Pan-African fintech company Yellow Card is committed to accelerating the adoption of cryptocurrencies, particularly stablecoins, across French-speaking Africa.
This initiative comes despite currently limited usage rates in the region, according to Ines Lowe Sall, Yellow Card’s Deputy Regional Director for French-speaking West Africa.
Speaking during an online session on digital assets, Lowe Sall noted that stablecoins, which are cryptocurrencies pegged to traditional currencies, currently have an adoption rate of only 10% to 20% in Francophone African countries. This is a stark contrast to their significant presence on the continent, where stablecoins accounted for nearly 50% of the $117 billion in cryptocurrencies recorded between 2023 and 2024.
Lowe Sall observed that the relative stability of the CFA franc, which is pegged to the euro, contributes to the slower adoption of stablecoins in these economies, especially when compared to countries with more volatile currencies like the Nigerian Naira. This volatility drives English-speaking populations to use cryptocurrencies more frequently for money transfers or informal dollarization. However, she added that some Francophone countries, such as Senegal, are beginning to show increased interest in stablecoins, with merchants particularly gravitating towards their use. This trend is also attracting other fintech companies seeking faster, cheaper, and more fluid solutions for their operations.
On the regulatory front, Jefferson Iwengue, Yellow Card’s legal advisor for the region, emphasized the critical importance of actively monitoring evolving standards and ensuring compliance with directives from national governments and regional institutions like WAEMU or the BCEAO. Lowe Sall further explained that Yellow Card’s participation in major regional financial meetings helps them anticipate legislative developments and contribute to the shaping of the regulatory framework.
Yellow Card, a leading cryptocurrency platform operating in over 20 African countries, positions itself as the foremost provider of officially authorized digital asset services on the continent. Stablecoins comprise more than 90% of its operations in French-speaking Africa, contributing to a total transaction volume exceeding US$6 billion across the continent.
This information session marks a pivotal step in Yellow Card’s strategy to enhance its support for French-speaking African economies as they transition towards more digital, inclusive, and resilient financial models.
AP/Sf/fss/abj/APA