Switzerland-based fintech Centi has announced a partnership with the pan-African cryptocurrency exchange, Yellow Card. The partnership allows Centi’s users in the European country to send money into 20 African countries.
The details
- Announcing the development in a press release, Centi said the partnership will help it expand its African presence from eight countries to 20.
- Users in Switzerland can convert their funds into crypto and store them in Centi-issued non-custodial wallets before sending money to supported African countries.
- Users can transfer funds directly from the wallet to recipients in supported countries, who receive the payment in their preferred local currency.
- On the back end, Centi’s integration with Yellow Card’s crypto-fiat onramp and offramp gateway helps it move the funds across borders seamlessly.
Key quotes
- Commenting on the value proposition for the partnership, Centi’s CEO, Bernhard Muller, said:
“For too long, migrants have been forced to accept terrible exchange rates and hidden costs that take from their families. We are not just another remittance provider; we are here to disrupt a highly inefficient system, thus empowering senders to save.”
- Yellow Card’s CEO, Chris Maurice said:
“This partnership transforms remittances from Switzerland to Africa by eliminating hidden costs and high exchange rates. By integrating with Centi, we are expanding our footprint, enabling stablecoin-based transfers to Africa that are instant, transparent, and secure for millions of recipients across the continent.”
Why this matters
- More global payment companies are partnering with African crypto firms to simplify and expand cross-border remittances.
- Last year American crypto exchange Coinbase partnered with Yellow Card to allow its African users go from fiat to crypto and back seamlessly through its self-custodial wallet platform, Coinbase Wallet.
- The partnership also allowed users to send and receive money across borders via stablecoins.
- In 2023, Yellow Card joined forces with Jack Dorsey’s Block in a similar fashion to allow cross-border remittances into 16 African countries.
- These partnerships around stablecoins help to circumvent the need for too many middlemen in settling cross-border transactions, contributing to reduced fees.
