The Case for a ReFi Ecosystem between Brazil and Cameroon

Roots, Diaspora, and entrepreneurship

The global ReFi ecosystem has grown at an incredible speed over the past year. At the same time that the ecosystem gained strength, the narrative that the ideal space for the ReFi, in addition to building incentives for the regeneration of the planet, our local communities also grew.

Especially the traditional ones that have maintained a harmonious relationship with nature for centuries.

However, more than being a tool available to these local communities, ReFi can allow the creation of a global network of coordination and cooperation between them.

If the agents who profit from the planet's destruction organize globally to defend their interests, it is important that the agents who preserve and regenerate our planet do as well.

In this context, we turn our attention to the initiatives that are already being built with this goal, and one of them is the beginning of coordination between Cameroon and Brazil.

The countries share a tragic history of looting by Portugal, which in addition to looting the natural riches of the countries, also kidnapped people in one and forced them to work in slavery in the other.

This tragic proximity makes Brazil and Cameroon share close positions in global indexes such as violence, corruption and a mostly primary economy.

However, both countries reacted to this tragedy through industrialization and cooperation with each other. One of the most striking facts of this cooperation was the 20% growth of the trade balance between the two countries in 2022.

The recent scientific cooperation agreement between the countries is also part of this. However, this whole introduction only makes sense when we consider the emergence of the ReFi ecosystem in both countries.

From this analysis, we will be able to point out what are the bases for the growth of this cooperation to be accelerated to the point that representatives of the ReFi ecosystems of both countries can benefit from an international partnership.

Our mission here is simple: to find a space of coordination where Brazilian and Cameroonian ReFi Startups can mutually benefit while pursuing their own mission.

The Potential

The African continent has the potential to be a significant player in the ReFi ecosystem due to its large and youthful population, rapidly growing economies, and increasing access to technology.

With a growing tech scene and a government committed to promoting financial innovation, Cameroon is well-positioned to become a hub for ReFi activity in West Africa.

Cameroon's entrepreneurial ecosystem, particularly its startups focused on climate solutions, will play a crucial role in driving the growth of the ReFi ecosystem in the country.

Just to name some examples: Cassavita, Multi-Tech Sustainable Solutions (who honored the country during the COP27), and others like Name Recycling, ASAFE, and The NONCE Association, are leveraging technology to create new financial products and services that address challenges faced by communities across the continent.

At the same time, they are also working to promote financial literacy and increase access to finance for the underbanked and unbanked population.

In order for this ecosystem to keep its rhythm of growth without losing sight of its mission, it's important to acknowledge the relevance of the indigenous people stewarding forested land.

On this specific matter, while in Brazil Rede de Sementes do Xingu is coordinating local seed collectors, administrators, and buyers in the state of Mato Grosso, being responsible for the recovery of more than 6,000 hectares.

In Cameroon, NONCE Association is trying to do the same thing with the creation of a circular economy using a blockchain-backed UBI token.

This alignment is only one of the several that highlight the fact that it’s time to build a bridge between Brazil and Cameroon, a bridge that will allow radical partnerships and mutual growth where ReFi will be just the catalyst of broader cooperation.

In Brazil, while the topic of ESG has a strong presence in the Startup and Business environment in general, the limitations of the ESG brand started to spark in the news as fields such as the traditional carbon market started to raise questions about transparency and legitimacy.

The lack of web2 alternatives to ESG had made a lot of startups move to web3 in search of a better environment to do business, such as the example of the startup Nossa Terra Firme.

This movement is interesting because it signals a path of migration of startups focused on the Environment to Web3, however, it also points to a probable reduction in the availability of services provided by these startups to their former Web2 customers.

The relevance of this sign comes from the fact that 74% of business managers and owners rather have information agencies (56%) and suppliers (50%) taking over the initiatives for their companies.

So, as more companies start to take the climate emergency seriously in Brazil, we’ll have a continental-size country, with a high demand for services and suppliers (related to environmentally friendly solutions) and with a historical link to Africa.

Cameroon is known as Little Africa, due to the high cultural diversity present in the country, which puts it in a very special place regarding Brazil.

Then, what's needed in order for climate and impact-driven startups from Cameroon and Brazil to start the coordination?

We believe that from all the resources, the one with the highest cost right now is the information, that's why we are launching a synchronized event between Cameroon and Brazil, so founders and people with interest can share what would make their mission easier.

This is just one of the spaces where Brazil and Cameroon can thrive together, just the beginning.

If you want to be a part of that construction you can start by staying tuned to the work of The Nounce Foundation!