Pan-African crypto exchange platform, Yellow Card, has predicted that the year 2024 is expected to bring about a notable increase in cryptocurrency usage in Nigeria, following the Central Bank of Nigeria (CBN) removal of ban on crypto trading.
In a chat with Nairametrics, the Chief Data Protection Officer and Vice President of Legal, Commercial, and Product at Yellow Card, Lasbery Oludimu disclosed that the removal of the ban signifies a shift in perception towards cryptocurrencies among the general public and traditional institutions in Nigeria.
He further added that the new directive from the CBN would spur more collaboration with traditional financial institutions to explore opportunities within the crypto space, paving the way for greater integration and collaboration between traditional finance and digital assets.
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Speaking on Yellow Card plan following the removal of the ban on crypto trading, he said,
“With the new policy fostering a regulated environment, Yellow Card anticipates a surge in user adoption and engagement in the coming months. The clarity provided by the regulatory framework instills trust and confidence among users, attracting more individuals and businesses into the crypto space. Based on this, we aim to provide accessible avenues for participation in the formal financial sector, especially in regions with limited traditional banking infrastructure, thereby driving increased user activity and growth on our platform.”
“Yellow Card is open to engaging constructively with regulators and policymakers, providing insights and expertise to assist in formulating inclusive and effective regulations. Collaborative efforts can create a balanced regulatory framework that encourages innovation, safeguards user interests, and fosters sustainable growth within the digital finance sector”, he added.
It is interesting to note that Yellow Card is actively pursuing a license in Nigeria, in the wake of CBN’s removal of the ban on crypto trading. This move was disclosed by the exchange director and product manager, Ogochukwu Umeokafor, during an interview with Bloomberg.
Yellow Card is the largest cryptocurrency exchange on the African continent. Operating across 16 countries, the crypto exchange is a financial services company that offers a remarkable platform for easy cross-border payments powered by crypto, and an API suite for companies to on-and-off-ramp anyone on the continent and abroad.
In 2022, the company announced its Series B fundraising of $40M, bringing total funds raised to $57 million, the most capital raised by any African cryptocurrency company.
Also in September 2023, Yellow Card in a significant move towards expanding cryptocurrency accessibility in Nigeria, joined forces with MoonPay, a global leader in the cryptocurrency ecosystem, to streamline and enhance the crypto purchasing experience for Nigerians by leveraging local bank transfers.