Cenoa App: How to Buy, Send and Earn Dollars

Cenoa is a Singapore-based investment platform that just enter into Nigeria to reform FX market through it zero-fee dollar account that improves access to dollar-based products in emerging markets. The fintech has announced it 50K+ signups and an app stellar 4.7/5.0 store rating in just 1month in Nigeria.

Due to this substantial request, the team behind Cenoa has declared increase in commitment to the Nigerian market to boost accessibility to digital dollars for existing and potential customers. In this app reviews, we're going to explain everything about Cenoa, including how to invest in dollars and make money through your investment.

But before that, you can quickly go through my last article and see about the diverse ways Flutterwave is reforming Nigerian FX market through Swap. This initiative was backed by CBN and leverage through partnership with WEMA Bank and Kadavra - a Bureau De Change company in Nigeria.

It's difficult for Nigerians to protect their Naira's value due to everyday rising of global inflation, devaluation and most of it all, the local currency meltdowns at a 40-year high. This is what the Central Bank of Nigeria (CBN) is trying to resolve through the publicised $3billion AFREXIM loan which still doesn't yield any results in clearing the FX backlogs.

However, Cenoa, a platform that allows users to save and invest in digital dollars, has leverage blockchain technology to provide a zero-fee dollar account that makes buying, selling and earning dollars seamless, safe, easy, and affordable for Nigerians.

How to Buy Dollar on Cenoa

First of all, to do anything on Cenoa, you have to download it mobile app. This is where you can access all Cenoa features including Cenoa cryptocurrency wallet that's backed by Avalanche C-Chain Network. After successful app download, you can proceed to registration of account, then buying of USDC, a digital stable coin backed by the United States Dollar.

Download Cenoa App

Cenoa app is available on both iOS and Android devices in Nigeria. You can download the mobile app on Google play store if you're an Android user, while iOS users can install it via their Apple app store.

The Cenoa app is available in 40+ global market and it's designed as a non-custodial blockchain wallet to ensure investors security and full control over their digital financial assets.

Furthermore, Cenoa app download should be done on newer version of Android and iOS to avoid software glitches and UI/UX breakings.

Register an Account

Install and launch the Cenoa app, tap on "Register An Account". You'll be asked to create account with your legal full name. No KYC verification is needed and no BVN is required.

Cenoa wallet is a self-custodial cryptocurrency wallet. That's, you'll be given a Mnemonic words, usually 12 words that can be used to recover your wallet on any cold wallet app e.g. Trust Wallet.

Once you've successfully completed the account application and registration, then you'll have to fund your account to start earning 5% interest per annual on your investment. Now, let's proceed to funding Cenoa Wallet.

Fund Cenoa Wallet

This is where the buying of dollars come up. Cenoa uses United States Dollar Coin (USDC), otherwise known as Digital Dollars to maintain currency stability and to avoid inflation and devaluation on the platform. USD-Coin is a stable currency just like Tether (USDT). They're on a ratio 1:1 with US-DOLLAR.

Hence, funding your Cenoa Wallet with Fiat currency will automatically transform your money (Naira) through middle exchanges to USDC so that it can have the same value with the USD current market price.

To buy digital dollar (USDC) on Cenoa, login to your account on the fintech mobile app, click on deposit and choose your preferred payment methods. Options that's available are; payment through bank transfer and Airtime which can be done through leveraging of Fonbank's technology, and payment through cryptocurrency platform e.g Binance, Coinbase.

1. Payment via Fonbank

The easiest method to buy dollar or fund your Cenoa Account in Nigeria is through bank transfer, or leveraging the Airtime option in the app. However, using the Airtime payment method incurs for high charges fee and only available for MTN Subscribers at the moment.

Making payment through bank transfer is seamless. All you have to do is submit the exact amount you want to deposit, verify your phone number, transfer the money (Naira) to the intermediary bank account provided, click on I have made payment, the system will process your request and the money will be in your Cenoa Account in less than 1 hour.

However, it's important to know that the amount you input in Naira will be calculated and estimated based on USDC current market price. So, once you transfer naira from your bank account to the middle bank account provided, the fund will appear automatically in USDC in your Cenoa Account.

Fonbank is the technology that manage transactions between Cenoa Account, and the Intermediary Bank Account you made a transfer to. So, once your transfer is successful, Fonbank will take it from there and know how the money gets into your Cenoa Wallet.

2. Payment via Cryptocurrency

To facilitate payment through crypto, Cenoa operate on both Avalanche C-Chain Network and Polygon Network, hence, if you're using this method to fund your wallet, make sure that you choose the appropriate chain/token, otherwise, you might loose your asset completely.

Follow the below instructions to fund your Cenoa Wallet via Cryptocurrency:

• Login to 'Cenoa App'
• Tap 'Deposit'
• Select 'I already have an account at Binance, Coinbase or others' and tap 'Continue'.
• Input Amount, and Choose whether you're transferring token through Avax C-Chain or Polygon Network.
• On the next page, you'll be provided with Avax C-Chain Wallet Address where you'll deposit USDC tokens. Copy the wallet address and login to your cryptocurrency platform.
• Transfer the exact amount (e.g $100) you chose to deposit to the wallet address. However, make sure your select Avalanche C-Chain if you're using this Network or Polygon if you're using Polygon Network.
• Once the transfer is completed on the Crypto platform, go back to your Cenoa Account and tap 'I have made the transfer'.
• The transfered assets will be deposited in your Cenoa Wallet within 1 to 2 hours depending on number of blockchain node confirmations.

Immediately your Cenoa Wallet receive USDC, you start earning interest on your money. The most interesting part of this platform is that no deposition or transfer fees is invited. You buy dollar at exact current market price and sell it at current market price. Infact, no intermediary bank charges is incured, Cenoa will settle that for you.

How to Earn on Cenoa

There are two way to making money on Cenoa App in Nigeria. Firstly, you can make money through interest earned on the app and secondly, you can make money through referral marketing.

Cenoa allows you to buy digital dollar, keep it and earn interest on it. At the time this article is published, money invested on Cenoa are earning interest at 5% per annum, that's about 4.87% higher than your traditional bank that allows you to earn interest on dollar at 0.13% per annum.

The process of earning dollars on Cenoa App is very easy. Just fund your Cenoa wallet and automatically, you start earning interest on your dollar.

To make money on Cenoa app through referral is kind of different from other platform. Here's my referral code: LHKSB378 you can use it after registration to get $1 when you keep a minimum of $10 on your account for 5days.

The reason I don't like the referral programme is that it kind of limited. After one month of invitation and your invitee do not meet up with the requirements for you to earn $1, the referring would expire. Hence, earning in dollars on Cenoa app through interest is the better option for me.

How to Send USDC on Cenoa

The 'SEND' button on Cenoa App allows you to transfer your digital dollars (USDC) to another Cenoa user. However, to send funds on Cenoa;

• Tap 'Send' in your dashboard.
• Input 'transfer amount' in USD.
• Input recipient's details e.g Cenoa Avalanche C-Chain Wallet Address.
• Confirm your transfer details
• Tap 'Send'

So far your transfer will still undergoes blockchain node confirmations, it may take 1 to 2 hours before the recipient confirm the assets.

How to Withdraw on Cenoa App

The most important part of earnings is to be able to withdraw it. Making a USDC withdrawal on Cenoa is very complicated. You have to be careful so that you won't loose your assets just like I did.

In the app, they'll tell you that you can withdraw to any USDC/USDT wallet on Avalanche C-Chain Network. My brother and sister, don't try to withdraw to USDT wallet because that's what I did and till now, I haven't gotten my asset back. Follow my tips to successfully withdraw your money on Cenoa App.

Pro tips: Use USDC wallet on Binance to withdraw from Cenoa App. Use Self-custodial USDC wallet to cashout your asset from Cenoa. This is because, if any issue occurs, you can simply recover your wallet on Trust Wallet using the 12 Mnemonic words. Contact Cenoa Customer Support for withdrawal guidelines. Meanwhile, the fintech app customer support teams are wack at the moment. Notwithstanding, consult them before making a withdrawal.

Follow these steps to withdraw your money on Cenoa:

• Login to your Cenoa Account.
• Tap Withdraw.
• Input Amount.
• Copy and Paste USDC wallet you want to withdraw to. Note: the USDC must be on Avalanche C-Chain Network or Polygon.
• Confirm your order, and Tap Complete.

Moreover, your transaction will undergoes blockchain node confirmations to arrive in it destination crypto wallet. If you waited for 24 hours and token has not arrived, that means problem has occurred. To fix, first of all download Trust Wallet and contact Cenoa Support Team for further assistance.

Is Cenoa App Legit?

Yes, Cenoa App is a trustworthy fintech solution with strong foundations.

Cenoa App has solidified its legitimacy through strategic partnerships and integrations. Notably, Cenoa has seamlessly integrated with respected financial entities such as Fonbank, Paychant, and Transak, all under the regulatory oversight of the UK Financial Conduct Authority. These integrations serve as a robust bridge between Cenoa and local banking systems, ensuring a smooth and secure user experience.

One of the standout features of these integrations is the accessibility they provide to USDC (US Dollar Coins), issued by Circle. Circle, a regulated fintech powerhouse, stands shoulder to shoulder with industry giants like PayPal, Stripe, and Apple Pay. Its commitment to transparency is evident through regular audits and rigorous reviews by the SEC, reaffirming its status as a trustworthy financial entity.

Cenoa's commitment to security is further underscored by its software's endorsement from Certik, a renowned name in the cybersecurity and blockchain space. This endorsement assures users of the app's robust security measures and reliability.

Behind Cenoa's strong foundation lies a team of top-tier global experts in defense engineering. Their expertise and dedication underscore the company's commitment to providing a secure and dependable platform for its users. In a world where trust and security are paramount, Cenoa App emerges as a beacon of legitimacy in the fintech landscape.

Cenoa Reviews

Cenoa is a global dollar account co-founded by a visionary team of four individuals who came together in April 2022 to headquartered Cenoa in Singapore.

At its helm are co-CEOs Emre Ertan, formerly the Chief Product Officer and Chief Technology Officer of rapid delivery giant Getir, and Seçkin Çağlın, a seasoned professional with experience at McKinsey and as the former Head of Cards and CMO at BBVA Garanti Payments. Assisting them on the technical front are Sırrı Perek, who has lent his expertise from Facebook, and Buğra Çakmak, a technical guru hailing from Google. 

Remarkably, Cenoa's international team operates from various corners of the world, spanning Turkey, Singapore, the UK, Italy, Germany, and Switzerland.Cenoa made headlines in January 2022 when it secured an impressive $7 million in seed funding. Cenoa has ambitious goals for the next two years. It mission is to cater to millions of customers worldwide, providing accessible and cost-free digital dollar solutions for everyday transactions.