Visa cooperates with yellow card to facilitate stable currencies in 20 African countries

Cooperation between the visa and the yellow card indicates a major change in the financial sector in Africa, with the use of stable currencies as an important link between traditional banks and digital innovations.

Visa concluded a cooperation agreement with the Yellow Card financial platform to provide stable digital currency payments in Africa, and it started with a country that was not determined this year, according to the Bloomberg report on Thursday. Consequently, this agreement represents a decisive point in increasing cooperation between traditional payment networks and digital money systems on the continent.

This cooperation agreement will help increase stable currency processes in Africa

The digital currency trading platform and the digital currency payment provider in 20 African countries this week confirmed this cooperation agreement, which will help improve the use of USDC and other digital dollar currencies to carry out international and low cost international transactions, and other markets should be added in 2026.

In an interview with him, the co-founder and CEO of Yellow Card, Chris Maurice, said that the cooperation agreement with a visa will help connect local financial institutions to the functionality of payment operations on Bluechen.

Morris said: “Visa is linked to almost all banks in the world, which offers great opportunities to work with financial institutions in general in order to benefit as much as possible from blockchain technology.”

For its part, Yellow Card – founded in 2016 – launched its operations in Nigeria in 2019 and carried out transactions worth $ 6 billion, and it is the first approved supplier of stable currency payments in Africa. This institution continues to increase its activities on the continent, emphasizing the facilitation of access to digital dollars and the provision of financial services for all.

This agreement with a visa makes it possible to gently facilitate financial reserves and liquidity management. On this subject, Morris said that the yellow card sought to provide rapid and low payments in countries with limited access to the US dollar, jointly with the rapid increase in the use of stable currencies in Africa, according to analysis chain data. While the value of normal currencies continues to decrease in many countries and the absence of the US dollar is not widely available, stable currencies provide a useful alternative to international payment and savings.

On the other hand, the use of digital currencies has generally increased in sub-Saharan countries in 2024, with the increase in the use of stable currencies faster and the development of legal frameworks in all countries on the continent. Here, many countries – such as Kenya, Nigeria, Ghana and South Africa – prepare or implement regulatory policies for digital assets, including virtual asset service provides a bill in Kenya. On this subject, the chief legal consultant of Yellow Card Edline Murungi (Edline Murungi) confirms that the bill “includes many uses” and can help convert Kenya into a digital asset center. And she added: “In the event that other countries adopt the same approach, Kenya could become an activity center for many digital assets.”

It should be noted that Mauritius is the first African country to adopt a law of digital currencies in 2021, and Botswana issued the first license after a year. Many other countries, such as the Economic and Central Central (Central) group (power plants), have official laws related to the sector. This cooperation between the yellow card and the visa is accompanied by the continuous increase in the demand for digital payments in dollars in Africa.

Circle and Onafriq collaborated to support USDC payments in Africa with the growth in the use of stable currencies

With the availability of the visa and yellow card, payments of stable currencies in Africa, another development contributed to the strengthening of the momentum of digital currency in the continent. On April 30, the export company announced the stable currencies of Circle (CIRCLE) contract a cooperation agreement with Onafriq – which is the largest network of payment operations in Africa – in order to direct transactions to settle transactions in American DC (USDC) on the continent.

This cooperation aims to reduce the significant cost of international payment operations and to cancel the need to rely on foreign intermediaries. Onafriq has more than 500 million portfolios and 200 million bank accounts in around 40 African countries.

More than 80% of transactions in Africa are also carried out between banks outside the continent, then they were generally satisfied in US dollars or in euros with fees of $ 5 billion per year. The Sirkel initiative seeks to modify this reality by using the USDC to settle transactions on the continent more at a higher cost and a lower cost. The calendar of this agreement is not a coincidence, according to a recent report by Artemis platforms and Dune, the number of stable currency portfolios increased from 53% last year to 30 million portfolios by February. The supply of stable currencies increased to $ 225 billion, the value of monthly transfer operations exceeding $ 4.1 billions of dollars, indicating the growth in the adoption of small investors and institutions for these currencies, and the contribution of stable currencies by approximately 43% of transactions in digital currencies in sub-Saharan countries. In this context, Nigeria was in the lead by attracting transactions into digital currencies worth $ 59 billion in the past year, and the percentage of transactions worth a million dollars 85%, which reflects the great use of these currencies by ordinary users. While other players enter the sector, Africa quickly turns into a stable currency test center.

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