In recent years, cryptocurrency and digital asset trading have gained tremendous popularity across Nigeria and Africa. Platforms promising fast transactions, easy wallet funding, and lucrative trading opportunities have attracted thousands of users. One such platform is Yellow Card App. While it markets itself as a secure and reliable service for buying, selling, and managing cryptocurrencies, multiple verified consumer complaints and documented cases suggest a concerning pattern of operational irregularities.
This content is designed to help consumers understand the potential risks associated with Yellow Card, based on verified complaints, public reviews, and regulatory concerns. Our goal is not to defame, but to create awareness so that individuals can make informed decisions and protect themselves from potential financial losses.
Yellow Card was incorporated on 11 June 2018 in Nigeria as YELLOW CARD FINANCIAL NIGERIA LIMITED, under Registration Number RC 1502209, with a registered office at The Penthouse Floor, Itiku House, 28/30 Macarthy Street, Onikan, Lagos State. The company operates as a Private Company Limited by Shares, officially engaged in financial services activities, excluding insurance and pension funding.
The platform offers a mobile application available on Android and iOS, which allows users to create wallets, deposit funds, buy and sell cryptocurrencies, and manage digital assets. Yellow Card markets itself as user-friendly, secure, and fast. However, numerous reports from users indicate operational and customer service issues that raise questions about the platform’s reliability.
Key management includes Christopher George Maurice (Director and Shareholder), Munachimso Mctony Ogu-eke (Director), and Justin Bernard Poiroux (Director and Shareholder). While the company has formal registration, its operational transparency and adherence to financial regulations have been questioned in multiple complaints.
An extensive review of Trustpilot, Google Play, and App Store reviews reveals a disturbing trend of missing funds, unresponsive support, and blocked accounts. These are not isolated cases; they represent systemic issues reported by users across Nigeria, Kenya, Malawi, Cameroon, Uganda, Rwanda, Germany, and France.
1. Missing Deposits and Uncredited Transactions
Many users have reported deposits into Yellow Card wallets that never appeared. For example:
- Recently, someone from Nigeria funded the Yellow Card wallet via a Wema Bank virtual account with ₦20,000 and ₦5,000. Only the ₦5,000 was refunded, while the ₦20,000 remains inaccessible. The wallet became entirely unavailable, and multiple attempts to contact support were ignored.
- David Ejike Onuh (Nigeria): Deposited funds in 2023 that were never credited to the wallet, and support failed to assist for over three years.
Similar complaints indicate that multiple users have lost significant amounts without resolution.
2. Frozen or Inaccessible Wallets
Several reviews describe wallet access issues:
- Mbuna Kelly Glenn Asongfac (Cameroon): Reported the account being frozen with assets inside and received no support despite repeated emails.
- Rodha Kisakye (Uganda): After depositing funds, the account could not process withdrawals, and repeated contact with support yielded only requests to make additional deposits.
Frozen or inaccessible wallets are particularly concerning for users trusting their funds to a financial platform.
3. Unresponsive or Delayed Customer Support
Numerous users have noted that Yellow Card’s support team is slow or non-existent:
- Yanja Chimoto (Malawi): Sent a message about a transaction that took more than 72 hours to settle. Support responded only after another 24 hours, asking to wait an additional 72 hours.
- Sammy Rutich (Kenya): Received repeated declines on required KYC documentation, despite multiple submissions, preventing withdrawals.
Timely and responsive support is critical for financial platforms, and persistent delays raise red flags for operational integrity.
4. Suspicious Use of Virtual Bank Accounts
In multiple cases, users deposited funds into virtual accounts issued by Wema Bank that were connected to BUD Infrastructure Limited, a company registered for “General Contract and Merchandise,” not digital financial services. For instance:
- In a recent review on Trustpilot, Deposits made to Wema Bank virtual accounts were linked to BUD Infrastructure Limited. Following the partial refund of ₦5,000, the remaining ₦20,000 remained inaccessible.
This raises serious questions about the legitimacy of payment channels and compliance with financial regulations. Users typically expect virtual accounts to be directly managed by the fintech provider, not routed through unrelated third-party companies.
5. Sudden Changes in Fees and Minimum Deposits
Some users have reported abrupt changes in platform fees:
- Song Richard (Germany): Experienced increases in minimum deposits by 500% and withdrawal limits by 325%, making it difficult to manage funds.
- Andre Mposa (Malawi): Noted that withdrawals were only possible after strict verification and 2FA authentication, but even then, many users reported unprocessed funds.
Such sudden changes indicate a lack of transparency and raise concerns about hidden charges or exploitative practices.
6. Publicly Documented Similar Complaints
A review of Trustpilot shows widespread patterns:
- Users across multiple countries report missing funds, blocked withdrawals, and poor communication.
- Alleged fraudulent practices include accepting deposits while denying withdrawals, linking wallets to unrelated companies, and freezing accounts without explanation.
This evidence points to potential systemic problems, making consumer caution essential.
Virtual accounts are commonly used in fintech to simplify transactions. A user can fund their wallet via a unique virtual account number that automatically credits the platform. However, in Yellow Card’s case:
- Deposits were routed to BUD Infrastructure Limited, unrelated to Yellow Card’s core financial services.
- Partial refunds suggest that funds were traceable but not fully returned.
- Lack of response and unclear account ownership raise concerns about the misuse of banking infrastructure for unverified transactions.
This creates an environment where users’ funds may be at risk due to poor oversight and unclear corporate linkages.
Regulatory & Legal Concerns
Given these issues, multiple complaints have been filed to:
- Federal Competition and Consumer Protection Commission (FCCPC) – regarding unfair business practices and potential consumer fraud.
- Central Bank of Nigeria (CBN) Consumer Protection Department – concerning uncredited deposits, improper use of virtual accounts, and potential violation of banking regulations.
- Wema Bank – for investigating the virtual accounts linked to BUD Infrastructure Limited and potential misuse of banking services.
Legal Frameworks to Consider:
- Companies and Allied Matters Act (CAMA 2020): Transactions by unregistered foreign companies or unrelated entities may be considered illegal or void.
- CBN Guidelines for Digital Financial Services: Require proper verification, KYC compliance, and monitoring of virtual accounts.
- Anti-Fraud & Anti-Money Laundering Regulations: Any misuse of banking infrastructure to receive or withhold funds may constitute a violation.
How to Protect Yourself When Using Fintech Platforms
- Verify the Platform: Check corporate registration, licensing, and business activity.
- Confirm Payment Channels: Ensure that virtual accounts are issued directly by the platform and not unrelated entities.
- Maintain Records: Keep transaction receipts, emails, and screenshots.
- Perform KYC Verification Carefully: Avoid sharing personal documents unless required by a legitimate regulator-approved process.
- Monitor Wallet Activity: Report discrepancies immediately to support and, if necessary, to regulatory bodies.
- Check Public Reviews: Platforms like Trustpilot, Google Play, and App Store reviews can reveal systemic issues.
- File Complaints if Needed: Contact FCCPC, CBN Consumer Protection, EFCC, or NITDA for unresolved financial or data concerns.
Lessons Learned from Verified Cases
- Multiple users report similar experiences, indicating systemic risks.
- Platform marketing may not reflect operational reality.
- Trust is paramount in financial services, and unresponsive support undermines consumer confidence.
- Virtual accounts, while convenient, can pose risks if linked to unrelated entities or poorly monitored.
While Yellow Card markets itself as a convenient and secure platform for cryptocurrency transactions, verified complaints reveal significant risks:
- Missing deposits and uncredited funds
- Frozen wallets and inaccessible accounts
- Unresponsive or delayed customer support
- Misuse of virtual accounts linked to unrelated companies
- Lack of transparency regarding fees and deposits
Consumers must exercise caution, verify company legitimacy, and report irregularities to regulators. Awareness is the first step in preventing financial loss, and sharing experiences helps protect the broader community.
We encourage all users to review public feedback, carefully consider deposits, and demand transparency from digital financial platforms. Filing formal complaints to FCCPC, CBN, or the EFCC may be necessary to ensure accountability and prevent further losses.
Until Yellow Card addresses these concerns with transparency, security, and proper customer support, potential users should remain vigilant and consider safer alternatives.
If you’ve had issues with Yellow Card or similar fintech platforms, report them to FCCPC, CBN Consumer Protection, EFCC, or your banking institution. Share your experience to raise awareness and help others avoid financial loss.
We encourage you to move immediately from awareness to implementation:
- Stop Relying on Trust: Assume all third-party systems are vulnerable. Implement Asset Segregation and Hardware MFA now to isolate your money and IP.
- Report to Authorities: If you or someone you know has been a victim of uncredited funds or account freezing by any financial platform, filing a formal complaint is essential for ensuring regulatory oversight and protecting the broader community.
Have You Been Scammed or Blocked?
If you have been affected by a scam, a freeze, or an uncredited transaction by any digital financial platform, we want to hear your story. Your experience is valuable intelligence that helps protect other entrepreneurs.
Report Scam Intelligence to: press@cybersmartempire.com
We use aggregated data from these reports to update our Cyber-Smart Empire methodology, ensuring our community is always equipped with the latest defense strategies against active threats.
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