Chris Maurice’s Journey: Building Yellow Card in Lagos

When Chris Maurice touched down in Lagos, Nigeria, in 2018, he was stepping into the unknown. Having only taken four flights in his life, he faced a critical juncture: succeed with Yellow Card or adapt to living in Nigeria permanently. His adventure was just beginning.

Day 1: The Spark of an Idea

It all started with $90. While in Alabama, Maurice met a Nigerian man at Wells Fargo, trying to send $200 back home. The bank’s fee? A staggering $90. This outrageous charge ignited an idea in Maurice’s mind.

“That’s insane, right?” Maurice reflects. “How could it possibly cost that much?” He introduced the man to Bitcoin, suggesting it as a free, instant alternative for money transfers.

But after pondering further, he faced a harsh truth: “What’s a guy’s mom gonna do with $200 in Bitcoin?” It dawned on him that practicality was missing. This realization sent Maurice down a research trail about Nigeria’s financial landscape and currency issues. He recognized the importance of gaining insight directly from Nigerians.

His quest led him to post an ad online, seeking to connect with Nigerian men. Although the phrasing attracted some unwanted responses, he eventually linked up with the right person. This connection proved pivotal, convincing him to get a passport and book his first international flight.

Maurice’s commitment to building something innovative was now more than just business; it became a life-or-death decision. “The options, very literally, were build something that works or live in Lagos for the rest of my life,” he recalls.

The Unexpected Pivot

With co-founder Justin Poiroux, the initial vision was a remittance app to ease money transfers. However, Maurice quickly realized that the landscape was saturated with competing apps. “The world doesn’t need another remittance app,” he declared.

What Nigeria really required was infrastructure for international payments, enabling better interaction with local economies. “Stablecoins are the first and only technology that actually enables that,” he explained. This shift in focus propelled Yellow Card away from competing with existing remittance apps toward establishing robust financial infrastructure.

Launched in Nigeria in 2019, the company witnessed a remarkable culture of innovation. “From the beginning, everybody understood crypto,” Maurice observed. This openness contrasted sharply with slower innovation rates he experienced in Europe.

Day 500: The Impact of Regulatory Challenges

Fast forward to February 2021, and the landscape shifted dramatically. The Central Bank of Nigeria issued a directive prohibiting banks from processing transactions involving cryptocurrency users. While not an outright ban, it devastated many in the crypto space.

“Look, it was a major hindrance to the industry,” Maurice shared. Many crypto companies began laying off staff or shutting down entirely. Yet Yellow Card emerged unscathed.

“We were the only company that came out of that without having to fire anybody,” he noted. The key difference? Yellow Card had strategically built operations in multiple countries, allowing it to quickly shift focus and resources when Nigeria’s market stalled.

“Being the only Pan-African crypto player that had built meaningful infrastructure outside of Nigeria allowed us to pivot,” he said, referring to how they diversified to grow.

Beyond the Big Three: Exploring Untapped Markets

One core belief driving Yellow Card is that opportunity exists beyond the commonly targeted markets of Nigeria, Kenya, and South Africa. “Most companies operate in just a handful of countries, where there are 54 on the continent,” Maurice asserted.

After launching in Nigeria, Yellow Card expanded to Botswana, where they remain a rare presence. “It’s a big market for us,” he stated, emphasizing the need to engage with regulators individually, a tactic overlooked by many competitors.

“We weren’t the first in crypto, but we were the first to actively engage with regulators,” Maurice explained. This groundwork laid the foundation for future success as new licensing regimes developed.

Day 1000: The Philosophy of Rapid Adaptation

Maurice candidly discusses the mistakes Yellow Card has made along the way, acknowledging failures in marketing and decision-making. His guiding principle? “Don’t be wrong for long. Fail fast and fail quickly.”

This approach is essential when operating across 20 different countries with unique regulatory environments and cultures. A data-driven mindset keeps them agile in adapting to market needs while providing a sustainable model in an often misunderstood market.

“Africa leads globally in crypto adoption metrics,” he pointed out, calling out the misconceptions outsiders hold about the continent’s potential.

A Vision for the Future: Building Sustainably

Yellow Card now operates across 20 African nations, having successfully raised a Series A and focusing on enterprise clients. The regulatory landscape has recently improved in Nigeria, creating fresh opportunities.

For aspiring entrepreneurs, Maurice’s advice is simple: maintain an open mind. “I had no preconceived notions. I didn’t experience culture shock since I didn’t expect things to be a certain way,” he revealed.

This openness, combined with proactive regulatory engagement and a willingness to pivot quickly, transformed a high-stakes gamble into a surprising success story. “I built something that works. Across 20 countries. And counting.” Maurice’s journey serves as an inspiring testament to adaptability and innovation in the rapidly evolving landscape of African finance.