Stablecoin infrastructure firms await BoG policy directive to commence full operation

More stablecoin infrastructure firms are ready and waiting for policy directives from the Bank of Ghana (BoG) to commence full operations in the country.

Stablecoin infrastructure firms await BoG policy directive to commence full operation

The latest to announce its readiness to transform the country’s payment system through stablecoin is the leading crypto asset dealership firm, Yellow Card.

Speaking exclusively with JoyBusiness after acquiring a license to operate in South Africa, Ghana Country Manager for Yellow Card, Awura Abena Amponsah, highlighted the transformative potential of stablecoin for remittances and cross-border payments once the necessary approvals are secured.

“Ghana is a key player in the region when it comes to stablecoin and crypto. Due to the entrepreneurial spirit and growing fintech community, there’s a lot of reliance on digital financial solutions. However, the stablecoin is going to enable people to transact easily—remittances will become easier, and it will reduce the blockers in terms of inflows and outflows of funds.

“Ghanaian businesses will also be able to generate more revenue because there will be ease in cross-border payments and business operations. At Yellow Card, we’re focused on leveraging stablecoin to increase financial inclusion in the country, which will have a positive impact on the Small and Medium Enterprises industry and the economy as a whole,” she said.

Yellow Card, the largest and first licensed stablecoin on/off ramp in Africa, launched operations in South Africa in 2020 and has since facilitated over $3 billion in transactions in the last several years and now operates across 20 countries on the continent.

The company provides secure and cost-effective methods to buy and sell stablecoin such as USDT, USDC, and PYUSD directly via local currency, as well as through its advanced Payments API.

Yellow Card recently completed a US$33 million Series C financing, led by Blockchain Capital and existing investors, including Polychain Capital, Valar Ventures, Third Prime Ventures, Coinbase Ventures, and Block, Inc., reflecting strong investor confidence in its mission.

As the stablecoin landscape continues to evolve, Yellow Card remains committed to making digital assets accessible and secure for businesses across Africa. With its recent licensing and funding, the company plans to expand its B2B offerings by enhancing its stablecoin rails, upgrading infrastructure, and advancing its B2B API and Widget.

Source: myjoyonline.com