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Nigeria’s Yellow Card Processes $165 Million in Crypto Remittances So Far This Year

Nigeria's Yellow Card Processes $165 Million in Crypto Remittances So Far This Year

Nigerian crypto startup Yellow Card says it processed
over $165 million in volume during the first eleven months of this
year. The figure represents a growth of more than 1,840% over the
amount of remittances processed in the last six months of
2019.

Launched in June 2019, Yellow Card enables Africans at home and
abroad to buy and sell cryptocurrency using their local currency
via bank transfer, cash, and mobile money. The service is being
used mainly for remittances, a multi-billion-dollar industry in
Africa.

Yellow Card co-founder and chief executive officer Chris Maurice
told news.Bitcoin.com that Nigeria, Africa’s largest economy and
most populous nation, makes up 50% “of our volume currently, it
is our most active market.”

Nigeria's Yellow Card Processes $165 Million in Crypto Remittances So Far This Year

The firm has over 35,000 merchants in the West African country.
Maurice said uptake in Kenya and Cameroon, which went live in
September following a $1.5 million
capital raise
, is “exciting”, but did not provide figures.
In South Africa and Botswana, Yellow Card added 30,000 vendors soon
after entering the markets some months ago.

“[The $165 million volume] only includes a customer buying
bitcoin with fiat or selling bitcoin for fiat. We don’t inflate
our numbers by counting every customer deposit and withdrawal as
volume,” Maurice elaborated.

He stated that the crypto remittance business in Africa “is
growing rapidly” and that competition is increasing. Yellow Card
is, however, better placed to stay ahead of the competition,
Maurice boasted.

“We have the goal of becoming synonymous with cryptocurrency
in Africa. We believe we are on track to see that goal realized in
the near future. We have the best rates and liquidity on the
continent, and we want to make sure everyone across Africa is able
to access this technology,” he detailed.

Crypto-based remittances are considerably cheaper and faster
compared to fiat remittances. For example, it costs a fraction of
one cent to send any amount of money via the Bitcoin cash network.
By comparison, banks will charge an arm and a leg for a similar
service, an average of 10.89% of the amount being remitted,

according
to a new World Bank study.

In Nigeria, citizens living abroad have
turned to crypto to escape
the country’s overvalued foreign
currency exchange rates imposed by the Central Bank of Nigeria.
Recipients are thought to be losing 20-30% of their remittance
value each time they cash out their money.

What do you think about Yellow Card’s crypto
remittance business in Africa? Let us know in the comments section
below.

The post
Nigeria’s Yellow Card Processes $165 Million in Crypto
Remittances So Far This Year
appeared first on Bitcoin News.

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Translator / 翻译者 / Traductor