TL;DR Breakdown
- Yellow Card returns to Nigeria.
- Firm says return to Nigeria is significant after it began operation in the country in 2018.
- Aims to boost users by 410k in Q1 2022.
Top African crypto startup Yellow Card announced plans to relaunch in Nigeria after previously exiting the market abruptly due to regulatory uncertainty.
Yellow card announced its return to Nigeria in a statement sent to Cryptopolitan on Wednesday.
Shedding more light on why it left the Nigerian market previously, the crypto startup explained that it shut down in the country after the Central Bank of Nigeria (CBN) released a publication prohibiting commercial banks and all financial institutions from interacting with cryptocurrency entities and individuals.
Yellow Card’s relaunch in Nigeria is significant as the West African country was the first African country where Yellow Card was set up in 2018. Since then, the company has solidified its presence in 14 countries, making significant strides to make cryptocurrencies such as Bitcoin, Ethereum and USDT Stablecoin accessible to anyone anywhere across the continent.
Commenting, Oparinde Babatunde, Yellow Card Director of Operations said, “Nigeria has always been our largest market, and us coming back to reclaim our market share is a big deal for me. There’s so much that existing and new customers can expect: our app looks different and is a whole new experience for users. We also have a strong focus on usability, trust, and safety, having implemented Smile Identity to ensure the tier 1 traders (traders that get scammed the most) are only able to submit documents once and they are scanned with an international DB.
Yellow Card sets Q1 target as it relaunches in Nigeria
The crypto startup has set its sights on achieving 500k users in the country by the end of the first quarter of 2022.
That is a 410k uptick to its already existing 90k users before it left the country in 2021.
According to Oparinde, they aim to leverage on the surge in crypto adoption in the continent as South Africa, Tanzania, Kenya and Nigeria are listed among the top 20 countries with the fastest crypto growth.
