American Financial Technology Company, Yellow Card Financial has introduced a technology platform that empowers consumers in African countries to buy and sell the world’s leading digital assets. The company says it is concerned with providing space for consumers in Africa to trade digital assets in a safe environment.
A statement issued here said, “The company’s product is a technology platform that empowers consumers to buy or sell the world’s leading digital assets in a safe and secure manner.”
To this end, the company is building a new financial infrastructure for the continent that enables African consumers interested in cryptocurrencies to buy from and sell to an American company safely.
Yellow Card is formalizing the informal market for digital assets while building a new continent wide financial technology infrastructure.
The company follows American and international Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, continuously invests in multiple layers of data security and supports customers with a 24/7 live customer service,” the statement added.
There is a thriving and growing market for cryptocurrencies throughout the continent. African consumers are using Bitcoin and other cryptocurrencies to transfer digital assets across borders, as a hedge against currency devaluation, to make payments and as an investment.
However, the high demand for cryptocurrencies is met by an informal market of WhatsApp groups and street traders. Consumer protection is minimal with scams and ponzi schemes quite common.
The introduction of Yellow Card’s technology platform, the company says will protect consumers against such schemes. In 2019, Yellow Card Financial launched a digital wallet and cryptocurrency exchange in West Africa’s most populous nation, Nigeria.
It is rapidly connecting its digital wallet to a wide range of cash load and unload endpoints including bank accounts, mobile money accounts, ATM networks, retail store networks and the world’s leading digital assets including Bitcoin.
The company has so far processed over 25 million United States Dollars (USD) in cryptocurrency volumes in Botswana, Cameroon, Kenya, Nigeria and South Africa alone and recently launched its operations in Uganda, Ghana, Cameroon and Zambia.