By OpeOluwa Okudero 
Yellow Card, Africa’s leading crypto service provider, has taken a significant leap forward by securing its Crypto Asset Service Provider (CASP) license from South Africa’s Financial Sector Conduct Authority. This achievement places the company within South Africa’s regulated financial framework, solidifying its commitment to compliance while paving a way for fintech players aiming to expand within structured environments.
The CASP license is a symbol of trust, and for Yellow Card, this milestone is about more than offering secure and efficient access to cryptocurrencies. It represents a bold move toward fostering financial inclusion in one of Africa’s largest economies. As CEO Chris Maurice emphasised, the license highlights the company’s dedication to delivering transformative solutions in a secure and regulatory-compliant manner.
A Journey of Partnerships and Progress
Yellow Card’s story began in Nigeria in 2019, but its influence has since spread across 20 African nations. Its unique model allows businesses to trade stablecoins like USDT, USDC, and PYUSD seamlessly via local currencies. With over $3 billion in transactions facilitated to date, it’s evident that the company is not just a trailblazer but also a trusted enabler of Africa’s crypto revolution.
Recent partnerships have played an instrumental role in this growth. In January 2024, Yellow Card collaborated with Coinbase, enabling users in 20 African countries to transact in local currencies through their wallets. Earlier, a 2023 alliance with Block, the fintech powerhouse behind Cash App, enhanced cross-border payment capabilities in 16 African countries.
Fuelling Expansion and Innovation
The company’s ambitions did not stop there. In October 2024, Yellow Card raised $33 million in Series C funding, backed by Blockchain Capital, Coinbase Ventures, and others. These funds are channelled to expand product offerings, strengthen infrastructure, and lead regulatory conversations across Africa. The CASP license now gives Yellow Card an edge to introduce enhanced B2B solutions, such as APIs for liquidity management, driving broader adoption of stablecoins.
A Vision for Africa
As stablecoin adoption surges across Africa, Sub-Saharan Africa has the world’s highest rate at 9.2%. Yellow Card’s vision aligns with the continent’s financial evolution. In South Africa alone, stablecoin usage has grown by 50% monthly since late 2023, reflecting the changing preferences of its 5.8 million crypto users. With its licensing achievement, Yellow Card is poised to remain a frontrunner, championing cryptocurrency adoption and financial inclusion on the continent.
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