Yellow Card, a pan-African fintech and cryptocurrency exchange, and Tether, a stablecoin provider, have successfully completed the initial phase of their strategic partnership in Nigeria, Kenya, and Ghana. The two-month collaboration focused on increasing awareness, delivering educational initiatives, and promoting the adoption of Tether’s USD₮ stablecoin among Nigerian, Kenyan, and Ghanaian students and young professionals.
The collaborative efforts involved conducting Financial Literacy Tours in universities and launching a canvassing campaign, where Yellow Card’s Brand Ambassadors engaged with individuals in major cities across the three countries. The impact was substantial, with over 10,000 young people being reached throughout the campaign. Notably, students from prominent universities like the University of Nairobi (Kenya), the University of Benin (Nigeria), and the Kwame Nkrumah University of Science and Technology (Ghana) participated in the Financial Literacy Tour events.
During these events, attendees gained valuable insights into the functioning of stablecoins, deepened their understanding of blockchain technology, and learned about the significance of making responsible financial decisions. As an added benefit, each participant received their first USD₮ on the Yellow Card platform.
“Our collaboration with Tether has provided us with a remarkable opportunity to witness the profound impact that financial education has on the youth. This collaboration aligns seamlessly with our overarching mission to promote financial freedom for all, which encompasses our other initiatives like the Financial Literacy Tour and the YC Academy. As crypto adoption grows in Africa so does the need for financial education,” said Peter Mureu, Director of Marketing at Yellow Card.
Between 2021 and 2022, cryptocurrency adoption in Africa surged by 1200%, necessitating a rapid increase in education. Despite the potential for cryptocurrencies to play a vital role in the future, there remains considerable hesitancy among companies and individuals to embrace this emerging currency. This reluctance can be attributed to a widespread lack of awareness and understanding of cryptocurrencies and blockchain technology. The Yellow Card and Tether collaboration aims to play a pivotal role in bridging this knowledge gap.
Stablecoins, such as USD₮, address unique African challenges by offering practical solutions. Given the substantial remittances African countries receive from the diaspora populations working abroad, Tether provides a convenient and cost-effective method for cross-border payments, reducing reliance on traditional channels with high fees and delays. Moreover, USD₮ empowers gig economy workers to instantly receive fast and secure payments across borders, bypassing intermediaries like banks or payment processors.
“We recognize Africa as a pivotal player in the cryptocurrency and stablecoin market,” said Paolo Ardoino, CTO of Tether. “The continent has demonstrated remarkable potential for growth and innovation in the digital currency space. Africa’s increasing cryptocurrency adoption and the demand for stablecoins highlight the need for accessible and efficient financial solutions. Tether is committed to addressing the unique challenges faced by African communities through our collaboration with Yellow Card. Our stablecoin, USD₮, provides practical solutions for cross-border payments and empowers individuals, including gig economy workers, to receive fast and secure transactions, bypassing traditional intermediaries.”