Yellow Card CEO on Africa's Crypto Market Growth

Chris Maurice, CEO of Yellow Card, discusses the growth of FinTech and cryptocurrencies in Africa following the 2024 US Presidential election. He notes a surge in the crypto industry, with a focus on stablecoins, and highlights the potential for African fintech companies to leverage technology for financial inclusion.

Following the 2024 US Presidential election, Chris Maurice, CEO of Yellow Card, has observed a significant surge in the crypto industry, particularly in stablecoins. This trend is not isolated to the United States but is also gaining momentum in Africa. The continent's fintech sector, already marked by innovation and resilience, is poised to leverage this technology for unprecedented financial inclusion.

According to the African Leadership Magazine, ten African fintech companies have made it to the top 300 global fintech list by CNBC and Statista in 2025. These companies, spanning categories like digital payments, neobanking, wealth technology, and insurtech, have demonstrated exceptional resilience and innovation [1]. The recognition underscores Africa's growing influence in digital financial innovation, despite global economic uncertainty and a 20% decline in fintech investment in 2024.

The growth of cryptocurrencies, particularly stablecoins, in Africa is driven by the need for cost-effective and efficient cross-border payments. According to the Milken Institute, Sub-Saharan Africa received $54 billion in remittances in 2023, but sending money to the region remains the costliest globally, averaging 7.9 percent in fees for a $200 transfer [2]. Stablecoins, which are backed by a stable asset like USD, are gaining traction as a solution to this problem. Chainalysis reports that stablecoins now account for roughly 43 percent of all crypto transaction volume in Sub-Saharan Africa [2].

The potential for African fintech companies to leverage technology for financial inclusion is immense. Governments across the continent are exploring central bank digital currencies (CBDCs) to enhance financial inclusion and monetary sovereignty. However, the uptake has been slower than that of private stablecoins. In Nigeria, for instance, the eNaira wallet saw only 2 percent of its users actively engaged by 2023 [2].

Despite these challenges, the African fintech ecosystem continues to draw interest from investors. The continent's youthful demographics and mobile-first populations present a high-growth opportunity. As African fintechs scale beyond their home markets and expand into Asia, they are set to play a pivotal role in the global fintech narrative.

The recognition of ten African fintech companies among the world's top 300 by CNBC and Statista is a significant marker in the global technology narrative. These companies are not just growing; they are transforming what it means to bank, save, invest, and build wealth in the 21st century. Their collective momentum shows that African fintech is no longer a sidebar in the global story — it is the main event.

References:
[1] https://www.africanleadershipmagazine.co.uk/how-10-african-startups-are-shaping-global-financial-innovation/
[2] https://milkeninstitute.org/article/global-digital-asset-adoption-sub-saharan-africa