Following the recent adoption of Bitcoin as legal tender in the Central African Republic (CAR), Fintech experts in Cameroon believe the country should follow a similar route.

Prof. Kelly Mua Kingsley, a finance engineer and graduate of Harvard Kennedy School of Government, said the move by CAR authorities will accelerate innovation in payments and create an innovative financial backdrop.

He believes Cameroon should pursue legislation on cryptocurrencies in order to prioritise payment safety and the protection of consumer data. “Cameroon must adopt cryptocurrency legislation that facilitates domestic payments and centralised clearing via the central bank. Similarly, tax payments and social security contributions should be envisaged to ensure a faster integration into the Cameroonian economy and encourage the digitisation of payments.”

Kingsley added that law has the power to reinforce domestic digitisation trends and quicken the pace of adoption of digital technologies by the citizens. “Innovation via the blockchain will bolster transparency in private and public sector payments and spur domestic economic activity as a raft of clearing and payments companies will develop around this law. Over the long run, innovations across the energy sector will preserve mining activity.”

He urged the integration of Cameroon into cryptocurrency. “Transactions costs should mitigate any loss in taxable income, supporting public finances and encouraging a more innovative payment infrastructure that enables Cameroonian businesses to compete effectively locally and globally. Finally, Blockchain technology will be adopted across other areas of the economy, such as healthcare, manufacturing, and education.”

Ngenge Senior, Buea-based developer of Fintech mobile app Easy MoMo, said the move by the CAR government to accept Bitcoin is a good move. “It will help the country to avoid the overdependence on the US dollar for trade.”

Senior however insisted on the need to watch out for the volatility of Bitcoin. He also expressed scepticism over the traceability of transactions and how the cryptocurrency could be used by especially the political elite for money laundering.