech entrepreneur Nelly Chatue-Diop and has over 8,000 users. Most of these users are from Cameroon, Ivory Coast, Burkina Faso, Mali, Guinea, and the African diaspora. Its availability in the diaspora makes it a viable channel for sending remittances to African countries at a rapid pace without the necessity of a middleman, making it cheaper.
The Future
The latest round of funding will be invested in expanding operations. The app plans to go a step further by providing the features that will let users buy shares and commodities through their wallets. Users will be able to not only protect their assets, but also grow them by investing in some of the tech businesses they use on a daily basis.
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