Visa Partners Yellow Card to Launch Stablecoin Payments in Africa

Visa has entered into a strategic partnership with Yellow Card Financial, a crypto exchange and stablecoin payments provider, to introduce stablecoin-powered payments across Africa. This collaboration marks a significant milestone in the integration of traditional payment networks with cryptocurrency infrastructure on the continent. The initiative will commence with a launch in an unnamed country this year, with plans to expand to additional markets by 2026.

Yellow Card, which operates in 20 African countries, will leverage this partnership to promote the use of USDC and other digital dollars for faster and more cost-effective cross-border transactions. The collaboration aims to streamline treasury operations and liquidity management, making remittance and payment routes more efficient, especially in regions where access to U.S. dollars is limited.

Chris Maurice, co-founder and CEO of Yellow Card, highlighted the strategic advantage of partnering with Visa, noting that Visa's extensive network with banks worldwide opens up opportunities to connect local financial institutions with the benefits of blockchain-based payments. Yellow Card, founded in 2016 and launched in Nigeria in 2019, has processed over $6 billion in transactions and is Africa’s first licensed stablecoin payments provider.

The growing adoption of stablecoins in Africa is driven by currency depreciation and dollar shortages, making stablecoins a practical alternative for cross-border payments and savings. Sub-Saharan Africa has seen a steady increase in crypto use, with stablecoins growing even faster. Legal frameworks across the continent are also evolving, with countries like Kenya, Nigeria, Ghana, and South Africa drafting or implementing regulatory policies for digital assets.

Kenya’s proposed Virtual Asset Service Providers Bill is seen as particularly progressive, recognizing various use cases and potentially turning Kenya into a digital asset hub. Mauritius was the first African country to pass crypto legislation in 2021, followed by Botswana in 2022. Several other countries, including members of the Central African Economic and Monetary Community, now have formal laws in place.

This partnership between Visa and Yellow Card comes at a time when the demand for accessible, dollar-backed digital payments is surging in Africa. Another significant development reinforcing the continent’s crypto momentum is the partnership between Circle, the issuer of USDC, and Onafriq, Africa’s largest payments network. This collaboration aims to pilot USDC settlements across the region, reducing the high cost of cross-border payments and eliminating dependence on foreign intermediaries.

Onafriq’s network spans over 500 wallets and 200 million bank accounts across 40+ African countries. Currently, more than 80% of intra-African transactions are routed through overseas correspondent banks, often settled in USD or euros, adding up to significant annual fees. Circle’s initiative seeks to change that by using USDC as a cheaper, faster settlement rail within the continent.

The timing of these developments is strategic, as active stablecoin wallets have surged in the past year, reaching 30 million by February 2025. Stablecoin supply has also jumped to $225 billion, with monthly transfers topping $4.1 trillion, indicating both retail and institutional adoption. In Sub-Saharan Africa, stablecoins now account for 43% of all crypto volume, with Nigeria leading the region in crypto usage.

As more players enter the space, Africa is fast becoming a proving ground for stablecoin utility. The partnership between Visa and Yellow Card, along with Circle’s initiative with Onafriq, underscores the growing importance of stablecoins in Africa’s financial landscape. These collaborations are set to enhance financial inclusion and efficiency, paving the way for broader adoption of digital currencies across the continent.