Jacqueline Adiaba Nkembe, president of Cosumaf, chaired keynote discussions on digital finance and today’s economic challenges. It was part of the Cemac International Investor Week (SIIC). Placed under the theme: “Technology and digital finance, cryptoassets and sustainable finance”, the challenge of this initiative, we learn, is to “raise the awareness of our students about the importance of digital finance that ‘ appear at home through fintechs, participatory finance. “, explained the president.
Through this event on financial education, she wanted to apply the good ideas of intelligent investors to the youth of the member countries to stimulate economies. The lecture halls: the Catholic University of Central Africa, the Institute of International Relations of Cameroon (Iric), the Higher School of Information and Communication Sciences and Technologies (Esstic) and the National School of Administration and Judiciary (Enam), hosted the this is a sub-regional event.
This included, among other things, teaching students how the financial market and stock market culture work. “It is not specific to the Central African financial market. The main objective is to inform investors about these instruments and especially about the risks associated with handling them, because it is normal to say that when the return is high, the risk is also high ,” she said when she opened debates at the Catholic University of Central Africa on November 19.
6.76% of Cameroonians are entering encryption situations
This event takes place in a context where the introduction of a digital vision in the accumulation of public savings, cyclical during the health crisis, has become structured to establish itself permanently. The number of warnings from the regulator, following online fraud and scams in Central Africa, has increased. These frauds and scams take advantage in particular of the strong democratization of mobile money (electronic money), which appears as an alternative to the low banking rate in the CEMAC zone to invite the public to their savings to make it profitable. In particular, the phenomenon of cryptocurrencies is gaining momentum in Cameroon. According to a study by the Ministry of Finance in 2022, almost 900,000 Cameroonians, or 6.76% of the active population, have access to crypto funds, with average investments of around 800,000 CFA francs per person. And for good reason: the promises of attractive profits, sometimes up to 150,000 CFA francs per week, attract an increasing number of investors. But behind this crisis, there is a danger: without strict regulation, the risk of abuses such as Ponzi schemes remains real.
FINANCIAL MANAGEMENT AND CRYPTOASSETS
In a logic where “students use these materials a lot and will play a key role in our economies”, affirms the president of Cosumaf, before remembering that they must, as investors or future entrepreneurs, to understand these tools and remember that. An investor is one who knows the risks associated with financial instruments. “The Head of State has ordered close cooperation between the university environment and professional training structures, also known as the socio-professional environment. This Cosumaf campaign is relevant because it is aimed at students, who will represent tomorrow’s financial operators. It is essential to raise awareness among this future generation. In states like ours, this issue is relatively new and could be a cause for concern. Topics such as the future of money, financial regulation and crypto assets require measured and prudent approaches,” said Professor Edgar Patrick Abane Engolo, Inspector General of Services at the Ministry of Higher Education (Minesup), representative of the Minister of the State, Dr. Jacques Fame Ndongo.
Beyond cryptocurrencies, the 2024 edition of the SIIC also highlights sustainable finance. According to the president of Cosumaf, this approach is particularly relevant to the sector, which has environmental challenges such as floods. “Sustainability is an important issue for our economies,” she explained, stressing the importance of future investors being aware of the environmental impact of their financial choices. Through initiatives such as SIIC24, Cemac is enabling itself to develop its financial market while promoting economic growth.By focusing on education, coaching and innovation, the sector intends to take advantage of technological advances to improve the well-being of its member states.
JACQUELINE ADIABA NKEMBE, President of the Central African Financial Market Research Commission (Cosumaf)
“Raising students’ awareness of regulatory issues, security and risks of financial transactions”
In a constantly changing world, technology is changing the financial landscape dramatically. Digital finance is emerging as a powerful lever, not only to improve access to financial services, but also to make transactions faster, more secure and cheaper. Students, future professionals, are at the heart of this revolution. Curiosity and enthusiasm are essential to overcome this digital age, where every innovation can open new perspectives.
Digital finance, for its part, represents both an incredible opportunity and a huge challenge. It changes the way we think about value and do business. However, it also raises critical issues of governance, security and risk. It is vital for them, as future financial leaders, to understand these issues. The ability to integrate innovation while maintaining investor confidence will be decisive for the future of our market. In addition, stable finances are a key that we cannot ignore.
Faced with the current environmental and social challenges, it is imperative that our financial system moves towards responsible practices. Investing in sustainability is not only an ethical choice, it is also a strategy for the future. As students, they have the power to shape a world where profit and social responsibility go hand in hand.
Collective management, today’s main topic (November 19, editor’s note) offers several techniques aimed at diversifying results and strengthening investment security. For Cosumaf, this is a tool to mobilize savings to serve our economy and meet the needs of different categories of investors, especially individuals and young people.
