Centi, a fintech company based in Switzerland, has announced a new collaboration with pan-African cryptocurrency exchange, Yellow Card, allowing Centi users in Europe to transfer funds to 20 African nations.
According to Centi, this partnership will expand its African presence from eight to 20 countries. Swiss users can now convert their funds into cryptocurrency and store them in Centi-issued non-custodial wallets before sending money to African countries. They can directly transfer funds from the wallet to recipients in supported countries, who will receive the payment in their preferred local currency.
On the backend, Centi’s integration with Yellow Card’s crypto-fiat onramp and offramp gateway ensures seamless cross-border transactions.
“For too long, migrants have been forced to accept terrible exchange rates and hidden costs that take from their families,” said Bernhard Müller, CEO of Centi.
“We are not just another remittance provider; we are here to disrupt a highly inefficient system, thus empowering senders to save.” He adds.
“Many of our users translate these savings into sending some extra joy to a loved one back home, and for us, it is all about making that difference.”
The partnership seeks to offer the following benefits to users:
- 85% cheaper than traditional providers: Sending CHF 100 now costs as little as CHF 2 instead of CHF 15
- 20 African countries covered, including Nigeria, Ghana, Kenya, and South Africa
- 350M+ mobile money customers reached via MTN, Airtel, and M-Pesa
- Direct transfers available to 100+ African banks
“This partnership transforms remittances from Switzerland to Africa by eliminating hidden costs and high exchange rates,” said Chris Maurice, CEO and Co-founder of Yellow Card.
“By integrating with Centi, we are expanding our footprint, enabling stablecoin-based transfers to Africa that are instant, transparent, and secure for millions of recipients across the continent.”
YellowCard, which secured $33 million equity financing in October 2024, has established itself as a pioneering force in the industry with operations spanning 20 African countries and over $3 billion in transactions facilitated across the continent as of this writing.
FUNDING | Leading African Stablecoin On/Off Ramp, Yellow Card, Closes $33M Series C Funding
The round, led by Blockchain Capital, brings Yellow Card to $85 million in completed equity financings up to date.https://t.co/1DQTruhGyO @yellowcard_app pic.twitter.com/1OBP0En3YV
— BitKE (@BitcoinKE) October 17, 2024
The YellowCard exchange is available in the following countries so far:
- Cameroon
- Kenya
- Nigeria
- South Africa
- Botswana
- Rwanda
- Tanzania
- Ghana
- Zambia
- Uganda
- Gabon
- Malawi
- Benin
- Burkina Faso
- Cote d’Ivoire
- Mali
- Togo
- DR Congo
- Congo
- Gabon
[TECH] African Crypto Exchange, Yellow Card, Raises $1.5M from PolyChain Capital as it Eyes September 1 Launch in Kenya & Cameroon: The future of money is crypto!Here is your chance to get in before it chang.. https://t.co/kioqfskFCE via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) August 28, 2020
Since the fundraising, Yellow Card has expanded its presence as an on/off ramp solution across the continent, entering partnerships with the likes of Coinbase and Block.
[TECH] PARTNERSHIP | Coinbase to Sell USDC Across Africa in Collaboration with YellowCard: Coinbase, the U.S. cryptocurrency exchange, has revealed plans to broaden access to its products in 20 African count.. https://t.co/n5x4fsfK56 via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) January 16, 2024
In December 2024, the company entered an agreement with LightSpark, which was announced during the 2024 Africa Bitcoin Conference, allowing their customers to make instant low-cost Bitcoin transfers.
[TECH] PARTNERSHIP | Yellow Card and LightSpark Partner to Bring Universal Money Address (UMA) to African Businesses and Consumers: Yellow Card, Africas leading fiat-to-crypto on and off-ramp, has announced .. https://t.co/bv0qIq88YA via @BitcoinKE
— Top Kenyan Blogs (@Blogs_Kenya) December 10, 2024
During the raise in October 2024, the CEO, Chris Maurice, revealed that the utility of stablecoins and demand for its technology from businesses moving larger sums has contributed to Yellow Card’s transaction volumes surging from $1.7 billion in early 2024 to over $3 billion.
As a result, the company’s revenue, generated from the spread between currency prices, grew sevenfold since January 2023 and is now ‘well into the eight-figure range.’
Follow us on X for latest posts and updates
Join and interact with our Telegram community
_______________________________________
_______________________________________
