Yellow Card, an American Fintech has since 2019 supported Ugandans that needed to get onto the new financial train of crypto, offering them the most secure web and app-based wallets to trade Bitcoin, Ethereum, and Tether in Uganda. Trading Bitcoin, Ethereum, and Tether in Uganda had grown tremendously as more people had become more interested in the crypto trade than ever before.
However last week on Saturday, the Central Bank of Uganda issued a circular to all its licensees warning against converting crypto into mobile money and vice versa. For platforms like Yellow Card whose main goal was to offer Ugandans an opportunity to make money through crypto trading, this is a major setback as it means that operations have been limited.
On Wednesday, yellow card passed on personal messages to their customers, alerting them that mobile money withdrawals have been disabled because of the Bank of Uganda circular.
At the moment, those that still have their crypto funds on the platform cannot withdraw through mobile money and can only use their banks and yet the transactions take three to four days. This has left some customers disgruntled and complaining that it was easier to withdraw and deposit using mobile money since it only took a day.