Yellow Card, Visa in Deal to Quicken Stablecoin Uptake in Africa
Yellow Card Financial and Visa have signed an agreement to promote the use of stablecoins for cross-border payments in emerging markets. The collaboration aims to simplify treasury operations, enhance liquidity management, and enable faster, cost-efficient transfers. Yellow Card plans to leverage Visa’s extensive network to expand stablecoin usage across the 20 African countries it operates in.
Chris Maurice, co-founder, and CEO of Yellow Card, stated, “Visa’s global reach presents opportunities to collaborate with financial institutions that stand to benefit the most from this technology. With the growing interest in stablecoins, major payment companies are exploring ways to enter this space.” The initiative aligns with the increasing adoption of digital technologies in Africa, with countries like Ghana, Kenya, South Africa, and Nigeria leading the way in developing regulatory frameworks for the sector.
Kenya’s Virtual Asset Service Providers Bill, considered the most progressive in Africa, distinguishes between speculative and stable assets, paving the way for diverse use cases. Edline Murungi, senior legal counsel at Yellow Card, highlighted the potential of these regulations to position Kenya as a hub for digital asset activities in the region.
Yellow Card revealed that Mauritius and Botswana have already enacted legislation to regulate stablecoins, with six other countries and the Central African Economic and Monetary Community bloc following suit.
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