Centi, a Switzerland-based fintech company, has announced an exciting new collaboration with Yellow Card, a prominent pan-African cryptocurrency exchange. This partnership enables Centi users in Europe to transfer funds to 20 African nations, significantly enhancing Centi’s presence on the continent. With this collaboration, Centi expands its reach from eight to 20 African countries, allowing Swiss users to convert their funds into cryptocurrency and store them in Centi-issued non-custodial wallets.
Once the funds are in the wallet, users can easily send money to recipients in supported African countries, who will receive the payment in their preferred local currency. This streamlined process facilitates direct transfers, making it easier for users to support their families and friends back home. At the core of this partnership is Centi’s integration with Yellow Card’s crypto-fiat onramp and offramp gateway, which ensures seamless cross-border transactions.
Bernhard Müller, CEO of Centi, emphasized the need for change in the remittance landscape, stating;
For too long, migrants have been forced to accept terrible exchange rates and hidden costs that take from their families. We are not just another remittance provider; we are here to disrupt a highly inefficient system, thus empowering senders to save.
He further noted that many users translate their savings into sending additional support to loved ones, highlighting Centi’s commitment to making a meaningful difference in their lives.
The partnership aims to deliver several key benefits to users:
- Cost Efficiency: Sending CHF 100 now costs as little as CHF 2, compared to CHF 15 with traditional providers, making it 85% cheaper.
- Expanded Coverage: The service now supports transfers to 20 African countries, including major markets like Nigeria, Ghana, Kenya, and South Africa.
- Wide Reach: The partnership connects with over 350 million mobile money customers through platforms like MTN, Airtel, and M-Pesa.
- Direct Transfers: Users can make direct transfers to more than 100 African banks, enhancing the convenience of sending money.
Chris Maurice, CEO and Co-founder of Yellow Card, expressed enthusiasm about the collaboration, stating;
This partnership transforms remittances from Switzerland to Africa by eliminating hidden costs and high exchange rates. By integrating with Centi, we are expanding our footprint, enabling stablecoin-based transfers to Africa that are instant, transparent, and secure for millions of recipients across the continent.
Yellow Card has established itself as a pioneering force in the cryptocurrency industry, having secured $33 million in equity financing in October 2024. With operations spanning 20 African countries and facilitating over $3 billion in transactions, the company has become a significant player in the market. Since the fundraising, Yellow Card has expanded its on/off ramp solutions across the continent, forming partnerships with major players like Coinbase and Block.
In December 2024, they announced an agreement with LightSpark during the 2024 Africa Bitcoin Conference, allowing customers to make instant low-cost Bitcoin transfers. The surge in transaction volumes at Yellow Card—from $1.7 billion in early 2024 to over $3 billion—has been driven by the growing utility of stablecoins and increasing demand for their technology from businesses handling larger sums. Consequently, the company’s revenue, generated from the spread between currency prices, has grown sevenfold since January 2023 and is now well into the eight-figure range.
This collaboration between Centi and Yellow Card marks a significant step forward in enhancing remittance services between Europe and Africa, providing users with a more efficient, cost-effective, and transparent way to send money across borders.
