Yellow Card facilitates cross-border transactions for businesses

Yellow Card, Africa’s largest stablecoin on/off-ramp, is prioritizing helping businesses streamline cross-border transactions across Africa and expand their operations. The company’s focus is on creating a secure environment for customers while ensuring compliance with local regulations.

Leveraging stablecoins, Yellow Card remains committed to building partnerships with businesses and stakeholders to unlock Africa’s financial potential.

Chris Maurice, CEO and co-founder of Yellow Card, delivered a keynote address on “The Future of Cross-Border Transactions with Stablecoins.” In his speech, Maurice highlighted the benefits of stablecoins, including speed, stability, security, and enhanced liquidity management. He also emphasized Yellow Card’s B2B API as a vital tool for businesses to facilitate seamless cross-border transfers.

Last week, Yellow Card hosted key industry leaders in the fintech sector at an event in Accra, Ghana, which brought together stakeholders to discuss the role of stablecoins in cross-border transactions and their impact on businesses.

Attendees included notable figures such as Martin Kwame Awagah, President of the Ghana Fintech and Payments Association; Ike Anison, Ghana Country Director for Onafriq; Paapa Osei, Head of Regulation at MTN Ghana; as well as representatives from the United Nations Development Programme, CalBank, Ecobank, the American Chamber of Commerce, Visa, IBM, Access Bank, Express Pay, and Paystack. Members of the Yellow Card Executive team were also present.

The event featured a panel discussion titled “Unlocking Opportunities with Stablecoins in Africa’s Financial Ecosystem.” Moderated by Adoma Owusu, General Manager of Business Development and Expansion at MTN Ghana, the panel included Chris Maurice, CEO of Yellow Card; Philip Twum, Head of Business Development at FIDO; and Samuel Tettey Amanor, CEO of BlueSPACE Africa Technologies. Discussions centered on the transformative potential of stablecoins in cross-border payments, regulatory challenges, and their integration into traditional banking systems.

Panelists shared real-world case studies and success stories. Additionally, Martin Kwame Awagah (Ghana Fintech and Payments Association) and Eric Annan (Aya) announced the formation of the Blockchain and Digital Assets Advocacy Group, which aims to promote blockchain technology and digital asset adoption in Ghana.

The event coincided with significant developments in Ghana’s blockchain regulatory landscape. The newly inaugurated government has pledged to enact a Virtual Assets Service Providers (VASP) Law to enable the regulation of virtual asset services—such as cryptocurrencies, tokens, and blockchain technology—by the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) of Ghana.

In August 2024, the BoG issued draft Guidelines on Digital Assets, aiming to regulate digital asset activities to enhance financial inclusion, economic stability, and consumer protection. These guidelines also set stringent requirements for anti-money laundering (AML), cybersecurity, and licensing for virtual asset service providers.

Earlier this month, Yellow Card hosted a breakfast workshop on January 13 with the Ghana Fintech and Payments Association. This private session with key stakeholders led to the formation of the Blockchain and Digital Assets Advocacy Group, which seeks to encourage the BoG to adopt a regulatory framework that protects end users and combats money laundering and terrorist financing in the country.

This initiative underscores Yellow Card’s commitment to fostering transparency and trust between the government and the blockchain industry.

Yellow Card’s operations span 20 countries across the continent, including Ghana. The company is registered with Ghana’s Financial Intelligence Centre and holds VASP licenses and/or AML registrations in Nigeria, South Africa, Botswana, Zambia, Uganda, and Tanzania, as well as in the EU and the United States.

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