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Yellow Card Financial to tap into Senegal’s growing crypto ecosystem

By , ITWeb
Africa , 08 Apr 2022

Pan-African cryptocurrency company, Yellow Card Financial has launched into Senegal, bringing its total number of countries in operation to 16, across the continent.

Since launching in Nigeria in 2018, the U.S. and Africa-based team are focused on enabling anyone from anywhere in Africa to buy crypto using cash, mobile money, card, bank transfer and now including the Senegal local currency (XOF Cfa) at best rates.

Ines Lowe Sall, Yellow Card country manager for Senegal, said the country’s market, although new to the crypto space, is primed for success. “The opportunities here are vast as there is a good community of local traders and crypto enthusiasts willing to trade. In addition, the market is still easy to access with few crypto companies in operation. For us, it's about providing the best crypto exchange platform to the population and making financial inclusion for all a reality.”

Senegal has a population of 17.42 million, of which 8.01 million are internet users with a reported internet penetration rate of 46%.

According to Yellow Card, the majority of the population is young and - despite being financially excluded - are curious, user-friendly and open to new technologies. Despite having the right elements for a positive market growth, there are challenges including education and the lack of regulation.

“Yellow Card is ready to work with regulators and other actors in the ecosystem in the decision making processes in order to create guidelines to help regulate crypto activities in the Senegalese market. But these regulators have significantly improved measures on providing actors in cryptocurrency and blockchain with a license to run activities. We seek to facilitate trading by integrating mobile money API capable of offering other means of payments to Yellow Card App users,” said Sall.

The company added that because it places a premium on methods of trade and security of customers, it is a requirement for partners and customers to use the company’s KYC and AML processes in order to trade.

Yellow Card underlines that Senegal’s national digital currency (eCFA), based on blockchain technology that powers Bitcoin, might be a threat to crypto companies in the future. The eCFA will be backed by the government and have legal tender status as it will be issued by the central bank.

But for now the market remains flexible as regulators are willing to provide a license that will regulate the activity.

Yellow Card added that it remains committed to provide financial freedom for all, focusing its efforts in Senegal on educating the population on cryptocurrency and blockchain. This will be done through webinars, workshops, conferences and via their free educational platform for the Yellow Card Academy. 

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