Fintech company Centi bolsters its African roots through a partnership with Yellow Card
In a significant move towards modernising financial services in Africa, partnerships between global payment companies and African crypto firms have been transforming the landscape of cross-border remittances.
Last year, Yellow Card, an African crypto firm, partnered with Coinbase, a leading cryptocurrency exchange, to enable fiat-to-crypto and back transactions through Coinbase Wallet. This partnership, in 2023, was further extended to allow cross-border remittances into 16 African countries via stablecoins, thanks to a collaboration with Block (founded by Jack Dorsey).
These partnerships are streamlining cross-border transactions by integrating cryptocurrency payment solutions into mainstream financial platforms. One such example is the partnership between South African payment provider Peach Payments and MoneyBadger, a Bitcoin and crypto payments provider. This collaboration allows merchants to accept Bitcoin and other cryptocurrencies, opening up payment options for foreigners without local bank accounts or cards, and facilitating local spending using crypto assets.
The benefits of these partnerships are manifold. By offering compatibility with multiple wallets and cryptocurrencies, these crypto firms expand payment options and reach, which is particularly important for remittances, where traditional cross-border payment systems are often expensive and slow.
Moreover, using cryptocurrencies can bypass some costly intermediaries in traditional banking and money transfer systems, thereby lowering remittance costs and enhancing accessibility. Partnerships between established payment gateways and crypto providers help bridge the gap between fiat and crypto, making the process smoother and more integrated with daily commerce.
These alliances also cater to younger, tech-oriented populations, including expatriates and diasporas, who prefer digital currency usage for sending money across borders. By doing so, they attract tech-savvy demographics and contribute to financial inclusion.
Furthermore, some partnerships leverage regulatory licenses and infrastructure to comply with global standards while expanding crypto access across African markets. This helps mitigate regulatory risks that have historically limited crypto adoption.
While direct mentions of firms like Centi and Yellow Card in the search results may be absent, the described partnerships, such as Peach Payments with MoneyBadger, reflect the broader trend where global payment companies collaborate with African crypto firms to make cross-border remittances more seamless, less costly, and more widely accessible.
In essence, these partnerships are integrating cryptocurrency solutions with established payment networks, enabling straightforward use of crypto for everyday transactions and remittances, and thus simplifying and expanding cross-border money transfers in Africa.
- The collaboration between South African payment provider Peach Payments and MoneyBadger, a Bitcoin and crypto payments provider, exemplifies partnerships between established payment gateways and crypto providers in Africa, aiming to make cross-border remittances more seamless, less costly, and more widely accessible.
- By partnering with Coinbase, a leading cryptocurrency exchange, African crypto firm Yellow Card expanded payment options and reach for cross-border remittances through stablecoins, indicating the increasing integration of cryptocurrency payment solutions into mainstream financial platforms across Africa.
