Yellow Card, a prominent crypto exchange in Africa, on Thursday announced its intent to secure regulatory approval from Nigeria’s Securities and Exchange Commission (SEC).
This move follows the company’s recent acquisition of a Crypto Asset Service Provider (CASP) licence in South Africa, showcasing its commitment to expanding its operations in Nigeria’s evolving crypto landscape.
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A new era for crypto in Nigeria
Yellow Card’s Vice President of Global Operations, Lasbery Oludimu, highlighted that the company is engaged with the SEC under the Accelerated Regulatory Incubation Programme (ARIP).
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This initiative aims to provide a structured path for crypto companies to gain legitimacy within Nigeria’s financial system. Oludimu stated, “This experience has prepared us to meet similar challenges in Nigeria,” referring to the rigorous licensing process in South Africa.
The recent lifting of restrictions by the Central Bank of Nigeria (CBN) has created a more favourable environment for crypto trading.
Ogochukwu Umeokafor, Yellow Card’s Director of Product Management, expressed enthusiasm about this shift and stressed the importance of regulation: “We want a regulated environment because it’ll help the business move; it will help people have more confidence in doing business with us.” This sentiment reflects a growing optimism among crypto firms eager to operate legally and securely in Nigeria.
Yellow Card’s $33M push for financial inclusion in Nigeria
Yellow Card’s expansion plans involve regulatory compliance and enhancing financial inclusion. With $33 million in Series C funding, the company aims to improve its infrastructure for stablecoin adoption and provide accessible payment solutions for underbanked populations in Nigeria.
Oludimu remarked, “Financial inclusion remains one of the key pillars of our mission”.
Read also: South Africa licenses Yellow Card as a regulated crypto service provider
The SEC’s recent approvals for other crypto exchanges, such as Quidax and Busha, signal a broader acceptance of digital currencies within the Nigerian capital market.
Dr Emomotimi Agama, Director General of the SEC, stated that this initiative aligns with President Bola Tinubu’s vision to engage Nigerian youths more actively in financial markets and respond to global trends in digital finance. The SEC aims to create an inclusive ecosystem while ensuring investor protection through careful regulation.
In this new regulatory context, Yellow Card represents cryptocurrency’s promise to change Nigeria’s financial access. Other enterprises entering the market may follow the company’s proactive strategy and compliance.
The increased interest in digital assets among Nigerians positions Yellow Card to lead the way towards a more regulated and inclusive financial future.