Cenoa, the global dollar account that improves access to dollar-based products announces its entrance into the Nigerian market. Cenoa has introduced a zero-fee dollar account that makes buying dollars easy, and affordable for Nigerians.
According to a report, Cenoa’s target for the next two years is to serve millions of customers worldwide and bring easy and cost-free access to digital dollars for everyday usage. Cenoa is dedicated to providing tools for fighting inflation globally and specifically for the people of emerging countries. Having recognized the demand in Nigeria, Cenoa remains committed to assisting the nation to make a positive impact on Nigerians’ daily lives. To reinforce this, Nigerian talent is being added to the workforce. Cenoa’s goal is to enhance lives in Nigeria and beyond.
With rising global inflation, devaluations, and local currency meltdowns at a 40-year high, people in emerging economies are struggling to protect their money’s value. Many are resorting to storing savings in strong currencies like the US Dollar. As technology expands on the continent and more Nigerians embrace the internet and access global services, dollar transactions are also becoming more common. Most online services like Spotify and Netflix prefer USD over local currencies. However, buying & selling dollars, transferring dollars, and using it for daily expenses is difficult and costly in Nigeria and a lot of other economies. The dollar is scarce and despite FX reforms from the Central Bank of Nigeria (CBN) the problems persist.
Cenoa offers enterprise-grade security, seamless user experience, and cost-free transactions. They do this by building their services on blockchain technology which radically cuts intermediary costs and eliminates inefficient traditional finance procedures. The process of depositing, withdrawing, and sending dollars internationally or locally are all simple and cost-free. Cenoa also offers unified exchange rates—without markups, spreads, or commissions—so people can buy and sell dollars at the same rate. Unlike traditional banks that impose high fees and complicated currency exchange procedures, Cenoa keeps things easy for everyday users. Cenoa also has a mobile application available on both Android and iOS platforms, across 40+ markets. This mobile app is a non-custodial blockchain wallet that is designed to provide its clients with security and full control over their financial assets.
Though built as a dollar account for emerging markets, Cenoa is already integrated with Fonbank, Paychant, and Transak, a licensed UK Financial Conduct Authority fintech and these integrations establish a seamless connection between Cenoa and local banking systems. These integrations enable effortless access to USDC (US Dollar Coins) issued by Circle, connecting Cenoa with the local deposit and withdrawal options for Nigerian users. Circle is a regulated fintech entity on par with PayPal, Stripe, and Apple Pay. It undergoes regular audits and SEC reviews, reaffirming its trustworthiness. Cenoa’s software has received a stamp of approval from Certik and Cenoa’s foundation is crafted by top global experts in defense engineering from around the world.
Cenoa was founded in April 2022 by a team of four and is based in Singapore. The four person founding team consists of co-CEOs Emre Ertan (former CPO & CTO of rapid delivery decacorn Getir) and Seçkin Çağlın (ex-McKinsey, former Head of Cards & CMO of BBVA Garanti Payments), and technical co-founders Sırrı Perek (Facebook) and Buğra Çakmak (Google). The company’s international team works from Turkey, Singapore, the UK, Italy, Germany, and Switzerland.
