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Cameroonian Fintech Ejara Raises $8 Million in Series A Investment Round

Cameroonian Fintech Ejara Raises  Million in Series A Investment RoundJust over 12 months after raising $2 million, the Cameroonian fintech whose app allows users to buy and store crypto assets recently said it had received $8 million in its Series A investment round. According to Ruth Foxe Blader, partner at Anthemis, Ejara aims to become the one-stop platform where “a suite of financial products […]

Cameroonian Fintech Ejara Raises  Million in Series A Investment Round

Just over 12 months after raising $2 million, the Cameroonian fintech whose app allows users to buy and store crypto assets recently said it had received $8 million in its Series A investment round. According to Ruth Foxe Blader, partner at Anthemis, Ejara aims to become the one-stop platform where “a suite of financial products will be accessible at their fingertips, without the need for any crypto knowledge.”

Owning the Keys to Your Crypto

Ejara, the Cameroonian fintech whose app enables users to buy and store cryptocurrency in decentralized wallets, recently said it had raised $8 million via a series A investment. The fintech’s latest fundraising series was jointly led by the United Kingdom-based venture capital (VC) firm Anthemis and Dragonfly Capital.

Participating in the latest round were Mercy Corps Ventures, Coinshares Ventures, and Lateral Capital which just like Anthemis had similarly joined the fintech startup’s previous round. According to a Techcrunch report, new investors include Circle Ventures, Moonstake, Emurgo, Hashkey Group, and BPI France, while Blockworks co-founder Jason Yanowitz is one of the angel investors that participated in the round.

The fintech’s latest capital raise comes just over 12 months after Ejara said it had secured $2 million via a seed round. Meanwhile, the latest capital brings the total funds that the fintech has raised in under 18 months to $10 million. Commenting on the company’s latest capital raise, Nelly Chatue-Diop, the CEO at Ejara, is quoted as saying:

When everyone was taking the other route and building centralized exchanges, we always thought that, if you want to own crypto, you need to own your keys. And that’s pretty much what’s saved us in turbulent times.

From the around 8,000 clients it had in October 2021, Ejara now reportedly boasts over 70,000 users that hail from nine different French-speaking African countries.

Meanwhile, Ruth Foxe Blader, partner at Anthemis, noted that Ejara had no intentions of “limiting itself to being a crypto app.” Instead, the fintech is seeking to become a one-stop platform where “a suite of financial products will be accessible at [users’] fingertips, without the need for any crypto knowledge.”

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Source: Fintech Archives – Bitcoin News

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Ghanaian and Nigerian Central Bank Open Respective Regulatory Sandbox Application Processes

The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge. Solving the Financial Exclusion Challenge The Ghanaian central bank has called on registered […]

The Ghanaian and Nigerian central banks have invited financial innovators that wish to be included in their respective regulatory sandboxes to submit applications. The Bank of Ghana said its sandbox will also support innovations that attempt to solve the financial exclusion challenge.

Solving the Financial Exclusion Challenge

The Ghanaian central bank has called on registered financial institutions and unlicensed fintech startups to apply for admission into its regulatory sandbox. In a press statement issued on Jan. 26, the bank said the process to admit the first cohort of participants will open on Feb. 13 and close on March 14.

According to the Bank of Ghana (BOG), the sandbox will support innovations that include “new digital business models not currently covered explicitly or implicitly under any regulation.” The sandbox will also support innovations that attempt to solve the financial exclusion challenge as well as “new and immature digital financial service technology.”

As reported by Bitcoin.com news, Ghana’s central bank launched the sandbox, which was developed in collaboration with Emetech Solutions Inc, on Aug. 22, 2022. At the time, the bank characterized the sandbox launch as proof of its “commitment to providing the enabling environment for innovation to promote financial inclusion, and facilitate Ghana’s digitization and cash-lite agenda.”

As per the press release, interested participants are required to submit a complete form which can be accessed via a link. The statement adds prospective participants will be informed of the outcome of their respective applications “within twenty-one (21) working days after the closure of the application window on 14th March 2023.”

Meanwhile, the BOG’s Nigerian counterpart, the Central Bank of Nigeria, recently said its own regulatory sandbox is now live. The bank said interested innovators can now submit “expressions of interest to participate in the regulatory sandbox to explore novel applications of technology and innovation on behalf of our customers and stakeholders.”

In a video shared via Twitter, the Nigerian central bank said all entities with innovative financial solutions can apply online.

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Source: Fintech Archives – Bitcoin News

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