Introducing AjoMoney – A Nigerian Community Financing Platform

Central African Republic (CAR) is one of the best countries for cryptocurrency investors, a new report has found.

The report by CoinCub compared countries based on the prevailing attitude to cryptocurrencies which usually informs its overall policies toward the use, regulation, and taxation of cryptocurrency.

According to CoinCub, the countries were ranked based on a host of data and information. These span from the numbers of blockchain courses, nodes, and trading volumes to government policy, regulation, fraud, and tax.

Based on its research, the Central African Republic was ranked 5th as one of the best tax havens for crypto investors worldwide.

The top 5 countries include:

1. The Bahamas
2. Bermuda
3. Belarus
4. United Arab Emirates (UAE)
5. Central African Republic (CAR)

The Central African Republic, which is implementing a project that intends to make it a cryptocurrency hub, received top marks (5 points) on capital gains, income tax, and commercial tax.

Based on CoinCub’s methodology, investors can expect not to be charged any tax from their crypto transactions as it relates to those 3 forms of taxation.

In our tax ranking, we award positive scores of 5 points for any aspect of crypto income that is free from tax – such as zero tax on crypto income gains, or zero tax on crypto capital gains. We also award 5 points for income tax allowance or a capital gains tax allowance.

– CoinCub

Coincub also produced a ranking of countries based on ‘crypto-friendliness’ leading to the map below where blue represents the most friendly areas.

In Africa:

• South Africa
• Nigeria
• Central African Republic

have been determined to be the most crypto-friendly countries. The 3 countries are given a rank amongst the rest of the countries.

Here is how they rank globally based on the latest Q2 2022 analysis:

• South Africa: (28th)
• Nigeria (39th)
• Central African Republic (56th)

United States is ranked first as the most crypto-friendly country globally.

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Nigerian startup, AjoMoney, is targetting providing additional financial options to community-based contribution schemes that are common among Africans.

Ajo in local parlance involves a group of people coming together to save a certain amount either daily, weekly or monthly.

In the scheme, each member has their turn when they receive the full amount contributed. This goes on amongst group members until the cycle rotation is completed, then restarted.

AjoMoney is primarily a credit platform, which chooses to solve problems around access to credit by leveraging on community-based connections and grassroots recommendations.

Enjoy early access to cash on AjoMoney.

Create a contribution group on the AjoMoney app and share your group link with trusted family and friends to raise money and fund planned projects.#Ajo #Cooperatives #Thriftcontribution #Adashe #Esusu #AjoMoney pic.twitter.com/fRNUwHyPFT

— AjoMoney (@ajo_money) August 25, 2022

The concept of AjoMoney is popular across the African continent. Some common informal savings unions in Africa are:

AjoMoney provides an app that these groups can use to manage their savings and finances. However, the app primarily offers an opportunity for the members of these savings groups to access micro-credit which they can use for their businesses.

One of the startups’ founders, Ibrahim Adepoju, explained how the app facilitates zero-interest credit among savings group members:

While the modern community and brands promote savings and investment, AjoMoney believes that you do not have to save money for six to 12 months to achieve your target goals, when you can save for three months and get what you need through zero-interest credit via community financing, and continue your savings to pay back. With this, people will achieve a lot and evade the challenges of rapid inflation in Africa

– Ajomoney

According to Adepoju, the startup has acquired more than 12,000 users and made $750,000 in gross transaction value (GTV), 80% of which was acquired organically.

The startup, which raised a seed round in April 2022, makes money through commissions and subscription fees.

AjoMoney is set on expanding its business and is already in stealth mode in Rwanda and in the process of acquiring licenses to operate in the country after having been successfully incorporated.

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