Adedapo Adesanya
By Adedapo Adesanya
Yellow Card has joined forces with MoonPay, a global leader in the cryptocurrency ecosystem, towards expanding cryptocurrency accessibility in Nigeria by leveraging local bank transfers.
Despite a ban on trading via official channels, Nigeria has emerged as a powerhouse in the African cryptocurrency landscape, with increasing numbers of individuals turning to digital assets to hedge against inflation and economic uncertainty. The volatility in the local crypto market, marked by the recent challenges faced by various crypto companies in Nigeria, has underscored the critical need for a stable and reliable means of accessing cryptocurrencies.
This partnership between both companies aims to streamline and enhance the crypto purchasing experience for Nigerians by enabling Nigerians to engage in peer-to-peer crypto transactions with unprecedented ease.
Leveraging local bank transfers, users can eliminate many of the obstacles that have traditionally hindered the crypto purchasing process. This integration is set to transform the landscape of cryptocurrency accessibility in Nigeria, making it more inclusive and user-friendly.
According to Mrs Uzoma James, West Africa Regional Manager at Yellow Card, both Yellow Card and MoonPay are committed to fostering financial inclusion and innovation, and this partnership marks a significant step towards realising these goals in the Nigerian market.
“At the core of our company’s mission is the belief that everyone should have access to the power and potential of cryptocurrencies. By joining forces with MoonPay, we aim to eliminate the barriers that prevent Nigerians from participating in the crypto economy. Together, we can help make crypto trading easy, intuitive, and available to all,” she said.
With this collaboration, MoonPay is poised to extend its reach into the Nigerian market, catering to the specific needs and challenges faced by the local population.
“Supporting local bank transfers unlocks immense opportunities for crypto users, and we’re eager to introduce this experience to Yellow Card’s fast-growing ecosystem. Offering a simple, inclusive transaction method for users across Africa is an exciting step forward in our vision to onboard the world to Web3,” said Mr Ivan Soto-Wright, Co-Founder and CEO at MoonPay.
Yellow Card boasts a proven track record across 17 markets, with a particular stronghold in Nigeria. The collaboration with MoonPay, according to the companies, will serve as a turning point in the accessibility and usability of cryptocurrencies within the region. As the country continues to lead the crypto movement in Africa, collaborations like these are pivotal in ensuring that the benefits of digital assets are accessible to all segments of the population.
