Yellow Card, Africa’s largest cryptocurrency exchange, has teamed up with Moonpay to facilitate straightforward cryptocurrency transactions in Nigeria through local bank transfers. In simpler terms, this partnership with Moonpay via Yellow Card opens up greater cryptocurrency access for Nigerians.
Yellow Card is a well-established cryptocurrency company with a strong presence in Nigeria while MoonPay is a global cryptocurrency leader that offers solutions to onboard newcomers into the crypto world.
With Nigeria witnessing a surge in cryptocurrency adoption due to economic uncertainty and inflation, the collaboration will provide an easier and more inclusive way for Nigerians to engage in cryptocurrency transactions using local bank transfers.
Also, MoonPay is known for its user-friendly onboarding solutions, particularly its NFT Checkout software, which empowers users to purchase NFTs using a variety of digital payment methods such as credit cards, debit cards, and Apple Pay. Think of MoonPay as the equivalent of PayPal for cryptocurrency transactions.
Integration with Yellow Card will simplify peer-to-peer crypto transactions for Nigerians, utilising local bank transfers, making it even more accessible and convenient for users in the region to participate in the cryptocurrency market.
This collaboration will remove common barriers, allowing cryptocurrency holders to trade directly with one another, streamlining the cryptocurrency experience and potentially revolutionising the crypto landscape in Nigeria.
Over the past few years, cryptocurrencies have gained significant traction in Nigeria, emerging as a viable substitute for cash. This trend can be attributed to the inadequacy of traditional financial services, high inflation rates, the devaluation of Nigeria’s fiat currency (the naira), and a predominantly youthful demographic (with 52% of crypto users being under the age of 30).
The Guardian reported the enthusiastic adoption of cryptocurrencies by these young Nigerians has propelled the country to the sixth position globally in terms of crypto usage. However, the Nigerian government’s imposition of a ban on this technology, along with other Web 3 innovations, has impeded the continued growth and development of the crypto ecosystem in the nation.
In May, The Cable reported that the Nigerian government had taken a more favourable stance on blockchain technology and had endorsed a policy aimed at enhancing data integrity. During a Federal Executive Council (FEC) meeting chaired by President Muhammadu Buhari on a Wednesday, the national blockchain policy for Nigeria received official approval.
Prior to this, both Yellow Card and MoonPay have expressed their clear objectives of promoting financial inclusion and fostering innovation. This partnership represents a significant stride toward achieving these goals for both companies.
