Fintech company Centi broadens its African reach through a partnership with Yellow Card
In a significant move towards enhancing cross-border remittances in Africa, Centi, a global fintech company, has announced a partnership with Yellow Card, a leading pan-African cryptocurrency exchange. This collaboration is set to expand Centi's reach from eight countries to 20, allowing users in Switzerland to send money to 20 African countries.
The partnership, which was announced in a press release, is not the first instance of Yellow Card partnering with a global payment company. In 2023, Yellow Card joined forces with Jack Dorsey's Block to allow cross-border remittances into 16 African countries. Similarly, last year, American crypto exchange Coinbase partnered with Yellow Card to enable seamless conversion between fiat and crypto for African users.
With this partnership, Centi's users can convert their funds into cryptocurrency and store them in Centi-issued non-custodial wallets. They can then transfer these funds directly to recipients in supported African countries. The exact local currencies supported for recipients in each African country were not specified in the press release. However, recipients in supported countries will receive the payment in their preferred local currency.
The integration of Centi with Yellow Card's crypto-fiat onramp and offramp gateway helps Centi move funds across borders seamlessly. This partnership can potentially expand the reach of cryptocurrency remittance services to more African countries. It may also lead to the introduction of new features or services for Centi's users, such as the ability to send and receive money across borders via stablecoins.
Such partnerships between global fintech companies and African cryptocurrency exchanges have positively impacted cross-border remittances in Africa. By leveraging blockchain technology and cryptocurrency platforms, these collaborations bypass traditional banking constraints, thereby improving efficiency in remittance flows. They also facilitate financial inclusion by providing more Africans with access to digital financial services, especially in regions where traditional banking infrastructure is limited.
This partnership is expected to improve the remittance experience for diaspora populations sending money home and boost the overall flow of remittances, which hit record highs in recent times in parts of Africa. While specific detailed case studies on Centi and Yellow Card were not found in the provided search results, the trends about blockchain-enabled fintech platforms and their integration with local payment systems suggest a significant positive impact on cross-border remittances across Africa.
- Leveraging this partnership with Yellow Card, Centi users will now be able to send their funds in cryptocurrency to recipients across 20 African countries, potentially leading to more efficient cross-border remittances and financial inclusion.
- This alliance between Centi, a global fintech company, and Yellow Card, a leading African crypto exchange, could additionally introduce new features for Centi's users, such as the option to send and receive money across borders via stablecoins.
