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<p data-beyondwords-marker="fb6ba314-b61f-47dd-a2d9-0bacf899eed0"><a href="https://canza.io/" data-type="URL" data-id="https://canza.io/" target="_blank" rel="noopener">Canza Finance</a>, a Web3 neobank facilitating cross-border payments for African startups, has concluded a $2.3 million strategic funding round. The capital will be used to secure licenses from diverse financial regulators in Africa and establish the groundwork for its innovative FX DeFi platform, <a href="https://baki.exchange/" data-type="URL" data-id="https://baki.exchange/" target="_blank" rel="noopener">Baki</a>. </p> 
<p data-beyondwords-marker="680099a3-12e7-4707-a490-6f5109442e44">According to Victor Teixeira, Chief Crypto Economist at Canza Finance, “Baki aims to reshape the fundamentals of FX transactions on the continent by creating a robust and accessible market that offers all participants the best, fairest price available. By creating a synthetic marketplace for African currencies we are able to overcome the key challenge on the continent, FX scarcity. Avalanche C-Chain provides the most efficient and fastest growing blockchain to facilitate this protocol with numerous on-ramps and off-ramps that will enable adoption.” </p> 
<figure class="wp-container-2 wp-block-gallery-1 wp-block-gallery has-nested-images columns-default is-cropped" data-beyondwords-marker="3bd2a398-d4fc-4902-826f-ece3ebc382a1">
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<p data-beyondwords-marker="b5cec452-d7cd-4471-b550-a732d4990be4">The startup collaborates with FX agents in the regions, offering a swifter and more cost-effective method for money transfers. Transactions require a valid invoice and completion of KYC/KYB processes, with the fintech determining the exchange rate and completing transactions within 24 hours. Utilizing stablecoins through Baki, Canza aids businesses in currency swaps to the dollar, avoiding hefty forex fees.</p> 
<p data-beyondwords-marker="93f9a47a-f93d-4d1e-80ef-3c83f6950daa">Enterprises operating in African markets such as Nigeria, Cameroon, and Senegal encounter sluggish and costly conventional channels when conducting cross-border transactions. These constraints frequently hinder them from securing favourable terms in international payments, engaging in stock transactions, or earning interest on their funds.</p> 
<h5 id="canza-transforming-cross-border-transactions-and-driving-financial-inclusion-in-africa" data-beyondwords-marker="c9662564-9912-40c3-96b4-cce7325e1be1">Canza transforming cross-border transactions and driving financial inclusion in Africa</h5> 
<p data-beyondwords-marker="a2e5fc4f-43fd-41e9-88fb-ce12659cf16a">Canza is envisioning a reduction of the basic 1% transaction fee model to 0.2% through its innovative synthetic FX exchange on-chain protocol, Baki. This cutting-edge system facilitates digital currency exchange without tangible money involvement, providing a cost-effective solution for businesses in African markets like Nigeria, Cameroon, and Senegal.</p> 
<p data-beyondwords-marker="ad057b78-94ed-405a-aff4-948e30aa0930">Through Baki’s integration of stablecoins—digital currencies pegged to the dollar—the company’s solution is revolutionizing cross-border payments, helping businesses swap currencies with minimal forex fees. Embracing stablecoins and decentralized finance tools positions the startup as a catalyst for dollar stability, enabling clients to navigate traditional forex challenges more efficiently.</p> 
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<p data-beyondwords-marker="85d07a05-f759-4f97-9cd7-6eb2f509f90d">Oyedeji Oluwoye, Co-founder and CTO, outlined the company’s vision, emphasizing a commitment to boost infrastructure development across Africa.</p> 
<p data-beyondwords-marker="c3e3e648-57ff-4896-8603-07e0a32e89e3">With a weekly transaction volume of $2 million and a client base of 150, the startup is poised for significant growth. <br></p>  
<p data-beyondwords-marker="43c8e792-085a-48b1-9226-0364f4ffd0a3"><strong>See also: <a href="https://technext24.com/2024/01/17/conflux-applauds-nigeria-lifts-ban/" data-type="URL" data-id="https://technext24.com/2024/01/17/conflux-applauds-nigeria-lifts-ban/">Conflux Network applauds as Nigeria lifts ban on cryptocurrency transactions</a></strong></p> 
<h5 id="a-guide-to-key-concepts-shaping-canza-finances-future" data-beyondwords-marker="f3a3d2f4-6cb7-4947-aea3-b3cacb2d1667">A guide to key concepts shaping Canza Finance’s future</h5> 
<h6 id="stablecoins-anchoring-transactions-in-stability" data-beyondwords-marker="0d4a3baf-9400-41ec-ac55-d18ca8dc340d"><strong>Stablecoins: Anchoring Transactions in Stability</strong></h6> 
<p data-beyondwords-marker="b0eb302d-caf5-4a3d-8eac-6d92cbf964b9">The startup leverages stablecoins to facilitate cross-border transactions. By pegging digital currencies to the stability of the US Dollar, businesses can seamlessly swap currencies without the turbulence commonly associated with traditional forex transactions. This, in turn, minimizes hefty forex fees and provides a more predictable financial environment for clients.</p> 
<h6 id="decentralized-finance-defi-redefining-financial-ecosystems" data-beyondwords-marker="65b4eb49-03e8-461b-81e0-fdc875f5d93c"><strong>Decentralized Finance (DeFi): Redefining financial ecosystems</strong></h6> 
<p data-beyondwords-marker="2828ca8f-0071-4887-9198-b1103c789266">The startup embraces the principles of DeFi to empower businesses in navigating cross-border transactions. By decentralizing financial tools and processes, Canza enhances accessibility, reduces reliance on intermediaries, and streamlines the overall transaction experience.</p> 
<h6 id="synthetic-fx-exchange-digitizing-cross-currency-transactions" data-beyondwords-marker="ff706ad9-cff4-4d3c-a91c-fa1f2ad80404"><strong>Synthetic FX Exchange: Digitizing Cross-Currency Transactions</strong></h6> 
<p data-beyondwords-marker="b6281d56-f747-45ae-b77d-4ba4ef950bdf">Baki, Canza Finance’s synthetic FX exchange on-chain protocol, introduces a novel system for digitally exchanging various currencies. This eliminates the necessity for traditional fiat money in cross-border transactions, fostering a faster, more cost-effective, and innovative approach to exchanging value globally.</p> 
<p data-beyondwords-marker="4aa09595-b657-4bd8-b4ae-afda32e1a78e">Embracing these innovations positions the startup as a key player in shaping the next generation of financial technology.</p> 
<p data-beyondwords-marker="028cc31a-60c3-4ffb-ac25-5180bf45015f"><strong><br>Read More: <a href="https://technext24.com/2024/01/15/triple-a-partners-paycorp-south-africa/" data-type="URL" data-id="https://technext24.com/2024/01/15/triple-a-partners-paycorp-south-africa/">Triple-A partners Paycorp to enable South African crypto users to withdraw cash at ATMs</a></strong></p>

African web3 neobank Canza Finance closes $2.3m funding to secure payment licenses

Technext.ng

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