Yellow Card Financial now enables customers across Africa to send and receive cryptocurrency.
The company’s Yellow Pay, which was previously available only in Nigeria, uses the Yellow Card cryptocurrency exchange platform to complete customers’ transactions in USDT, according to a Monday (Jan. 9) press release.
“This is more than just a money transfer service — it’s a powerful tool that will unlock new opportunities for people across Africa,” Yellow Card CEO and Co-founder Chris Maurice said in the release. “By enabling instant, low-cost transactions across borders, we are helping to create a more connected and dynamic Africa.”
Cryptocurrency has been accounting for a growing share of everyday commercial transactions in Africa, according to blockchain analysis firm Chainalysis.
Three African countries make the top 30 in Chainalysis’ Global Crypto Adoption Index, with Kenya, Nigeria and South Africa ranked No. 9, No. 11 and No. 30, respectively.
Yellow Pay enables customers to send and receive money instantly through the Yellow Card crypto exchange platform with a few taps on their phone, according to the company’s Monday press release.
To send money, users need the recipient’s phone number. To receive and withdraw the funds, they must sign up for Yellow Pay, the release said.
Transfers within the same country are free, per the release.
“This new product feature not only makes it easier for family members to support each other across Africa with ease, but it also opens up the continent to more investment, access to credit, business grants and generally will improve the ease of doing business,” Maurice said in the release.
The expansion of Yellow Pay comes about four months after Yellow Card raised $40 million in a Series B funding round and said it would use the new capital to fuel growth, develop new products and advance its strategic partnerships across Africa.
“For the past three years our team has worked tirelessly to make this technology accessible to anyone and create a world-class product,” Maurice said at the time. “This fundraise in this market not only showcases the resilience of our team but also reiterates the appetite and necessity for cryptocurrency in Africa.”
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