Visa has recently partnered with Yellow Card Financial to introduce stablecoin-powered payments in Africa, with the initial launch taking place in an undisclosed country later this year. This collaboration signifies a significant milestone in the evolving relationship between traditional payment networks and cryptocurrency infrastructure on the continent.
Yellow Card, a prominent crypto exchange and stablecoin payments provider operating across 20 African nations, officially confirmed the partnership this week. The agreement is set to encourage the utilization of USDC and other digital dollars for swifter, cost-effective cross-border transactions. Furthermore, additional markets are anticipated to join the initiative in 2026.
Chris Maurice, the co-founder and CEO of Yellow Card, highlighted in an interview that the partnership with Visa will facilitate the connection of local financial institutions to the advantages of blockchain-based payments. He stated, “Visa sells virtually to every bank in the world, so it opens up opportunities to work with the broader financial institutions that can benefit from the technology the most.”
Established in 2016, Yellow Card commenced its operations in Nigeria in 2019 and has processed over $6 billion in transactions to date. It became Africa’s first licensed stablecoin payments provider and continues to expand its presence across the region, with a focus on enhancing digital dollar access and promoting financial inclusion.
The collaboration with Visa will also explore avenues to streamline treasury operations and enhance liquidity management. Maurice emphasized that Yellow Card’s objective is to establish expedited, cost-effective remittance and payment channels in regions where access to U.S. dollars is limited.
Stablecoin adoption is swiftly gaining traction across Africa, as evidenced by data from Chainalysis. In numerous countries, persistent currency devaluation and dollar shortages have positioned stablecoins as a viable alternative for cross-border payments and savings. Sub-Saharan Africa witnessed a steady increase in overall crypto usage in 2024, with stablecoins experiencing even more rapid growth.
The regulatory landscape surrounding digital assets is also evolving across the continent. Countries such as Kenya, Nigeria, Ghana, and South Africa are in the process of formulating or implementing regulatory frameworks for digital assets. Kenya’s proposed Virtual Asset Service Providers Bill is regarded as a progressive step, with the potential to position the country as a hub for digital asset activities.
Mauritius was the first African nation to enact crypto legislation in 2021, followed by Botswana issuing its initial license a year later. Several other countries, including members of the Central African Economic and Monetary Community, have now instituted formal laws governing digital assets.
The collaboration between Yellow Card and Visa comes at a time when the demand for accessible, dollar-backed digital payments continues to escalate in Africa. As the momentum for stablecoin adoption in the region intensifies, another significant development is underway.
Circle, a leading stablecoin issuer, recently announced a partnership with Onafriq, Africa’s largest payments network, to pilot USDC settlements across the continent. This initiative aims to reduce the exorbitant costs associated with cross-border payments and diminish reliance on foreign intermediaries.
Onafriq’s extensive network spans over 500 wallets and 200 million bank accounts across more than 40 African countries. Currently, over 80% of intra-African transactions are routed through overseas correspondent banks, incurring significant fees amounting to $5 billion annually.
The partnership between Circle and Onafriq seeks to address this issue by leveraging USDC as a more economical, expeditious settlement mechanism within the continent. This strategic move aligns with the growing adoption of stablecoins in Africa, as indicated by a recent Artemis x Dune report.
The report highlighted a 53% surge in active stablecoin wallets over the past year, reaching 30 million by February 2025. Moreover, stablecoin supply has increased to $225 billion, with monthly transfers exceeding $4.1 trillion, a reflection of both retail and institutional acceptance.
In Sub-Saharan Africa, stablecoins now account for 43% of all crypto volume, with Nigeria leading the region in crypto transactions. With Africa emerging as a testing ground for stablecoin applications, the continent is poised to witness further advancements in digital payment technology.
In conclusion, the collaborations between Visa and Yellow Card, as well as Circle and Onafriq, underscore the accelerating pace of stablecoin adoption and the transformative potential of blockchain-based payments in Africa. These initiatives are set to revolutionize cross-border transactions, bolster financial inclusion, and propel the continent towards a more digitally integrated future.