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Yellow Card and Tether partner to drive stablecoin education among the African youth

Yellow Card , Africa’s fintech and cryptocurrency exchange has partnered with Tether, a global stablecoin provider to raise awareness, provide education and drive the adoption of USD₮, Tether’s stablecoin, among students and young professionals in Nigeria, Kenya and Ghana.

The partners have announced the successful completion of phase 1 of the two-month collaboration which focused on Financial Literacy Tours in universities and a canvassing campaign which involved Yellow Cards Brand Ambassadors engaging with individuals across major cities in the three countries.

“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.

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Over 10,000 young people were reached – including students drawn from the six universities where the Financial Literacy Tour events were held among them University of Nairobi in Kenya, University of Benin in Nigeria and Kwame Nkrumah University of Science and Technology in Ghana.

Those who attended the events received insights into the mechanics of stablecoins, gained a deeper understanding of the blockchain technology and also learned about the importance of responsible financial decision-making. In addition, they each received their first USD on the Yellow Card platform.

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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 challenges in Africa 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 receive fast and secure payments instantly across borders, bypassing intermediaries like banks or payment processors.

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Milcah Lukhanyu
Milcah Lukhanyuhttps://techmoran.com
I cover tech news across Africa. Drop me an email at [email protected]

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