Pan-African cryptocurrency leader, Yellow Card has made another significant stride in the industry, becoming the first cryptocurrency company on the continent to be granted a Virtual Asset Service Provider licence to operate in Botswana. The licence, in accordance with Section 11 of the Virtual Asset Act, 2022, was issued by the Non-Bank Financial Institutions Regulatory Authority [NBFIRA] on the 29th of September 2022 and will become the standard for crypto operations in the country.
Chris Maurice, CEO and co-founder of Yellow Card, says that this is a monumental moment for the company, its customers, investors and the crypto industry as a whole as it positively impacts everyone across the value chain.
Chris Maurice, CEO and co-founder of Yellow Card
“This opens up greater channels of expansion with regards to payment partners, banking and expanding our client base across Africa. This will further show regulators in other markets that we are not just any other cryptocurrency company – we are pioneering, pushing boundaries and setting the standard. All the more reason for them to work together with us as well,” he said.
Yellow Card complies with global AML, Sanctions as well as the FATF Travel Rule requirements and KYC of all customers across all jurisdictions. The company is also registered on GoAML and with local Financial Intelligence Units in most of its jurisdictions to help report on AML, Sanctions, and Financial Crime matters. The company also complies with the US Foreign Corrupt Practices Act.
Botswana is one of a few countries in the world taking significant steps to implement tighter regulations around cryptocurrencies and digital tokens. Previously, the Bank of Botswana warned of the risks of investing in unregulated cryptocurrencies. And now, with the licence in place, it will be more difficult for those who masquerade as legitimate Virtual Asset Service Providers to scam people.
Although Botswana has a small population, they boast a significantly strong purchasing power due to the Pula’s strength relative to other African currencies. When it comes to digital innovation, citizens have a high-risk tolerance and are always looking for the next big thing in the digital space. That said, the appetite for innovation and the challenges ordinary citizens face due to the lack of access is a massive gap in the Botswana market that Yellow Card is catering to.
Keletso Thophego, Botswana Country Manager for Yellow Card says, “The majority of the population is unbanked because of the increasing difficulty of getting bank accounts for the average people who do not have payslips. There’s no doubt that because of blockchain technology we have been able to cater to the unbanked in a faster and efficient way. With the new licence in place, the future of cryptocurrency trading and other digital tokens looks positive.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Yellow Card, the Pan-African cryptocurrency pioneer, has achieved another big step forward in the market by being the first cryptocurrency firm on the continent to be awarded a Virtual Asset Service Provider licence to operate in Botswana. The licence was issued by the Non-Bank Financial Institutions Regulatory Authority [NBFIRA] on September 29, 2022, in compliance with Section 11 of the Virtual Asset Act, 2022, and will become the benchmark for crypto activities in the nation.
Chris Maurice, CEO and co-founder of Yellow Card
According to Chris Maurice, CEO and co-founder of Yellow Card, this is a watershed moment for the firm, its customers, investors, and the crypto sector as a whole, since it benefits everyone along the value chain.
“This opens up greater channels of expansion with regards to payment partners, banking and expanding our client base across Africa. This will further show regulators in other markets that we are not just any other cryptocurrency company — we are pioneering, pushing boundaries and setting the standard. All the more reason for them to work together with us as well,” he said.
Yellow Card complies with worldwide AML, Sanctions, and FATF Travel Rule standards, as well as KYC of all consumers in all jurisdictions. In addition, the firm is registered on GoAML and with local Financial Intelligence Units in the majority of its territories to assist in reporting on AML, Sanctions, and Financial Crime issues. The corporation also abides with the Foreign Corrupt Practices Act of the United States.
Botswana is one of just a few nations taking substantial moves to tighten legislation surrounding cryptocurrencies and digital tokens. The Bank of Botswana has warned about the dangers of investing in unregistered cryptocurrencies. With the licence in place, it will be more difficult for individuals impersonating legal Virtual Asset Service Providers to defraud consumers.
Despite its tiny population, Botswana has a relatively high buying power due to the strength of the Pula in comparison to other African currencies. Citizens have a high risk tolerance when it comes to digital innovation and are continuously seeking for the next great thing in the digital arena. Having said that, the need for innovation, as well as the obstacles that regular individuals encounter owing to a lack of access, is a significant vacuum in the Botswanan market that Yellow Card is filling.
Keletso Thophego, Botswana Country Manager for Yellow Card says, “The majority of the population is unbanked because of the increasing difficulty of getting bank accounts for the average people who do not have payslips. There’s no doubt that because of blockchain technology we have been able to cater to the unbanked in a faster and efficient way.
With the new licence, the future of bitcoin trading and other digital tokens appears bright. Yellow Card is one of the continent’s most dependable, safe, rapid, and certified crypto exchange platforms. Allowing Batswana to buy and sell Bitcoin, Ethereum, and USDT at the best possible rates in Pula.
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
Pan-African digital currency trading platform Yellow Card has made the announcement that its $40 million Series B investment round is now complete, headed by Polychain Capital. Other investors like as Valar Ventures, Third Prime, Sozo Ventures, Castle Island Ventures, Fabric Ventures, DG Daiwa Ventures, and The Raba Partnership are also taking part in this round of funding.
The startup plans to utilise the capital to continue its expansion throughout the continent, create new products, establish key alliances across Africa, and drive business development, according to a statement released by the company.
Chris Maurice, CEO and co-founder of Yellow Card
“For the past three years, our team has worked tirelessly to make this technology accessible to anyone and create a world-class product. This fundraise, in the current market environment, not only showcases the resilience of our team but also clearly demonstrates the appetite and necessity for cryptocurrency in Africa,” Chris Maurice, CEO and co-founder of Yellow Card, said.
Why The Investors Invested
The cryptocurrency exchange claims to have reached a few of milestones since it closed its Series A investment of $15 million in August 2021. These milestones include expanding its footprint on the continent from 12 to 16 nations and providing stock options to every full-time employee. Yellow Pay, a blockchain-based method of transferring value internationally, was one of its first products, and by March 2022, the company had more than one million paying users.
Will Wolf, a partner at Polychain Capital, commented that the size of the round is indicative of the amount of business confidence displayed by new and current investors in the firm. This is especially true in light of the fact that fundraising activity has been on the decline recently.
“Yellow Card is the best executing team on the continent. We are impressed by the way they seamlessly adjust and adapt to the unique opportunities and demands of the various African markets. We’ve barely touched the surface of what is possible when it comes to crypto in Africa, and we’re excited for what’s to come,” he added.
A Look At What Yellow Card Does
Founded in 2016 by Chris Maurice and Justin Poiroux, Yellow Card started with an intent to create a Bitcoin gift card. Then, in 2018, Chris and Justin met a man at a Wells Fargo who was trying to send $200 dollars to his family in Nigeria. The bank charged him $90. They teamed up with Munachi Ogueke to undertake the mission of bringing Bitcoin to Africa with the objective of “basic financial services for all” and have since taken Nigeria by storm with 35,000+ merchants and over $35 million dollars in transactions as at 2020.
Yellow Card launched in Nigeria in 2019 using the original bitcoin gift card model. It eventually shifted to a crypto-based agency banking firm, which could have been great for the man who sent $200 home. The distribution of vital financial services to customers through a network of third-party agents, known as agency banking or agent banking, has been critical in the quest for financial inclusion in Nigeria and many other African countries.
Looking ahead, the company’s ultimate goal is to become a crypto service that allows Africans to send remittances, make payments, and preserve the value of their wealth from the constant depreciation of their currencies in many African countries. This is something that a lot of cryptocurrency sites already do. Yellow Card, on the other hand, seeks to set itself apart by developing products that do not require consumers to be crypto experts.
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://insightsbyexpert
Africa’s fastest growing cryptocurrency company, Yellow Card Financial, is marking the exceeding of one million customers in only three years. The pioneering pan-African company reached 1 million customers in March and shows no signs of slowing down.
Since launching in Nigeria in 2019, Yellow Card (https://YellowCard.io/) has dedicated its efforts to providing financial inclusion and freedom for all Africans. The company expanded into four new African territories in the last year alone, increasing its total country presence to 16.
John Colson, Chief Marketing Officer at Yellow Card, says this achievement no doubt strengthens the company’s brand on the continent and trust among current and future users. It also inspires investor confidence, especially at a time when Yellow Card seeks to expand into more regions.
Reaching the one million goal is fantastic. It was a massive goal that we set for ourselves, and the team rallied to make it happen. Although it was not an easy journey, it has been a very rewarding one. This showed us that we are on the right track, people value what we are building, and it’s solving a need. Over one million people have trusted Yellow Card, and now it’s our turn to show why it is the number one place for crypto in Africa,” he said.
Over the last few years, the crypto exchange has achieved notable goals, which include: a Series A fundraise of $15M (2021) as well as the launch of the educational platform – Yellow Card Academy (https://Academy.YellowCard.io/) (2021), which boasts a wide range of information about cryptocurrency, blockchain technology, and financial literacy. In addition, earlier this year, they also revealed their new brand identity.
Peter Mureu, Marketing Director at Yellow Card, says every decision made has been for the benefit of their customers, reaching far and wide across the continent.
Every strategic decision we’ve made has always been customer-centric. We’ve advanced key efforts to localise content and engage with customers at events and activations to essentially meet them where they are. From a product perspective, we have allowed our customers to use their local currency to buy and sell crypto. Our strategy to educate customers on cryptocurrencies, combined with the tenacity of the team, are the key factors that helped us reach this milestone. And we are only getting started,” said Peter.
With 1 million customers reached, there is much more ahead for Yellow Card in 2022.
“We have only seen the start of the impact crypto can have in Africa, from job creation to breaking down borders. Over the next few years, we will continue to see innovative ways crypto is used to solve everyday problems,” added John, Yellow Card’s Chief Marketing Officer.
As the leading cryptocurrency company on the continent, Yellow Card will continue to pioneer as it dedicates its efforts to focusing on customers – with an emphasis on education, retention and user experience.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Yellow Card Financial has announced the launching of its new payment feature – Yellow Pay (https://bit.ly/3C4C5cm). This innovative solution will make it easier for customers to send and receive money through the Yellow Card crypto exchange platform, without any extra charges, instantly all from the comfort of their home.
Speaking on the development, Oparinde Babatunde, Yellow Card Director of Operations, says one of the biggest challenges in Africa is the difficulty in money transfer. Stating that it is easier to send money from Nigeria to the US, than it is to send money from Nigeria to Ghana (https://bit.ly/3C0kfHv) or Zambia. And in the instances where it is possible it is usually through USD.
“Yellow Pay simplifies money transfer between African countries by building a solution that understands the way Africans already interact with financial products. We’ve managed to simplify it further by reducing costs and waiting time of remittance across the continent drastically compared to traditional money transfer rails. With Yellow Pay, Africans can send money across borders using their phones,” he says.
Yellow Pay uses Yellow Card’s crypto exchange platform to complete customer transactions in USDT. It is important to note that Yellow Pay is not a money remittance or foreign currency exchange service. Rather, Yellow Pay is an advanced crypto exchange product.
There are several benefits to using Yellow Pay. Firstly, the service is powered by blockchain technology making it cheaper. Secondly, transactions are instant so there’s no waiting period. Lastly, money transfers are absolutely free. And lastly, the uses are endless as one can: send money for business, school and healthcare. Gift cash to friends and family across Africa, pay vendors in other countries, receive payment for services, pay bills and fees in other African currencies and so much more.
Oparinde adds that “The people that will benefit from Yellow Pay the most are the unbanked and underserved people living in peri-urban areas and rural parts of the continent. They usually do not meet the necessary requirements to open a dollar account with banks and as such are cut off completely. Yellow Pay will service this market”.
The launch of Yellow Pay (https://bit.ly/3Qmjaht) not only makes it easier for money transfer but also opens up the continent to more investment, access to credit, business grants and generally will improve the ease of doing business.
Make use of Yellow Pay today for an instant, seamless and secure way to send and receive money across borders instantly, for free.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
The African cryptocurrency market is growing rapidly and has become a financial solution for many. While most crypto trading is P2P, few companies have the capacity to cater to high-net-worth individuals and corporates who seek to buy, sell or move large amounts of USDC and USDT stablecoin.
Yellow Card Financial, the fastest growing cryptocurrency company on the continent, provides a personalised trading facility through their world-class Crypto Over-The-Counter (OTC) desk (https://bit.ly/3zvpRqs) for those who seek to trade any volume worth over or from $50,000 to millions of dollars.
Crypto Currency
The OTC desk, launched in 2021, provides access to a massive global network in the 16 African countries where the company operates, including South Africa, Nigeria, Uganda, Ghana, Kenya, Cameroon, Botswana, Tanzania, Rwanda and Zambia, to name a few.
Yellow Card complies with global AML, Sanctions, FATF Travel Rule requirements, and KYC (https://bit.ly/3QhCIDu) all of our customers across all jurisdictions. We are also registered on GoAML and with local Financial Intelligence Units in most of our jurisdictions to help report on AML, Sanctions, and Financial Crime matters.
One of Africa’s largest crypto markets is undoubtedly Nigeria (https://bit.ly/3QdJ1Yz), cited in the 2021 Global Crypto Adoption Index among the top 20 countries with the fastest crypto growth.
Munachi Ogueke, CBO for Yellow Card Financial, says that despite challenges regarding regulation and currency availability, Yellow Card has consistently provided customers personalised service at competitive rates with no limits on trading volumes.
“One of the challenges customers face is the inability to buy USD with NGN. We have the solution in providing USDT as an alternative,” says Munachi.
Yellow Card has a wide range of liquidity providers, helping to serve customers with the most competitive rates for large transactions at a fraction of the cost of trading on an open exchange, paying fees and slippage.
“Our biggest competitive advantage is definitely our extremely deep liquidity pools that fill any order size anytime,” adds Munachi.
With a full range of fiat currencies available, the African blockchain leader can trade in the pair which suits each client’s needs. Currently, we sell or buy USDT and USDC for these currencies: US Dollar, South African Rand, Nigerian Naira, Botswana Pula, Ghanian Cedi, Ugandan Shilling, Kenyan Shilling, Zambian Kwacha, Central African Franc, Rwandan Franc and Tanzanian Shilling.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Working for the government or a company comes with many benefits, like pension packages, building connections, travelling for vacation, and having money flowing into your account. However, after many years in service, the retirement year will surely draw near. It is an experience that is best when planned for ahead of time.
In your retirement age, you have less ability to do work as you used to at your young age. Also, employers will be looking to bring new minds into the fold. Except you have a business on the side, it would be pretty difficult to lead a healthy lifestyle free from financial stress, and that is why you need a proper retirement plan. If you weren’t thinking of it, now is an excellent time to think and plan your retirement.
Clinton Nwachukwu, Content Writer at Yellow Card
Before now, the traditional pension programs were the only way to save for so long while enjoying tax benefits. However, bitcoin has provided an opportunity too. While both could be worth it, let’s consider the options well before committing to any. This article will show between bitcoin and a traditional Ivory Coast pension scheme which is better to put money in for your retirement.
The Global Economy and Pensions
In the aftermath of the COVID-19 lockdowns and global economic crises, companies have yet to come to terms with how to balance their finances. This has led to an increase in the aging workforce as the challenges increase for companies to handle.
These facts have made pensions hard to come by in most organisations. However, as an employee, your retirement plan is a priority that you must note. One of the options you may have considered is investing a part of your retirement savings into bitcoin. While bitcoin, like other cryptocurrencies, experiences volatility, it is one of the suitable financial asset classes to consider.
Ivory Coast Pension Plan
As one of the notable countries in West Africa with a population of over 26 million people, Ivory Coast has a robust economy and workforce. This also means that retirement plans are key annual discussions among the populace.
Employees in Ivory Coast are typically paid monthly, with over 55% of the population in the labour force and a 3.5% unemployment rate; they have millions of people working. It is therefore important to consider current and emerging options to offer better retirement benefits for the population.
In Ivory Coast, a pension for a retirement plan is funded through a solidarity approach where those working are being taxed a certain sum to the Ivorian social security body commonly known by its French acronym CNPS which funds the National Social Insurance Fund where both bodies manage retirement planning for registered citizens. Employees get to pay 6.3% to the CNPS Retirement Fund and the employer pays 7.7% of the taxable salary to their Retirement Fund (a total of 14%).
Beneficiaries of the retirement plan include the old, the disabled, and survivors of workplace hazards. The benefit varies based on each person’s contribution and the number of years spent in service. However, for the old and retired, it goes as much as 50% of the minimum wage which is legally 60,000 CFA francs.
Why Traditional Pension Schemes Are Going Out Of Fashion
Before the advent of new investment opportunities, pensions were very popular. Today, the case seems to be different. Here are some of the reasons:
Too many Bottlenecks:
One of the major reasons why most people are reluctant to traditional pension plans in the Ivory Coast is the number of processes and paperwork needed to register for social security. The worst part is the stress retirees and family members have to go through to access the money for their loved ones after retirement. This has led to more agitation and recourse to better alternatives.
Zero Asset Appreciation:
One of the significant challenges of saving pensions is that the asset value remains fixed over a long period while inflation rates skyrocket. If you save only a certain amount, that is the worth you will get and possibly even less due to currency devaluation
Employer’s Unwillingness
Another challenge is that some employers are unwilling to continue offering pension packages to their employees. This used to be a norm in the past, especially when working in one of those big corporations.
Rising debt profiles, decline in demands for services, and inflation risks, explain why some companies are not willing to register their employees at CNPS.
Many Pension Funds are Under Threat
The global economic crisis is taking a toll on some of the leading pension funds in the world. They are either struggling to make payments of the monthly stipends, as agreed, or having little to no funds to sustain a robust pay scheme.
Inflation
Inflation or persistent increase in the prices of goods and services is another major factor that reduces the relevance of traditional pension plans. A decade ago, what many could have easily afforded is on the high-end today, forcing most employees to spend more on their basic needs with only a little to contribute to their pension funds.
Bitcoin as a Game-Changer in the Retirement Plan Equation In Ivory Coast Pension
The Ivory Coast pension reform and the National Social Protection Strategy are aimed at improving the income level of retired Ivorian civil servants. However, as stated earlier, the system places a pension burden on the Ivorian civil servants and agents, which led to agitations and structural reforms in 2012, including the increase in contributions and the retirement age.
This has brought cryptocurrency technology into the picture and bitcoin as an alternative store of value. While many wonder whether bitcoin is a store of value, it is the first leading digital currency to offer financial inclusiveness and cut down on the delays of intermediary influence while offering considerable long-term financial security.
Today, most employees are now looking to use cryptocurrencies like bitcoin to save up for their retirement. While this is a move from the status quo, many, including Ivory Coast pension funds, do not appear to be in a hurry to explore this option. However, the global Fidelity Investment has taken the bull by its horn to be one of the first pension funds to add bitcoin to its pension plan. By this, the firm is offering employees saving for retirement the opportunity to add up to 20% of their pension balance to bitcoin.
This comes with the condition that the employees would only be allowed to use bitcoin if their employers permit it. Otherwise, only the bitcoin balances added by the employees will be credited.
Benefits of Using bitcoin for Your Retirement Plan
As an employee looking for viable ways to save for your retirement, adding bitcoin could be the solution. Among many other things, you will benefit from the following:
Bitcoin Adds Optimism to the Picture
Millennials’ spending habit is usually a “spending as it comes”, with little or no attention to the future for them financially. However, with bitcoin in the picture, they are now taking notice of the long-term potential.
Although it has only been around for a decade and a few years, bitcoin has made an impressive move and made great returns. From its under $100 value, the coin would rally up to the $62,000 price range, thus, creating speculations that it would hit $100,000 someday.
With the tremendous long-term potential and the circulating supply to the mix, bitcoin is worth adding to your retirement plan. In a decade, you would possibly not just have access to your entire retirement funds but also double or triple the original amount, depending on bitcoin’s price.
Easy Use:
The use of bitcoin as a store of retirement savings comes with zero long queues, paperwork, delays with account creation, delays with withdrawals, bank charges, and inflation concerns. Bitcoin is a disruption to the finance industry and would see more adoption with time.
Bitcoin is Free from Institutional Manipulations
At least, that’s what we believe. Influential individuals or financial institutions do not control bitcoin as a peer-based digital currency. It is just there to buy and store in your digital wallet.
Although there may be a few Fear, Uncertainty, and Doubt (FUD) at intervals, the asset has continually weathered the storm.
The World is Going the “Bitcoin Way”
Banks and influential individuals kicked against bitcoin when it was introduced a decade ago. Today, they are either adopting blockchain technology (the underlying technology powering bitcoin) or adding bitcoin to their balance sheets.
This shows that the world is slowly moving from the traditional financial model characterised by paper money to a digital currency ecosystem. Saving bitcoin today might just be worth it as you look forward to a peaceful retirement.
In Ivory Coast, bitcoin will revolutionize work benefits by enabling people who have not registered or are unable to access the CNPS, to save for retirement. You can easily buy bitcoin legally in Ivory Coast with Yellow Card.
Some Risks Associated with Making Bitcoin Investment.
While there may be nothing wrong with adding bitcoin to your pension funds, there are a couple of risks that come with any kind of investment.
These risks, if not adequately analysed and understood, may not serve you best when you’re already close to retirement. Here they are:
Bitcoin is commonly regarded as a “speculative financial asset”. This is primarily because of the risk of being driven by sentiments. Analysts believe that bitcoin might not have any actual value, as its value is driven by emotions and the fantasy of investing in a digital currency.
Cryptocurrencies like bitcoin are continually under the radar of authorised government agencies. We have had a couple of cases where cryptocurrency exchanges or projects were hacked or dragged to the court over some claims.
Clinton Nwachukwu, Content Writer at Yellow Card
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
Yellow Card, a pan-African cryptocurrency exchange, is now open to Ivorians who want to purchase and trade cryptocurrencies. This would be the sixteenth African country to host the pan-African platform, following its original launch in Nigeria in 2018. Sylvio Contayon, the general manager of Yellow Card Côte d’Ivoire, believes that there are numerous chances to be exploited in this new industry, particularly in terms of becoming a market leader.
Chris Maurice, co-founder and chief executive officer (CEO) of Yellow Card
‘‘It is the fact that bitcoin is a fresh and untapped territory in the Ivorian market that intrigues us. We have the opportunity to establish ourselves as the market leader by introducing something novel and original to the market. As of 2018, there are an estimated 343,000 bitcoin holders in Côte d’Ivoire, according to Sylvio Contayon. If we do things correctly, we have the potential to grow the figures and monopolize the market,” he says.
With the launch of Yellow Card in Côte d’Ivoire, the company has completed a funding round that began in September of last year and included contributions from Blockchain.com Ventures as well as Polychain Capital, BlockFi, Fabric Ventures and Square Inc. The round was led by Valar Ventures, Third Prime, and Castle Island Ventures, and it took seven months to complete. The $15 million in Series A financing that the company received was meant to be used for the development of its team, the introduction of new goods, and the pursuit of its African expansion.
Cryptocurrency is currently generating a lot of interest in Africa, where regulations are slowly becoming more accommodating. Africans got $105.6 billion in cryptocurrency payments between July 2020 and June 2021, according to blockchain analytics platform Chainalysis, despite the fact that the continent still only receives 2% of the total global value of all cryptocurrencies. In a single year, this is a 1,200 percent gain.
Yellow Card intends to carry out financial education activities in parallel with its trading activities in Côte d’Ivoire in order to ensure the success of its operations and the enthusiasm of the Ivorians who will be involved.
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
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.
Chris Maurice, co-founder and chief executive officer (CEO) of Yellow Card
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.
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.
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 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
Crypto exchange platform Yellow Card has announced the resumption of naira deposits and withdrawals in Nigeria. The move by the company comes almost a year after a central bank of Nigeria directive forced Yellow Card to suspend deposits and withdrawals.
In a statement made available to the media, Yellow Card’s director of services Oparinde Babatunde suggested that the CBN’s altered stance on digital currencies may have influenced his company’s decision to resume services. He said:
Yellow Card
The tide has changed and we are now seeing a growing interest from the CBN in them creating their own digital currency. Around October last year, they announced the release of the e-naira which is a digital form of the country’s currency and draws its value from the physical naira. In the coming months, we hope the CBN will reconsider their stance on cryptocurrency.
Similar to other crypto exchange platforms, Yellow Card was forced to stop naira deposits and withdrawals after the CBN ordered financial institutions to exclude crypto entities from the banking system. However, with this announcement, Yellow Card becomes the latest African cryptocurrency exchange platform to reveal it will be reinstating naira deposits and withdrawals.
As previously reported by Bitcoin.com News, Luno Global was one of the first cryptocurrency platforms to announce that it would reinstate naira deposits and withdrawals. At the time of the announcement, Luno denied it had been in direct contact with the CBN but said it had been working with other stakeholders to find a solution that “prioritises the safety of its customers.”
According to Babatunde, Yellow Card too — whose users are projected to surge to 500,000 by the end of Q1, 2022 — will prioritize the safety of its users.
“We also have a strong focus on usability, trust and safety, having implemented Smile Identity to ensure the tier 1 traders are only able to submit documents once and they are scanned with an international db,” Babatunde is quoted explaining.
Besides enhancing the user’s experience, Yellow Card will also educate Africans about cryptocurrencies through webinars and platforms like the YC Academy, the platform said.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry
