17.11.2021 11:15:25 CET | SPENN Technology A/S |
Company Announcement

SPENN Rwanda Limited, a wholly owned subsidiary of SPENN Technology A/S, has entered into an agreement with Yellow Card Rwanda Limited for SPENN services to be made available for all Yellow Card users in Rwanda.

Company Announcement No. 70

Yellow Card is a US-based cryptocurrency trading company with operations in several African markets including Rwanda and Zambia, which are SPENN strongholds. A similar agreement between SPENN and Yellow Card for Zambia was reached on 5 October 2021 (Company Announcement No. 63).

“Performance in Zambia is exceeding expectations, and we are delighted to expand this business model to Rwanda. Increased penetration in the Rwandan market is a strategic goal for SPENN Technology. By allowing SPENN to offer services to Yellow Card users, we greatly improve the distribution of SPENN in Rwanda. The partnership also allows SPENN users to buy and sell cryptocurrencies via the Yellow Card platform,” says Jens Glaso, CEO of SPENN Technology A/S.

Yellow Card brands itself as the easiest way to buy and sell Bitcoin, Ethereum and Tether instantly at the best rates with zero fees. Yellow Card users can buy and sell crypto online with bank transfer, mobile money, and cash. With SPENN services integrated, SPENN will serve as a cash-on/cash-off ramp to Yellow Card.

“By offering our users the ability to have an interest-bearing savings account, as well as to borrow against their savings, SPENN’s unique position in Rwanda makes partnering with Yellow Card a logical choice,” says Glaso.

FASTEST GROWING CRYPTO REGION
According to a recent Chainalysis report, Africa has seen a 1200 per cent increase in crypto adoption in the last year, making the continent the fastest growing region for crypto in the world.

“Our research has shown that SPENN Rwandans users want the ability to buy and sell cryptocurrencies. With the success we have had in our other African markets, we are excited to introduce the ability for SPENN users to pay in Yellow Card,” says Glaso.

By holding crypto this allows SPENN users to send remittances via the Yellow Card platform, and it protects the value of their wealth against currency devaluation in many African countries.

This announcement includes inside information.

For further Information, please contact:
Jens B. Glaso, CEO SPENN Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]
Certified Adviser: Baker Tilly Corporate Finance P/S, Att.: Gert Mortensen, Partner. Phone: +45 33 45 10 00, www.bakertilly.dk

SPENN Technology A/S
CVR nr.: 26518199
Njalsgade 76, 4.
2300 København S
Tel: +45 8830 0000
www.spenn.com

About SPENN Technology A/S

In a world where 1.7 billion people are still unbanked, SPENN Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology Blockbonds has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPENN Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has recently launched new integrated services in the platform and expects to launch more crypto services going forward.

SPENN is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPENN is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

SPENN Technology A/S is listed on the Nasdaq First North Growth Market Denmark. Ticker code: SPENN