New Delhi: Indian startup Trestor, an alternate to crytocurrency Bitcoin, has partnered with the Cameroon government to deliver last mile services in the southwest African country.
As part of the agreement, Trestor and Socapssi, an organisation created in Cameroon to bridge the gap between the informal and national insurance sector (CNPS), as also the government will ensure that the new currency ecosystem goes live.
To test the project out, the parties had done a pilot to test the feasibility.
“The results were excellent. We enrolled 500 people between the ages of 15 and 35 from a small economically-knit community. We asked them to use ‘Trest’ as their default method of payment for 30 days,” Antoine De Padoue, founder of Socapssi and president of RDPF KUMZE, Cameroon’s minority opposition party, told IANS.
“In short, we artificially created a Trest-based micro-economy. People were able to comprehend and understand this very new method of payment. They were excited and started improvising their own uses within the first five days of the pilot. We achieved quantifiable efficiency gains and the benefits far outweighed the negatives,” De Padoue added.
Socapssi has signed an agreement with CNPS for the project. “Our first Trestor retail partner location is now functional. Over the next 12 months, we will enroll 500 Trestor retail partners across Cameroon (10 regions, 54 divisions and more than 360 sub-divisions). This will create 1,200 to 1,800 direct jobs,” De Padoue said.
The CNPS aims to ensure efficient delivery of government-sanctioned entitlements and other benefits assigned for the people of Cameroon. “Trestor and Socapssi have created a payment system where none existed. Trestor has successfully demonstrated that peer-to-peer payments can still function in areas with practically zero banking and telecom infrastructure,” Trestor founder Kunal Dixit told IANS.
“This essentially is like giving world’s best banking to the most poor for absolutely no
Originally appeared at: http://www.ummid.com/news/2015/June/20.06.2015/trestor-partners-with-cameron.html