Canza Finance, founded in 2020 by Pascal Ntsama and Oyedeji Oluwole (CTO), is a Nigerian DeFi-focused neobank that builds on-chain FX and crypto products for cross-border settlement. Its core offerings include Baki, a synthetic on-chain FX exchange, the DeFi protocol jollof.fi, and CXDS for creating credit default swaps; it plans jaraOTC (an OTC FX trading platform) and a Canza Crypto Teller Machine for on/offramps. The company charges 1% per transaction today while Baki aims to lower fees to 0.2%. Canza processes roughly $2,000,000 in transactions weekly and serves markets in Senegal, Nigeria, Cameroon, and the United States. Future plans emphasize accelerating infrastructure development across Africa and obtaining operational licences in multiple jurisdictions to become an authorised registered entity. The startup works with on- and off-ramp partners and targets reducing forex frictions for African companies and local FX agents. Canza Finance provides crypto-based cross-border settlement and treasury management services aimed at connecting Nigerian businesses to the global economy. Its most advanced product is cross-border settlement, which the company says processes roughly $1 million in weekly volume to Canada, China, Turkey, the United Arab Emirates and the United States. The treasury management service is scheduled to launch later in the year and is planned to offer DeFi staking pools to help B2B customers earn interest and mitigate currency-devaluation risk. Canza was founded by former AT&T employees Pascal Ntsama and Oyedeji Oluwole and positions itself as a crypto neobank for African businesses. The company has drawn interest from oil companies and asset managers seeking crypto services for their clients. Canza plans to invest in hiring, compliance and working capital as it scales and pursues regulatory licenses.

Total raised

$6M

Funding rounds

2

Latest round

Equity

Latest activity

Jan 2024