DuniaPay brings stablecoins to West Africa, with 8% interest on savings

DuniaPay, a full-service banking application that provides residents of African nations with a flexible digital platform to access financial services, has launched a new personal savings feature offering users over 8% annual interest on savings. These interest rates are made possible by cXOF, a stablecoin currency developed by DuniaPay on Celo’s decentralized finance ecosystem. cXOF tracks the West African CFA franc (XOF), a currency used by 14 Central and Western African countries, and will allow residents of these countries to easily save money, earn interest and transact globally by swapping natively between multiple stable currencies available on Celo (cEUR, cUSD and others).

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DuniaPay was created by three Burkinabé students studying in Canada who wanted to provide West Africa’s digital generation with an inexpensive, full-service banking experience. The application, which has grown to host more than 18,000 active users, currently offers international and domestic money transfers, crypto transactions for Bitcoin, Ethereum, and Celo Dollars, in-store QR code payment options, airtime top-ups for mobile phones and, with today’s announcement, a personal savings feature.

“When DuniaPay started, it was only supposed to offer money transfers and conversions from crypto to fiat currencies for the people of West Africa. As our offerings evolve and reach greater heights, our personal savings account takes us one step closer to realizing our mission of providing Africa with a seamless, one-stop daily finance experience” said Radha Mathur, Global Lead—Marketing and Communications at DuniaPay.

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DuniaPay’s latest personal savings feature allows users to create multiple, goal-specific saving pools, and earn over 8% annual interest on their savings, more than double the 3.5% starting interest rates typically offered by traditional banks. These high interest rates are made possible by cXOF, a stablecoin currency developed by DuniaPay on Celo’s decentralized finance ecosystem. cXOF tracks the West African CFA franc (XOF), a currency used by 14 Central and Western African countries and will allow residents of these countries to easily save money, earn interest and transact globally by swapping natively between multiple stable currencies available on Celo (cEUR, cUSD and others).

“The DuniaPay team is positively impacting the day-to-day financial lives with a growing ecosystem based on a safe, reliable and innovative DeFi experience,” said Aliu Musa, Ecosystem Lead, cLabs, working on Celo. “The addition of our stablecoin to their platform enables the opportunity to earn significant interest, making DuniaPay even more effective for West Africa’s booming digital generation.”

In addition to providing users superb interest rates, DuniaPay’s savings account offers flexible payout periods for interest earned, all within a safe, secure, and regulated environment. cXOF is freely tradable on any Celo compatible wallets and as DuniaPay continues to build additional usability for cXOF.

The app is currently available to download on the Android play store and iOS app store in Burkina Faso with expansion plans for Côte d’Ivoire, Senegal, Mali and Guinea.