How Yellow Card is Lowering The Barrier to Crypto Adoption in Africa
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February, 1 2023
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Yellow Card eliminates the barriers Africans experience with crypto adoption by lowering the entry level for its customers. Immediately after signup, before processing KYC, they can begin to use the app and enjoy its many benefits.
Africa's adoption of cryptocurrencies increased noticeably by over 1200% in 2021, and in 2022 we saw Africa take a more distinct lead in the crypto space. The Central African Republic legalised bitcoin as a legal tender and established the Sango crypto hub to develop its cryptocurrency and support a crypto ecosystem.
Countries like South Africa and Botswana legalised and created regulatory frameworks for cryptocurrency, while others pursued either CBDC or other regulatory and adoption initiatives. Nigeria, Kenya, South Africa, and Tanzania ranked in the top 20 countries in global crypto adoption, while Nigeria earned a reputation as the most crypto-curious nation in the world.
Crypto Adoption and Barriers to Crypto Growth in Africa
Across Africa, we can report substantial growth in the adoption of cryptocurrencies as more Africans discover new use cases. For many, cryptocurrencies have become a source of income (trading), a store of value (savings), and a medium of payment for local and cross-border transactions.
Countries affected by high inflation, such as Ghana and Nigeria, rely on USDT to retain the value of their funds and protect them from inflation. In fact, Chain analysis reports that Sub-Saharan Africa made for over 80% of the world’s crypto retail payments.
However, despite Africa’s need and growing interest in cryptocurrencies, certain barriers make it difficult for an average person to get into crypto. Most countries lack a clearly defined legal and regulatory framework for cryptocurrencies. This has created room for many bad actors to take advantage of people in the crypto space with crypto scams and more.
Furthermore, there’s a lack of a proper education system for people to learn about cryptocurrencies. Even when they do, there are transaction limitations, an inability to trade in their local currencies and more.
Yellow Card’s Role In Providing Financial Inclusion For Africans
Due to the underrepresentation of Africa in the cryptocurrency industry, Yellow Card has established itself as a pioneer in enabling financial inclusion through simple accessibility and education. Yellow Card Academy, for instance, is an initiative of Yellow Card to educate people about cryptocurrencies, blockchain and several financial literacy topics to enable them to gain financial independence.
Additionally, with its easy-to-use mobile app, Africans can begin to buy, sell and trade cryptocurrencies on its platform for less than $2. They can buy crypto in their local currency from the comfort of their home with just a few clicks. More so, with payment products like Yellow Pay, you can instantly send money to over 15+ African countries with no fees with just a click of a button.
Yellow Card has undoubtedly eliminated the barriers to crypto adoption, bringing it closer to the grassroots by lowering the entry level for its customers. Immediately after signup, before processing KYC, they can begin to use the app.
Customers can easily buy, sell, receive and trade crypto with no limits. While enjoying the ultimate Yellow Card experience, they can then complete their document verification (KYC) and enjoy unlimited free services like Yellow Pay’s instant cross-border payment service and higher trading limits.
This has eliminated a significant barrier for the crypto-curious Africans who can instantly begin transacting on the Yellow Card app while their KYC registration is in the works. The future of cryptocurrencies is promising, and Yellow Card is a stakeholder in enabling financial inclusion for all. By lowering the barrier to getting started with crypto, Yellow Card has positioned itself to bring financial services to the grass root.
How to Get Started On Yellow Card
- Sign up on Yellow Card for free via the web or mobile app available on Google Play Store and App Store.
- Deposit funds in your local currency.
- Start trading: You can instantly buy, sell or receive crypto at the cheapest rate.
You can also do much more on Yellow Card with higher trading limits and send or receive money across Africa when you upgrade to a higher tier by completing your document verification (KYC).