Cenoa App Review: Is It Legit in Nigeria?

Since it inception in Nigeria, there are some positive signs that shows that Cenoa App is legit. The fact is that Cenoa is built on the Avalanche Blockchain, one of the most secure and reliable Blockchain platforms, and it also uses leading and battle-tested Decentralized Finance (DeFi) protocols such as Aave and TraderJoe to offer services to it customers.

However, there are also some concerns about Cenoa. For example, it is a relatively new app, and it is not yet clear how well it will perform over the long term. Additionally, Cenoa is not a bank or a licensed financial institution. This means that your funds are not protected by the same regulations as they would be if you were to deposit them in a traditional bank account.

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Overall, it is too early to say definitively whether or not the Cenoa app is legitimate. However, there are both positive and negative signs to consider. If you are considering using Cenoa, it is important to do your own research and understand the risks involved.

My Experience using Cenoa App in Nigeria

I read about Cenoa app on TechCabal, one of the most read tech publications in Africa. The blog describe Cenoa as a ‘zero-fee dollar account that improves access to dollar-based products in emerging markets’. However, due to the FX market situation of Nigeria that’s getting worse day by day, I decided to test Cenoa whether it worth it hype; if it does, I’ll be using it to safe my money from depreciating.

In a nutshell, I invested $3 (worth of 3,600 in Nigeria Naira now) to see how the app will works. But unfortunately, I lose all the funds. Meanwhile, in my own point of view, Cenoa is legit and trustworthy but it’s not meant for novice.

Furthermore, when I added naira to my Cenoa wallet, it’s automatically converted to United State Dollar Coin (USDC), a digital currency of dollar, and immediately, I started earning interest on the balance added.

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So, I proceeded to withdrawal and I made the transfer to my CoinCola’s USDT ERC -20 wallet. Boom, that’s where the money got lost. Don’t laugh because it’s not funny! I waited for 2 hours but nothing appears in my cryptocurrency wallets. I thought that it’s was confirmation delays and from 2 hours to 24 hours nothing happen.

My chattings with Cenoa Customer Support

So, I decided to contact their customer support team provided via WhatsApp to find solutions. After several messages and some insult words, the representative decided to give a reply to my complaints. He/she instructed me to download Trust Wallet on the Google Play Store if I want to regain my lost asset back.

ASAP, I downloaded the self custodial wallet and I login my Cenoa’s Avanlanche wallet on the app, then I followed the instructions highlighted as by the customer representative to regain my wallet. After everything done, I gave him/her a screenshot and he/she told me that the wallet regained is a Watch-only Wallet.

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Since then, no support was rendered, no asset recovery, I can only login to my trust wallet to see my 3USDC. I can’t access it, it’s been stocked to God knows where.

My Reviews

Cenoa App is a zero dollar account that allows users to earn interest on their savings. But, the app is a very complicated one to use. You must be a Blockchain expert to use the app especially in the withdrawal aspect.

Another thing I noticed is that Cenoa app run it service on self custodial wallet, that’s asset lost cannot be regained. My asset lost was caused by them. At their withdrawal page, it’s highlighted there that “Withdraw To Your USDC?USDT ECR-20 Wallet”, so i decided to withdraw the assets to my USDT wallet. Hadn’t be I knew, I’d have made the transfer to a USDC wallet. Now, my assets are stocked.

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Check out SWAP, a Flutterwave Launched Product that’s fixing FX Market in Nigeria.

Furthermore, Cenoa customer support teams are set of incompetent people; their responses are too slow and they don’t really know much about Blockchain technology and how it works. Despite my disturbance and uncomplimentary words, it took us two weeks to got into final conclusion that my assets are gone for good.

Is Cenoa App Legit?

Yes, Cenoa app is legit in Nigeria but if you decide to use the Cenoa app, it is important to only invest what you can afford to lose. You should also monitor your investment closely and withdraw your funds if you have any concerns.

Here are some things to keep in mind if you are considering using the Cenoa app:

  • Cenoa is a relatively new app, and it is not yet clear how well it will perform over the long term.
  • Cenoa is not a bank or a licensed financial institution. This means that your funds are not protected by the same regulations as they would be if you were to deposit them in a traditional bank account.
  • Cenoa uses DeFi protocols to generate yield for its users. DeFi protocols are complex and can be risky.
  • Cenoa is audited annually, but this does not guarantee that it is safe or secure.

To use, safe or invest money on Ceno, read this ultimate guides about Cenoa App.

Conclusion: Is Cenoa App Legit in Nigeria?

Cenoa is a legitimate fintech app in Nigeria. The app is using leveraged finance technology solutions with strong foundation to solve Nigerian’s Forex market problems. Cenoa App has established its legitimacy through strategic partnerships and integrations. For instance, Cenoa has seamlessly integrated with reputable financial institutions such as Fonbank, Paychant, and Transak, which are all regulated by the UK Financial Conduct Authority.

Paychant partner with Cenoa

These integrations serve as a sturdy bridge between Cenoa and local banking systems, ensuring a seamless and secure user experience. One of the key features of these integrations is the accessibility they provide to USDC (US Dollar Coins), issued by Circle. Circle, a regulated fintech powerhouse, is on par with industry leaders 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 reliable financial entity.

Related Article: Best Savings Apps To Save in Dollars in Nigeria.

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Cenoa’s focus on security is further underscored by the endorsement of its software by 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.

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