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    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    PICTDA announces Resumption Date for Code Plateau Cohort

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    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

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    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

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    SmallSmall to Expand to Jos following a $3 Million Seed Raise

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    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

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    Is Africa Ready to Operate a Digital Monetary Policy?

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    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

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    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

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    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

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    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

  • FEATURED
    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

  • BLOCKCHAIN
    Binance now accepts Naira Deposits and Withdrawals

    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

    PLA2SMART Set to Lead a New Frontier in Nigeria’s Tourism Economy

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    CBN prohibits Foreign Banks from Offering Banking Services

    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    Flutterwave gets Switching and Processing licence from CBN

    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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Home BLOCKCHAIN

How Nigerians can use Yellow Card to buy crypto currency

by Diana Ameh
January 19, 2022
in BLOCKCHAIN
Reading Time: 5 mins read
0
How Nigerians can use Yellow Card to buy crypto currency
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Following the government ban, several Fintech companies were badly crippled. They lost customers who used their platforms to trade crypto currency. These platforms bounced back by adding a new feature known as peer-to-peer transactions.

This new feature enables users to trade coins directly with one another. And if for any reason one gets swindled they would not have the company to blame for it. Good for the company, but how about the customers?

This is where Yellow Card’s new feature changes the tide and saves the day. But before then, let’s clear the air and look at key terms.

What are Fintech companies?

Financial technology, also known as FinTech, is an industry which comprises different companies that use advanced technology to make financial transactions effective and efficient.

A closer look- Fintech is simply a technical tool that supports financial services and makes the delivery of such services easier.

FinTech companies hence, are businesses that provide financial services to the public using software. 

These companies are not limited by factors like legacy operating systems. It’s a flexible version of the traditional banking system, so to speak.

What is Yellow Card?

Yellow Card is an American African-focused Fintech company that allows Nigerians to buy crypto currency on the Tron network in Nigeria directly with Naira. 

It is established in over 13 African countries. The focus of Yellow Card is Africa. It is one among many that sees Africa as a fertile market for crypto trading.

Peer-to-peer on Yellow Card

Peer-to-peer refers to the exchange or sharing of information, data, or assets between parties without the involvement of a central authority.

Peer-to-peer became notably important in Nigeria after the government ban on crypto in 2021. It is infact a necessary evil.

Yellow card has modified the peer-to-peer feature on their system. They have made it void of risks by doing the peering themselves.

Hence, they link up verified traders, eliminating the possibility of being swindled.

KYC Verification on Yellow Card

Yellow Card also adopted a Know Your Customers (KYC) procedure. Generally, KYC is a system put in place by a financial institution to protect its image from any illegal activity.

KYC procedures at Yellow Card follow three tiers:

Tier 1 verification

  • Verification of Identity: this includes; government-issued ID, BVN or NIN.
  • With Tier 1 verification, you have a daily trading limit of NGN 50,000.

Tier 2 Verification

  • Submission of valid address. 
  • Tier 2 verification increases your daily trading limit to NGN 2 million.

Tier 3 Verification

  • Proof of income 
  • Tier 3 verification increases the daily trading limit to NGN 50 million with an unlimited monthly trading limit.

In addition, all customers are required to provide their email before they can sign in to a Yellow Card account.

In conclusion

Yellow Card has resurfaced in the nick of time. At this point where the quest for crypto currency is on the high side, they would pull the right crowd. 

Block chain technology is rapidly gaining approval in Africa, especially in Nigeria. And as such, Fintech companies would soar high too, provided they meet up with the growing standard.

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