Role of Yellow Card as a Digital financial service provider Introduction
Around the world today and most especially in less developed countries, financial transactions have become easier due to rapidly advancing financial technologies.
As financial services are consistently being improved, it has become a common practice to use mobile phones, credit cards, and online banking applications for transactions.
These transaction platforms are not only time-saving, and seamless, but they can also be accessed at any time needed.
Over time, investment in new technologies is substantially increasing and the pace of innovation is fast growing.
As such, this article will outline four key roles that Yellow Card plays as a digital financial service provider in over sixteen African countries.
Strengthening financial inclusion
To own and control finances is among the most important desires of every human being. However, only banked citizens are able to access and have control of their finances with the traditional finance system due to their ability to affiliate with a banking institution and benefit from the services they offer such as loans and financial security.
But with the advent of digital financial services, Yellow Card stands as a bridge that connects unbanked and underbanked citizens to financial services, thereby paving the way for them to be financially inclusive.
The possibility of sending and receiving money without necessarily being affiliated with a bank makes financial inclusion in Africa a reality.
Reduced cost of transactions
Internal and cross-border transactions have always been constraining because of the exorbitant charges one has to pay to carry out such transactions.
The continuous flow of formal remittances has been attributed to the adoption of digital technology by migrant workers and their families due to the relatively cheaper charges that characterise them.
Both online and mobile transactions proved to be catalysts and enablers of remittance flows.
Secure and user-friendly services
Yellow Card offers crypto exchange services permitting you to buy and sell Bitcoin, Ethereum, and USDT at best rates.
Unlike other financial service providers, crypto transactions use digital security that keeps your money safe at all times.
Moreover, you can conveniently carry out your transactions from anywhere provided you are connected to the internet.
Access to Affordable Financial Services
As a digital financial service, Yellow Card’s offer is critical for poverty reduction and economic growth. This is because the circulation of money boosts revenue-generating activities that will otherwise not exist.
Therefore, access to financial services increases opportunities and resilience for the less privileged particularly women, as countries with increased financial systems enjoy higher economic growth
Conclusion
Using digital technology to access financial services has become part of our everyday life and is set to be a factor that dictates how we spend, send and save money.
Life has been made much easier with the widespread of digital financial service providers without which, travelling long distances and queuing for long hours in banks would still be our bitter reality.
Finally, having access to other services like payment of electricity and water bills, transferring money, and accessing bank platforms from our homes or offices, with the use of either a computer or mobile phone puts us at the crossroads of digitailisation.
