Building the Crypto Ecosystem in Senegal 

Pan-African cryptocurrency company, Yellow Card Financial is proud to announce its launch 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 have sought to make it easy for anyone, 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, says 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.” she said.

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

Methods of trade and the security of customers are important factors for Yellow Card, thus making it a requirement for partners and customers to use the company’s KYC and AML processes in order to trade. 

It is important to note 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 remains committed to providing 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. The company has also gone the extra mile to make it possible to buy bitcoin safely in Senegal. Senegalese can now send and receive money across Africa in their local currency at zero fees using Yellow Pay.

The opportunities for crypto across Africa in established and new markets are endless. As more and more countries seek easier and more secure methods to transact, digital currency adoption is becoming the answer. There’s no better time to explore the possibilities of crypto. Sign up to Yellow Card today or download the app available on the App Store and Play Store.