Canza Finance is a growing non-institutional-based crypto neo–bank financial system founded in 2019 by Pascal Ntsama (a Cameroonian) and Oluwoye Oyedeji (a Nigerian), with its headquarters in Lagos state, Nigeria.
Its sole aim is to assist business owners in making payments for goods and services in foreign currencies amidst the stringent measures on Nigeria’s treasury management and foreign exchange policy.
So far, Canza Finance has gained $3.27M capital from reputable organizations like Boxing Ventures, Consensys, Dominance Ventures, Hashkey Capital, and Protocol Labs to increase employability and expand its service delivery in Nigeria and other parts of the world.
The company is set to provide some financial grounds amidst the naira devaluation against barriers to accessing traditional financial services in underdeveloped sub-Saharan Africa’s financial structure, says Oyedeji.
In a quote, he added, “Our vision is to become leaders in decentralized finance and to spearhead this movement to offer financial freedom to millions of individuals” through the agency of technology, using the mechanism of Decentralized Finance (Defi), supporting staking B2B, and cross border transactions to meet the needs for financial services.
Currently, Canza Finance has gained over 7,000 Celo wallets using a stablecoin like USSD and has recorded an average weekly transaction of over $200,000. Canza Finance has attracted over ten investors across the globe.
Canza Finance can be seen as a solution to the challenges facing local businesses that transact internationally by replacing Hawaladars – Hawaladars is a network of partners that help fulfill payment requests across borders.
The Canza Finance option plan for local businesses has provided a channel to execute foreign exchange using cryptocurrency, and it can be said to be a “Digital Hawala.”
As virtual coins or “tech-coins,” so to speak, replace the conventional payment modes and channels, would there be a ripple effect on the nation’s foreign exchange rate? Will it cause more plummeting on the naira?
Ratiocinating, what does it hold for the crypto market and the local currency, or is it a near-zero effect?
Join the conversation; follow us on Facebook, Instagram, and Twitter at GoSpeedHub.
Image Source – Canza
