Fostering Financial Inclusion in Cameroon
Author: Frank Abaiweh, Communication Lead, UNLEASH Hack Cameroon
On August 23 and 24, 2024, in the heart of Silicon Mountain Buea, Cameroon, Mountain Hub hosted UNLEASH Hack Cameroon, a two-day innovation sprint focused on developing solutions for financial inclusion, aligning with SDGs 1 and 10. The event brought together over 20 changemakers from across the country to co-create innovative solutions.
Despite Cameroon’s growing digital banking sector, significant challenges persist. Approximately one in four individuals lack access to financial services due to limited knowledge and inadequate ICT infrastructure. Furthermore, women and youth face barriers in accessing assets and financial services, with women encountering gender bias in securing loans, investments, and insurance opportunities, and young people having difficulties to own assets and access financial products.
Co-organized by UNLEASH Alumni and partner organizations the Hack aimed to develop gender-inclusive financial solutions to promote growth and development among Cameroonian youth. Facilitators and Experts in the financial sectors supported Talents in refining their ideas and co-creating solutions to address community-identified problems.
The solution that stood out the most, Smart Nkap, developed by team BOMA-TEC, is a digital financial inclusion platform designed for rural Cameroonian communities, promoting financial inclusion, entrepreneurship, and economic growth.
“UNLEASH Hack Cameroon was a converging point of great talents, truly highlighting unity in diversity to achieving innovative solutions to bridge the existing gender divide and foster financial literacy,” says Njemo Naomi, an UNLEASH Hack Cameroon Talent.
The success of UNLEASH Hack Cameroon was made possible through the contributions of our partners and sponsors, including CALEB TARH, Light Group, Learn’kap, and Mountain Hub, who supported the first-ever UNLEASH Hack in the CEMAC Region.
