BEAC’S COIN INJECTION: A MISSED OPPORTUNITY FOR FINTECH GROWTH IN CENTRAL AFRICA?

The BEAC (Central African Central Bank) agency in Douala recently announced that businesses must exchange banknotes for coins every Monday through Wednesday each week, aiming to reintroduce coins into the financial system. This decision follows BEAC’s move to inject around 150 million F CFA worth of coins into the economy in response to a shortage that has affected local businesses, particularly at retail and sales points.

While this coin injection addresses the immediate shortage, it raises an important question: Why is the Central Bank still focusing on physical currency when the world is moving towards digital solutions? In a time when we should be embracing innovation, this move highlights Central Africa’s slow pace in developing its fintech sector—one of the most critical areas for modernizing financial systems.

Central Africa remains one of the most underdeveloped regions in terms of online payments and digital financial services. This digital lag has significantly impacted business operations, making everyday transactions more cumbersome and costly.

Instead of focusing solely on redistributing physical currency, BEAC should seize this moment to drive the adoption of fintech solutions—creating online payment platforms that would reduce the reliance on notes and coins altogether. Digital payments not only simplify transactions but also offer transparency, security, and efficiency, which are crucial for economic growth.

Moreover, the region desperately needs to revamp its cashless payment policies and significantly reduce its bank charges, which are among the highest in Africa. These excessive fees deter businesses and individuals from using banking services, further hampering the economy.

It's time for BEAC and Central African countries to prioritize fintech innovations—to build a future where digital finance becomes the norm, not the exception. Central Africa cannot afford to remain stagnant in an era of global digital transformation. The time for change is now.