Significant developments are happening in the African Fintech sector. Alchemy Pay, a fiat-crypto payment solution provider, has agreed to become a strategic partner to Yellow Card, one of the biggest Fintech firms in Africa. This partnership will enable the purchase of tokens using local currencies throughout Africa and the inclusion of millions of clients to increase their financial utilization.
#Alchemy Pay is teaming up with @yellowcard_app to bring seamless crypto access to Africa!This partnership enables African users to buy crypto with local currencies via bank transfers and mobile money, boosting financial inclusion in the region.https://t.co/E5ypYbLnGY$ACH pic.twitter.com/45GPH7ariM
— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) October 15, 2024
Increasing Financial Access with Local Currency Integration
The integration of Yellow Card’s flexible payment structure with Alchemy Pay’s crypto-fiat gateway solutions will enable users to transact in their local currencies. This partnership will be a real game-changer for African users who will be empowered to purchase and sell the cryptocurrency, all in a relatively cheap and efficient manner.
The cooperation will benefit states such as Botswana, Cameroon, Rwanda, South Africa, Uganda, Zambia, and others in local currency BWP, XAF, ZAR, UGX, ZMW, etc. Such integration will effectively reduce the hurdles to adopting cryptos in the region by providing conventional payment options.
Empowering Innovation and Financial Inclusion
According to the Ecosystem Lead at Alchemy Pay, Robert McCracken,
“Yellow Card has established itself at the cutting edge of digital payments across Africa. With their support for local payment rails there, Alchemy Pay can quickly extend its on-ramp coverage to serve millions of new users in these regions.”
He called for expansion and creativity as the use of cryptocurrencies advances across the continent.
According to Gillian Darko, the Chief of Staff and Director of Strategy at Yellow Card,
“We are excited about this partnership with Alchemy Pay as it reinforces our commitment to accelerating financial growth across the continent.”
About Alchemy Pay
Alchemy Pay is a payment gateway established in 2017 in Singapore, and its primary aim is to bridge the fiat currency and cryptocurrency sectors. With a presence in 173 countries, Alchemy Pay offers a fully integrated solution encompassing crypto on- and off-ramp solutions, a Web3 Digital Bank and crypto card products.
What is a Yellow Card?
It is a pan-African fintech firm that started in 2016 with its services in 20 countries across the African continent. The company is the first licensed stablecoin on/off-ramp in Africa, where diverse businesses and people trade stablecoins in their local currencies. Through Yellow Card, more than $3.0B worth of transactions have been facilitated.
The collaboration between Alchemy Pay and Yellow Card is expected to bring crypto adoption in Africa to the next level, extend opportunities for millions of the audience with financial services, and develop decentralized finance across the African continent.
