In a move to boost accessibility of cryptocurrencies, Yellowcard, one of the largest cryptocurrency exchanges in Africa had partnered with Moonpay, a global leader in cryptocurrency space. The partnership aims to enable African peer to peer trading of cryptocurrencies through bank transfers.
“By joining forces with MoonPay, we aim to eliminate the barriers that prevent Nigerians from participating in the crypto economy. Together, we can help make crypto trading easy, intuitive, and available to all,” says Uzoma James, West African regional manager at Yellow Card.
MoonPay, a leading player in the cryptocurrency sector known for its user-friendly onboarding solutions, is set to expand its presence in Nigeria through this collaboration.
Meanwhile, Yellow Card, one of the continent's largest and fastest-growing cryptocurrency companies, with a strong foothold in Nigeria and 17 other markets, marks a significant milestone in enhancing cryptocurrency accessibility and usability in the region. Together, they aim to address the specific needs and challenges faced by the Nigerian population, making cryptocurrencies more accessible and user-friendly.
The Yellow Card and MoonPay integration simplifies peer-to-peer crypto transactions for Nigerians, utilizing local bank transfers. This innovation aims to eliminate common obstacles, enabling crypto holders to trade directly with each other, making cryptocurrency more accessible and user-friendly, potentially transforming the Nigerian crypto landscape.
Speaking on the partnership, Ivan Soto Wright, co-founder and CEO of Moonpay said "supporting local bank transfers unlocks immense opportunities for crypto users, and we’re eager to introduce this experience to Yellow Card’s fast-growing ecosystem. Offering a simple, inclusive transaction method for users across Africa is an exciting step forward in our vision to onboard the world to Web3.”
In recent years, cryptocurrencies have emerged as a credible alternative to cash in Nigeria, as a result of inadequate financial services, high inflation, the depreciation of Nigeria’s fiat currency — the naira — and a young demographic (52% of crypto users are below the age of 30).
Crypto usage by these young Nigerians has led to the country ranking 6th in the world for crypto adoption, however a ban placed by the Nigerian government on the technology have slowed the growth of crypto and other Web 3 technologies.
Earlier this year, Nigeria's federal executive council approved the national policy on blockchain. Through the policy, the country will develop regulatory framework to govern the adoption of the technology.
Before now, both Yellowcard and Moonpay have committed to clearly stated goals of driving financial inclusion and innovation, this partnership is a step in the right direction to meeting that goal for both companies.