Yellow Card Financial is an American Financial Technology start-up focused on building a new financial infrastructure for the African continent. Interestingly, We  established the first Yellow Card entity in Africa in 2018, and since then, we have witnessed massive growth and expansion. Presently, we have legal entities in over 17 African countries, and we just raised $15M in our series A fund-raising round. Yellow Card is a pacesetter in the African crypto space.


The use of bitcoin is gaining ground in the Cameroonian market as many are beginning to buy bitcoin and exchange XAF with it. While some Cameroonians are still doubting the place of bitcoin in the international ecosystem, it is worth mentioning that according to most finance futurologists cryptocurrencies will replace 25% of fiat assets by 2030. This financial prediction about the future of fiat currency made in 2018 was later on revisited by Morgan Creek Capital Management and its analysts, who also stated that fiat would be replaced entirely by cryptocurrencies in the future. Crypto enthusiasts and investors who have witnessed the decentralized format instituted by the blockchain technology which allows them to have ownership and total control of their money all agree that the
future of money is in Cryptocurrency.
From commodity money to credit money, through metallic money and paper money (Fiat) and then cryptocurrencies, it is clear that change has remained a constant phenomenon within the sphere of currencies. So, we ought to embrace bitcoin over fiat, if not for its decentralized systems, which offer financial inclusion, for any one or all of the reasons below.

Bitcoin as a melting pot of Financial Transparency and Decentralisation.

Bitcoin has an edge over any fiat currency considering the decentralisation and transparency which are integral to its use. In other words, the XAF is regulated by a centralised system under the control of the Bank of Central African states. This means that the amount of money in circulation in any of the economies of the Central African sub-region is determined by the Banking institutions. The direct impact on the economies is that none will be able to escape the effects of an economic recession in case of any. In simple terms, financial institutions will experience bankruptcy if there is a decline in economic activities which serve as their feeder. As a consequence, inflation will be the order of the day.

On the contrary, if we buy bitcoin and make use of cryptocurrencies we will circumvent such inconvenience given that the system by which bitcoin operates is highly decentralised, making bitcoin owners absolute controllers of their finances at any time. It goes without saying that, it is of no use to own billions in fiat stored in banks, when you cannot use them at any desired time, without first notifying the banks in which you entrust that money. Whereas owning bitcoin permits you to transfer or use billions of XAF in any country of the world at the time of your convenience.

Again, the system on which bitcoin is built offers the possibility for transparent management of public funds. If all Cameroonians were to use bitcoin, the problems of embezzlement of public funds will be solved automatically. Apart from trashing embezzlement, all citizens will have the possibility to verify the management of public funds through the blockchain technology on which bitcoin operates. For instance, it will be possible to calculate all incomes gotten from tax payments or custom duties. But with fiat currency, such controls are not and will never be possible for all. As such the principles of accountability which is supposed to characterize the is all public action remain a concept that cannot be tested and proven with the use of fiat.

Bitcoin: Gateway to cheaper services and elimination of third parties.

If we carry out a random survey to investigate the inconvenience of the traditional financial system, most respondents will complain about the high rates they have to incur when they do financial transactions. Within the same institution and the same country, Banks and money transfer agencies impose transaction fees that vary per transaction. The rates are even higher for international transactions. Parents who have children on scholarship abroad lament about the rates of their transactions more than the transactions themselves. It is the same experience lived by those who have to buy articles out of their countries. Financial institutions will never stop charging for transactions because they are out for business and profit-making. This only means one thing, the more transactions they make, the more profit they have. Bitcoin transactions offer relatively cheaper rates compared to other transfer services like Paypal and Western Union just to name a few. Therefore, it is not overstatement to say that transactions with bitcoin are cheaper and beneficial to the users.

Lastly, using bitcoin facilitates exchange transactions between two parties. Unlike with fiat payment methods, the costs are reduced as no “middleman” is involved. The elimination of the third party also solves the problem of time wastage and geographical hindrances often experienced with different agencies involved in money transfer.


The future of finance is in Cryptocurrency.

As many align to this reality, the use of bitcoin as the major crypto seems to be a long journey of no return. In Cameroon, Yellow Card offers you the opportunity not just to buy and sell bitcoin at very low prices and rates, but to also learn everything related to Cryptocurrency in general. The state of El Salvador stands out as the first country to adopt bitcoin as legal tender, Microsoft Corporation accepts payments in bitcoin, famous Hotels also accept reservations made with bitcoin. In Africa, companies like Yellow Card offer cryptocurrency-based services which directly and indirectly employ a lot of youth within and out of Africa. Many have referred to Africa as the future of the world and have described Cameroon as Africa in Miniature. Thus, Cameroonians cannot fit on the margins of the current evolutions witnessed in financial technology. Hence, if you are in Cameroon or you are a Cameroonian join the moving train.