A branch of Yellow Card Financial can now be found in Senegal! The pan-African cryptocurrency firm now has a total of 16 African nations where it operates.
Senegal is attracting an increasing number of cryptocurrency-related businesses. Yellow Card Financial is the next company to make a name for itself in the world of teranga, following in the footsteps of Binance Africa.
The team, located in the United States and Africa, has been operating in Nigeria since 2018 and allows the purchase of cryptocurrency for all Africans. XOF Cfa, the native currency of Senegal, has been added to the company’s list of currencies that may be purchased with local currency, mobile money, bank card, and bank transfer.
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Though it is a new market for cryptocurrency, Senegal’s COO, Ines Lowe SALL, believes that the country is able to meet the challenges of this industry and prosper.
“There is a strong network of local traders and cryptocurrency aficionados who are eager to learn more about this new technology. Because of this, the Senegalese cryptocurrency market is still a very accessible one to enter. For us, it’s all about making financial inclusion a reality for everyone by providing the greatest cryptocurrency trading platform,” she stated in a statement obtained by Afrikanheroes.
“Senegal has a population of 17.42 million, of which 8.01 million are internet users, with an internet penetration rate of 46 percent. They may be poor but they’re open-minded and eager to try new things, and they’re the majority of the population. Education and lack of cryptocurrency regulation are two of the biggest roadblocks to the market’s positive growth. For the Senegalese market, Yellow Card is ready to collaborate with regulators and other ecosystem players in the decision-making processes to develop guidelines to help regulate cryptocurrency activities. These regulators intend to dramatically improve the measures they have in place to license bitcoin and blockchain businesses. Users of the Yellow Card app will be able to pay for goods and services using a Mobile Money API that can be integrated into the Yellow Card app,” added Yello Card Financial Senegal’s CEO.
“Keeping our clients and partners safe is a priority for Yellow Card, which is why we demand our partners and consumers to undergo KYC and AML checks,” the CEO said.
eCFA, the national digital currency of Senegal, could pose a challenge to cryptocurrency businesses in the future, based on the blockchain technology that underpins Bitcoin.
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Because the eCFA is legal cash issued by the central bank, it will be supported by the government. Regulators are poised to issue a license that will allow regulated transactions of cryptocurrency for the time being.
In Senegal, Yellow Card is focusing its efforts on educating the population about cryptocurrency and the blockchain in an effort to offer financial independence to everyone. This will be accomplished via webinars, workshops, conferences, and the Yellow Card Academy, a free instructional portal.
Across Africa, there are endless possibilities for the use of cryptocurrencies, both in established markets and new ones. The adoption of cryptocurrencies appears to be the best solution to this problem as more and more countries are looking for more convenient and secure ways to conduct transactions. When it comes to exploring cryptocurrencies, there is no better moment.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh