Yellow Card, Africa’s largest stablecoin on/off-ramp platform, is positioning itself as a key player in the continent’s efforts to streamline cross-border transactions for businesses.
The company is focused on building secure, compliant solutions that foster growth and expansion across African markets. By leveraging stablecoins, Yellow Card is not only helping businesses manage financial transactions more efficiently but also working to unlock Africa’s vast financial potential through strategic partnerships.
At the forefront of this initiative, Chris Maurice, CEO and co-founder of Yellow Card, delivered a keynote address titled “The Future of Cross-Border Transactions with Stablecoins.” Maurice emphasized the key advantages of using stablecoins in cross-border payments—speed, stability, security, and the ability to enhance liquidity management. He also underscored the significance of Yellow Card’s B2B API, which facilitates seamless cross-border transfers, making it a vital tool for businesses looking to expand in Africa.
Yellow Card’s commitment to fostering innovation in the fintech space was further demonstrated last week when the company hosted an important industry event in Accra, Ghana. The event brought together key players in the fintech sector to discuss the transformative role of stablecoins in cross-border transactions. Among the distinguished attendees were Martin Kwame Awagah, President of the Ghana Fintech and Payments Association; Ike Anison, Ghana Country Director for Onafriq; Paapa Osei, Head of Regulation at MTN Ghana; as well as representatives from major institutions like the United Nations Development Programme, Ecobank, Visa, IBM, and Access Bank.
A highlight of the event was a panel discussion titled “Unlocking Opportunities with Stablecoins in Africa’s Financial Ecosystem,” which was moderated by Adoma Owusu, General Manager of Business Development and Expansion at MTN Ghana. Panelists included Maurice, Philip Twum, Head of Business Development at FIDO, and Samuel Tettey Amanor, CEO of BlueSPACE Africa Technologies. The discussion delved into the potential of stablecoins to reshape cross-border payments, regulatory hurdles, and their integration into existing banking systems. Real-world case studies and success stories were shared, illustrating how stablecoins can transform financial transactions across the continent.
In addition to exploring the business opportunities stablecoins offer, the event marked a significant development in Ghana’s blockchain regulatory landscape. During the gathering, Martin Kwame Awagah and Eric Annan from Aya announced the formation of the Blockchain and Digital Assets Advocacy Group. This group aims to promote blockchain technology and foster digital asset adoption in Ghana, playing a key role in driving the regulatory agenda forward.
The event also coincided with the unveiling of new steps in Ghana’s regulatory approach to blockchain technology. The newly elected government has pledged to introduce a Virtual Assets Service Providers (VASP) Law, which will allow for the regulation of digital asset services, including cryptocurrencies and blockchain-based technologies, by the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC). In August 2024, the BoG issued draft guidelines on digital assets that aim to regulate the sector with a focus on enhancing financial inclusion, economic stability, and consumer protection. The guidelines include rigorous anti-money laundering (AML), cybersecurity, and licensing requirements for virtual asset service providers.
Earlier this month, Yellow Card also hosted a breakfast workshop in collaboration with the Ghana Fintech and Payments Association. This session, which brought together key stakeholders in the fintech and blockchain sectors, led to the creation of the Blockchain and Digital Assets Advocacy Group. This new group is focused on encouraging the BoG to adopt a regulatory framework that ensures consumer protection while tackling financial crimes such as money laundering and terrorist financing.
Yellow Card’s expansion across the African continent is a testament to its growing influence. With operations in 20 countries, including Ghana, the company is already registered with Ghana’s Financial Intelligence Centre and holds VASP licenses and AML registrations in Nigeria, South Africa, Botswana, Zambia, Uganda, Tanzania, the EU, and the United States. Through its efforts, Yellow Card is playing a crucial role in shaping the future of digital finance in Africa, helping businesses and governments harness the full potential of blockchain and stablecoin technologies.
