Jason Marshall, the Chief Operating Officer of Yellow Card provides a compelling narrative of Yellow Card’s vision and commitment to revolutionizing financial access across the continent.
In an in-depth exclusive interview with Marshall, we delve into the company’s remarkable journey as a trailblazer in the African crypto exchange space.
He sheds light on Yellow Card’s strategies driving success, the impact of stablecoins, the evolving regulatory landscape, and the pivotal role Africa plays in the future of the cryptocurrency industry.
Jason also shares insights into stablecoins, the company’s initiatives, partnerships, leadership principles, and efforts toward financial inclusion:
Yellow Card has established itself as a prominent player in the African crypto exchange space. Can you share some insights into the key strategies contributing to your success in this market?
A large part of our success at Yellow Card is our commitment to an “Africa-first” strategy. Since our launch in Nigeria in 2019, we’ve prioritised understanding the unique needs and challenges of the African market.
This approach has allowed us to tailor our products, communication style and market approach to meet the specific requirements of each region in a personalised way. To date, we have established ourselves in 20 African countries.
Our success is also rooted in our dedication to hiring exceptional African talent across all levels of the organisation. And it’s not just about hiring great talent but making key efforts to make sure they feel valued as a staff member. I am proud to share that we grant all our full-time stock options in the company.
Another key factor of our strategy is remaining laser-focused on our vision and actively contributing to the development of crypto and financial infrastructure in Africa. We want to make it easy and affordable for anyone, anywhere in Africa to interact with the digital currency ecosystem, to send and receive money, and ultimately take control of their own finances.
The recent surge in the price of Bitcoin has garnered significant attention globally. What are the trends noticed due to this development and how is this affecting the Crypto market in Africa?
The Bitcoin price is rising but the bigger story is the mainstream adoption of stablecoins by African businesses and individuals.
The leading dollar-based stablecoins have maintained a price at or extremely close to $1 for years. Africans are using stablecoins to address basic financial services challenges such as local currency devaluation and cross-border payments.
In the last few months, we have partnered with a number of global key players who have recognised the success of stablecoins in Africa and want to be part of this wave. Some of the companies include the Solana blockchain, Tether (USDT), and Circle (USDC) to name a few.
What are the industry projections for 2024?
As for industry projections for 2024 – Continued awareness and education efforts will play a crucial role in making stablecoins and Bitcoin a more integral part of Africa’s financial landscape.
At Yellow Card, we have a number of efforts that support this which include the free Yellow Card Academy, a financial literacy tour, events, partnerships and our incredible brand ambassadors who represent us on the ground in their communities.
There have certainly been a lot more conversations with governments and regulatory bodies across the continent. I believe this will continue and we will see governments adding regulatory structure to a large and growing industry. Bitcoin was founded 14 years ago, stablecoins were founded 9 years ago. There is a large informal market for stablecoins, Bitcoin and cryptocurrency in every African country. We are glad to see that many African regulators are now working toward creating full regulatory regimes for the industry.
What role do you see Africa playing in the future of the crypto industry, and how is Yellow Card positioned to be a part of that future?
Africa is where this technology has the most practical use cases in the world. Just as the continent leapfrogged a generation of landline telephony to adopt mobile telephones and mobile money, we see this technology as enabling the continent to leapfrog an entire generation of financial services infrastructure.
For example, using stablecoins and Bitcoin, it will soon be possible to send money from the USA to Africa for free and nearly instantly, in some cases this is already possible. The same is true for sending value from one African country to another. In some countries, businesses struggle to pay suppliers due to a lack of dollars in the financial system. This technology is already solving that challenge for a growing number of businesses throughout the continent.
Yellow Card has raised over $55M to position the company to be a major player in Africa’s cryptocurrency future and to be the leading African partner to industry giants around the globe. We’ve built the company for longevity with significant investments in cybersecurity, compliance and anti-fraud technology, processes and teams.
Building a talented and motivated team is vital in the tech and crypto space. Could you share your insights on recruiting and retaining top talent in a competitive market like Africa, and how Yellow Card has built its exceptional team?
To reach our goals we must build, develop, and retain world-class talent. Yellow Card’s success is indeed attributed to the exceptional team we’ve assembled.
Yellow Card grants Web3Ladies $3,000 to Empower 500+ Nigerian Women in Web3 Skills
Our team is African. Although we were founded in the USA and we have an American parent company, over 95% of our team is from Africa. We have team members based in 14 different African countries. As a remote-first company, we’ve been able to recruit top talent not just in the largest cities like Lagos but also in places like Abuja, Ibadan, Ife, Port Harcourt, and Kano.
Yellow Card has also emphasised the recruiting, development, and retention of female talent. The company is 46% female. We were able to hire talented women by simply insisting that our recruiters work to ensure that when we interview a slate of candidates talented females are included. And we’ve found that when qualified women are given the chance to interview for roles, they win their share of jobs.
The company’s leadership team is 33% female and we’ve built a culture where it is so common to have women leading initiatives and meetings that it’s not something we even notice anymore.
We pride ourselves on continuously providing opportunities for all of our staff to learn and grow through our internal training and mentorship programs. We also offer our staff free access to Udemy to assist them with their professional and personal development. Many of our customer service agents, for example, have used these opportunities to develop their skills and advance throughout the company. We have former customer service agents now working in Accounting, Compliance and Marketing. One former agent is now a country manager.
As mentioned earlier, 100% of our full-time employees are granted stock options in the company. We don’t just have 200+ African employees, we have 200+ African owners of the company.
How do you approach leadership within Yellow Card, especially in a dynamic and rapidly evolving field like cryptocurrency? What leadership principles have proven effective for your organization?
Leadership is paramount in any company – but especially in the dynamic and rapidly evolving FinTech industry. At Yellow Card, our approach to leadership is guided by several principles that have proven effective.
Everything begins with values. We are determined to build a sustainable business the right way. We don’t lie, we don’t take shortcuts, we do things the right way even when it’s harder. We never pay bribes or “appreciation” payments to anyone, anywhere – not one Kobo.
The next key leadership principle is adaptability and agility. In the fast-paced world of FinTech, adaptability is key. Our leadership embraces an agile mindset, staying responsive to market dynamics, regulatory changes, and technological advancements. This flexibility enables us to make decisions quickly and seize opportunities.
Additionally, we constantly promote and foster a culture of innovation by encouraging team members to think creatively and by empowering them to make decisions. Excluding violations of ethics, we have a high tolerance for team members making mistakes while trying to achieve something positive for the company. That’s true empowerment and that allows people to develop their skills and keep the company moving at the speed of global innovation.
You recently visited the Nigerian market. Could you share your experience and your projections for the Nigerian alternative finance space? How does it differ from other African markets?
I visit Nigeria regularly as it’s our most important market and I’m addicted to goat meat pepper soup.
Any fintech operating in this space will know that Nigeria is one of the most complex markets to operate in. The market is large, the competition is fierce, and the macro environment is completely unpredictable. We have our largest team in Nigeria and that team is working hard not just to build solutions for Nigeria but for the entire continent of Africa.
Nigeria is one of the most important crypto markets in the world. According to the leading crypto infrastructure firm, Chainanalysis, Nigeria is #2 in the world for crypto adoption (behind India).
Stablecoins and Bitcoin are mainstream in Nigeria. About ⅓ of the Nigerians I meet at home in Texas use the technology to send funds to their families.
They’ve been doing so for years. Nigerian businesses use stablecoins to overcome dollar shortages and pay foreign suppliers.
Many Nigerians use stablecoins to shield themselves from currency devaluation. Crypto is one of those tools Naija has found to overcome some of the significant challenges the country is facing, Naija always finds a way.
Projections for the Nigerian Market?
Looking ahead, the Nigerian alternative finance space or digital currency space will continue to grow and expand. The increasing awareness of the potential benefits of stablecoins and Bitcoin, coupled with a youthful demographic that is open to technological innovations, creates a fertile ground for sustained growth. As regulatory frameworks become more defined and industry players collaborate to enhance infrastructure, we anticipate a maturation of the market with broader adoption and integration into mainstream financial services.
Differences from Other African Markets:
There is no country like Nigeria. The Nigerian market has a large and tech-savvy population, contributing to the rapid adoption of new technology. Nigerian customers are demanding, they want better solutions, and they want them now. When Nigerian customers aren’t happy with something they let us know and it’s not subtle. They push us to improve every day.
Lagos is one of the world’s great FinTech hubs and startups are constantly innovating and pushing each other to be better. Nigerian entrepreneurs are used to doing hard things in a challenging environment.
And Nigerian startup founders are some of the hardest-working people in the global industry. To keep up we must improve every day.
Nigeria is leading the continent in crypto adoption in part because Nigerian customers are very open to trying new technology to solve a problem and Nigerian entrepreneurs move quickly to seize opportunities. We see this as an opportunity to not only build a large customer base in Nigeria but also to use the learnings we gain and the talent we develop in Nigeria to help the entire continent leapfrog a generation of financial services infrastructure.
What initiatives, developments, partnerships, and innovations are Yellow Card currently championing in 2023 Q4 and what are some of the expectations from the brand as we go into 2024?
Our most significant product launches this year was the introduction of our Payments API. This innovative solution empowers businesses to seamlessly on/off ramp their African customers to the Stablecoin and crypto ecosystem in all our 20 supported countries.
This year we have had some big partnership announcements which include but are not limited to: Block’s TBD, MoonPay, and Solana to name a few.
We are also making progress on our goal to enable people to send money to or around Africa quickly and for free. Our Yellow Pay product uses crypto to allow customers to send crypto/money instantly and cost-effectively among any of our 20 supported countries. We also recently announced support for PayPal’s PYUSD stablecoin.
This means that the over 90 million Americans with the Venmo app can send PYUSD to Yellow Card accounts in 20 African countries including Nigeria.
As we wrap up 2023 and move into 2024, we will see Yellow Card focusing on further product innovation. Building on the success of the Payments API, we plan to introduce new features and solutions that cater to the evolving needs of our users. This includes enhancements to the user experience and the introduction of services that promote financial literacy and inclusion.
In 2024, Yellow Card will place a heightened focus on educational initiatives. These efforts aim to increase awareness and understanding of cryptocurrencies, blockchain technology, and the broader fintech landscape.
Yellow Card will continue to actively engage with regulatory bodies across the African continent. Proactive collaboration with regulatory bodies will be a priority to ensure compliance, foster a positive regulatory environment, and contribute to the responsible growth of the crypto industry.
Regulations in the cryptocurrency industry are a topic of global concern. How does Yellow Card navigate the regulatory landscape in Africa, and what are your thoughts on the evolving regulatory environment?
Navigating the regulatory landscape is a crucial aspect of Yellow Card’s operations in the cryptocurrency industry in Africa.
We understand the importance of adhering to regulatory standards to ensure user security, foster transparency, and build trust. Although most African countries have yet to finalize their formal cryptocurrency licensing regime we operate as if we were fully regulated.
Additionally, we are subject to several laws and regulations in the United States and throughout Africa.
It is important to note that Yellow Card has two licences – one of which is the Botswana Virtual Asset Service Provider, (VASP), and the other is a general financial services licence in CEMAC. In addition, we are a participant in the Bank of Zambia’s regulatory sandbox and have other applications pending.
Yellow Card complies with global anti-money laundering (AML), Sanctions and other requirements and KYC for all of our customers across all jurisdictions.
We are also registered on GoAML and with local Financial Intelligence Units in most of our jurisdictions to help report on AML, Sanctions and Financial Crime matters.
When it comes to the evolving regulatory environment – we view it as a positive development for the crypto industry in Africa.
Regulatory clarity provides a foundation for responsible innovation and establishes a framework that protects users and promotes market integrity.
As regulators continue to engage with industry stakeholders, we expect to see the evolution of regulations that strike a balance between fostering innovation and mitigating potential risks.
In the context of financial inclusion, how does Yellow Card aim to reach unbanked or underbanked populations in Africa as well as more women, and what impact has your platform had in terms of financial access and education?
Yellow Card provides accessible and user-friendly crypto solutions, allowing individuals with limited access to traditional banking services to engage with digital currencies.
By offering a platform that is easy to use and understand, we help bridge the gap for those who are unbanked or underbanked.
Among the company’s key mandates is to provide financial freedom for all through cryptocurrency and education.
Efforts such as the Yellow Card Academy website, academy.yellowcard.io, which dispenses information about stablecoins, Bitcoin, cryptocurrency, Blockchain technology, economics and financial literacy, do just that.
And with our Financial Literacy tour, we have delivered in-person financial education to over 10,000 people in Nigeria.
Yellow Card promotes financial education and innovation among women. Through our Canvassing Campaign, we were able to give 100 branded umbrellas to 100 POS operatives in Lagos (a demographic mostly made up of women) in March 2023, as well as teach them how to make their first USDT transaction.
These women make up an important part of the Nigerian finance system as they facilitate thousands of transactions per day in rural and urban communities.
This educational campaign will enable these women to experience new opportunities for seamless transactions using blockchain technology.
In addition, we gave a $3,000 grant to the Web3Ladies mentorship program in Nigeria empowering over 700 Nigerian women with essential tech and blockchain skills.
