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Top Crypto Platforms in Africa Pioneering Financial Inclusion

April 24, 2025

Top Crypto Platforms in Africa Pioneering Financial Inclusion

Indeed, the African cryptocurrency ecosystem has played an all-important role, driving financial inclusion across the continent.

It is equally at the forefront of economic empowerment. and providing opportunities for millions of unbanked individuals to participate in the global economy, particularly in countries with high inflation rates, such as Nigeria and Ghana.

Stablecoins have become crucial for businesses facing foreign exchange shortages, with about 70% of African countries experiencing FX crises. Companies like Yellow Card, operating across 20 countries, have been a success story.

However, this growth has been accompanied by significant challenges. Regulatory uncertainty remains a major hurdle, with countries like Morocco, Algeria, Libya, Egypt, Zambia, Zimbabwe, and Namibia imposing bans or restrictions on crypto activities.

The lack of proper regulatory frameworks poses risks to companies and users, potentially leading to sudden closures. Security breaches have also been a concern.

And, the need for better education and translation of crypto-related information into local languages is critical to reach rural and elderly populations.

Yet, the space has witnessed both failures and successes, reflecting the industry’s volatility. Among the failures is Patricia, a Nigerian crypto exchange, which faced significant challenges following a security breach in May 2023, leading to a $2 million loss

However, Africa’s cryptocurrency adoption has been on a steady upward trajectory. With an estimated 43.5 million crypto users in 2024, an 8.5% rise from 2023, ranking the continent third globally behind Asia and North America.

Top Crypto Platforms in Africa Pioneering Financial Inclusion

This article highlights the top top crypto platforms in Africa pioneering financial inclusion in 2025. See the analysis below:

1. Yellow Card Financial

Funding: $89.5 million, including a $33 million Series C in 2024 led by Blockchain Capital.
Impacts: Facilitates over $3 billion in transactions, focusing on stablecoins to combat inflation.
Reach: Operates in 20 countries, from Nigeria to Morocco.
Performance: Rapid user growth and robust API integration for global businesses.

Founded in 2019 by Chris Maurice and Justin Poiroux, Yellow Card is a U.S.-based but Africa-focused fintech that has become a cornerstone of crypto adoption, enabling seamless cross-border payments and stablecoin transactions.

Its user-friendly platform allows individuals and businesses to convert local currencies into digital assets like USDT, shielding them from volatile fiat currencies, a critical feature in markets like Nigeria, where inflation remains a concern.

What sets Yellow Card apart is its strategic pivot to B2B solutions by integrating its API and widget into global platforms like Coinbase and PayPal. This move positions it as a payment rail for frontier markets, reducing cross-border transfer costs compared to traditional systems like SWIFT.

2. VALR: South Africa’s crypto bridge

Funding: $54.9 million, including a $50 million Series B in 2022.
Impacts: Bridges traditional finance and crypto, serving over 1 million users.
Reach: Strong in South Africa, with a growing presence in Nigeria and Kenya.
Performance: High trading volumes, supported by staking and lending options.

VALR, headquartered in Johannesburg, is one of Africa’s leading crypto exchanges. Founded in 2018 by Farzam Ehsani, Chris T., Badi Sudhakaran and Theo Bohnen.

Licensed as a Category I and II financial service provider, it offers spot and derivatives trading for over 75 cryptocurrencies. Its 2024 milestone of surpassing 1 million users underscores its appeal in South Africa, a crypto adoption hub.

VALR’s standout feature is its transparency, publishing proof of reserves, and its integration of passive income products like staking, which resonate with users seeking financial empowerment.

By enabling crypto-to-fiat conversions and B2B payment solutions, VALR bridges legacy banking with decentralised finance, a critical step in markets with fragmented financial systems.

3. Bitmama: Empowering remittances

Funding: $3.5 million through pre-seed and seed rounds by 2023.
Impacts: Simplifies cross-border payments with virtual crypto cards.
Reach: Nigeria-centric, expanding across West Africa.
Performance: Strong user engagement via P2P trading and remittances.

Bitmama, a Nigerian startup founded by Ruth Iselema in 2019, shines for its innovative approach to remittances, a $50 billion market in Africa.

It facilitates fast, low-cost crypto exchanges, complemented by virtual cards that allow users to spend digital assets globally. This addresses a pain point for Africans reliant on expensive traditional remittance channels.

Bitmama’s mobile-first design resonates with Nigeria’s tech-savvy youth, driving adoption among small businesses and freelancers. Its P2P trading feature fosters community trust, which is crucial in a region wary of centralised systems.

Despite lower funding (compared to Yellow Card or VALR), Bitmama’s focus on user-centric solutions gives it a competitive edge.

4. Busha: Nigeria’s inclusion champion

Funding: $4.2 million seed round in 2021, with additional funding in 2023.
Impacts: Promotes crypto literacy and low-cost trading.
Reach: Nigeria-focused, with plans for Ghana and Kenya.
Performance: Growing retail adoption via its mobile app.

Busha, another Nigerian gem, founded in 2019 by Moyo Sodipo and Michael Adeyeri, excels in democratising crypto access. Its platform simplifies trading Bitcoin and Ethereum, targeting retail users with low fees and educational resources

This focus on literacy, as noted in DabaFinance’s 2024 startup insights, tackles a key barrier to adoption in Africa, where crypto knowledge gaps persist.

Busha’s mobile app, intuitive and accessible, has gained traction among young Nigerians hedging against naira devaluation. Its commitment to financial inclusion aligns with Nigeria’s high crypto adoption rate; 12% of adults own digital assets, per a 2023 Statista report.

5. Zone: Blockchain’s New Frontier

Funding: $8.5 million in 2024 from Flourish Ventures and TLcom Capital.
Impacts: Digitises fiat payments via a Layer-1 blockchain.
Reach: Nigeria-based, with merchant and fintech partnerships.
Performance: Early-stage but scalable technology.

Zone, formerly Appzone, founded by Obi Emetarom and Wale Onawunmi in 2018, is a wildcard redefining payments through blockchain. Its regulated Layer-1 network enables merchants and fintechs to process digital currencies alongside fiat, reducing reliance on traditional banks.

A 2024 DabaFinance report praised Zone’s potential to disrupt Nigeria’s payment ecosystem, where cash still dominates.

Zone’s decentralised approach enhances transaction efficiency, appealing to businesses seeking alternatives to costly intermediaries. While its user base is smaller than Yellow Card’s or VALR’s, its technology has global scalability, drawing interest from investors betting on blockchain infrastructure.

The blockchain space in Africa beyond 2025

Africa’s crypto startups operate in a complex landscape; their share of global blockchain deals increased slightly to 1.3% in 2023 and reached an all-time high of 1.8% in H1/2024.

Within Africa, blockchain venture deals accounted for 12.5% of all venture deals across industries, which is significantly higher than observed globally, per CV VC’s African Blockchain Report.

Yet, progressive regulations in Nigeria and South Africa, coupled with rising stablecoin use, fuel optimism. Yellow Card and VALR will likely maintain dominance, leveraging scale and compliance. Bitmama and Busha, with their grassroots focus, could capture underserved markets, while Zone’s blockchain innovation may redefine payments.

Beyond 2025, expect these startups to drive Africa’s integration into global DeFi, tackling challenges like internet access and regulatory harmonisation. Their success hinges on balancing innovation with trust, potentially creating the continent’s first crypto unicorns by the end of the decade.

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