Yellow Card, a leading pan-African fintech and cryptocurrency exchange, and Tether, the world’s largest stablecoin provider, have completed the Phase 1 of their strategic collaboration across three key African markets.
The collaboration between Yellow Card and Tether focused on promoting awareness, providing education, and driving the adoption of USD₮, Tether’s stablecoin, among students and young professionals in Nigeria, Kenya, and Ghana. The two-month initiative involved various activities such as Financial Literacy Tours in universities and a canvassing campaign conducted by Yellow Cards Brand Ambassadors in major cities across the three countries.
The outreach efforts successfully reached over 10,000 young individuals, including students from prominent universities like the University of Nairobi in Kenya, the University of Benin in Nigeria, and the Kwame Nkrumah University of Science and Technology in Ghana. Participants had the opportunity to gain insights into the mechanics of stablecoins, deepen their understanding of blockchain technology, and learn about the importance of responsible financial decision-making. Additionally, each attendee received their first USD₮ on the Yellow Card platform.
Peter Mureu, Director of Marketing at Yellow Card, expressed the significance of the collaboration with Tether in promoting financial education and freedom for the youth. He highlighted the growing need for financial education as cryptocurrency adoption in Africa surged by 1200% between 2021 and 2022. The collaboration aims to bridge the knowledge gap and address the hesitancy surrounding cryptocurrencies and blockchain technology.
Stablecoins like USD₮ offer practical solutions to unique challenges in Africa. They provide a convenient and cost-effective method for cross-border payments, reducing reliance on traditional channels with high fees and delays. USD₮ also empowers gig economy workers by enabling fast and secure payments across borders, eliminating the need for intermediaries such as banks or payment processors.
Paolo Ardoino, CTO of Tether, recognized Africa as a crucial player in the cryptocurrency and stablecoin market, showcasing remarkable potential for growth and innovation in the digital currency space. The increasing adoption of cryptocurrencies in Africa and the demand for stablecoins underscore the importance of accessible and efficient financial solutions. Tether is committed to addressing the specific challenges faced by African communities through the collaboration with Yellow Card. USD₮, as a stablecoin, provides practical solutions for cross-border payments and empowers individuals, including gig economy workers, to receive fast and secure transactions while bypassing traditional intermediaries.
Leave a comment