Yellow Card, a leading pan-African fintech and cryptocurrency exchange, has partnered with Tether, the world’s largest stablecoin provider, to successfully complete Phase 1 of their strategic collaboration in three vital African markets. During the two-month partnership, the main objective was to raise awareness and promote the adoption of Tether’s stablecoin, USDT, among students and young professionals in Nigeria, Kenya, and Ghana.
The initiative aimed to educate these individuals about USDT and its benefits, encouraging them to embrace this digital currency.
To achieve this goal, the partnership organized Financial Literacy Tours in colleges and conducted a comprehensive canvassing campaign in the major cities of the three countries.
Yellow Card’s dedicated Brand Ambassadors engaged with people, imparting valuable information about USDT and fostering understanding of blockchain technology and the importance of making sound financial decisions.
This educational effort successfully reached over 10,000 young people, including students from six colleges where the Financial Literacy Tour events were held.
Notable institutions such as the University of Benin in Nigeria, the Kwame Nkrumah University of Science and Technology in Ghana, and the University of Nairobi in Kenya were among the venues where attendees gained insights into the functioning of stablecoins, improved their understanding of blockchain technology, and were reminded of the significance of making informed financial choices.
The surge in cryptocurrency adoption in Africa, amounting to an impressive 1200% increase between 2021 and 2022, has underscored the need for educational initiatives. Despite the potential of cryptocurrencies in shaping the future, many businesses and individuals remain hesitant due to a lack of knowledge and understanding.
Addressing this information gap is a key focus of the Yellow Card and Tether partnership. By highlighting the practical solutions offered by stablecoins like USDT, specific challenges faced by African countries can be effectively addressed.
For instance, the heavy reliance on remittances from abroad can be mitigated through Tether’s cost-effective and efficient cross-border transactions, reducing reliance on traditional channels with high fees and lengthy processing times.
Furthermore, USDT provides workers in the gig economy with the ability to receive quick and secure cross-country payments without the need for intermediaries such as banks or payment processors.
The increasing adoption of cryptocurrencies and the growing demand for stablecoins in Africa emphasize the continent’s requirement for accessible and efficient financial solutions. Through their collaboration, Tether and Yellow Card aim to assist African communities in overcoming their unique challenges.
Tether’s stablecoin, USD, simplifies cross-border money transfers, empowering individuals, particularly those in the gig economy, to receive prompt and secure payments while bypassing the limitations of traditional intermediaries.