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