Yellow Card, a leading pan-African fintech and cryptocurrency exchange, and Tether, the world’s biggest stablecoin provider, are happy to say that Phase 1 of their strategic partnership in three vital African markets has been completed successfully.
The goal of the two-month partnership was to make students and young workers in Nigeria, Kenya, and Ghana more aware of USDT, Tether’s stablecoin, teach them about it, and get them to use it.
There were Financial Literacy Tours in colleges and a canvassing campaign in which Yellow Cards Brand Ambassadors talked to people in the three countries most prominent cities.
Over 10,000 young people were reached, including students from the six colleges where the Financial Literacy Tour events occurred. The University of Benin in Nigeria, the Kwame Nkrumah University of Science Technology in Ghana and The University of Nairobi in Kenya,
People who attended the events learned more about how stablecoins work, got a better grasp of blockchain technology, and were reminded of how important it is to make intelligent financial decisions. On the Yellow Card app, they also got their first USDT.
Working with Tether has given us a unique chance to see how much financial education changes the lives of young people.
This partnership perfectly fits our overall goal of promoting financial freedom for everyone. This goal is reflected in our other projects, such as the Financial Literacy Tour and the YC Academy. Peter Mureu, Director of Marketing at Yellow Card, added, “As crypto grows in Africa, so does the need for financial education,” said
Between 2021 and 2022, the number of people using cryptocurrencies in Africa jumped by 1200%, so schooling had to go up quickly. Even though cryptocurrencies could be significant in the future, businesses and people are still hesitant to use them.
People are reluctant to use cryptocurrencies and blockchain technology because they don’t know much about them or understand how they work. The goal of the Yellow Card and Tether partnership is to help close this information gap.
Stablecoins, like USDT, offer honest answers to problems unique to Africa. African countries get a lot of money from people living and working abroad who send money back home. Tether makes it easy and cheap to send money across borders, making it less necessary to use traditional routes with high fees and long wait times.
Also, USDT allows workers in the gig economy to get paid quickly and securely across countries without going through banks or payment processors. The CTO of Tether, Paolo Ardoino, said, “We see Africa as a key player in the cryptocurrency and stablecoin markets.” “The African continent has shown much growth and innovation potential in the digital currency space.”
The growing use of cryptocurrencies in Africa and the desire for stablecoins show that the continent needs easy-to-use and effective financial solutions. Through our work with Yellow Card, Tether wants to help African communities deal with the unique problems they face. Our stablecoin, USD, makes it easy to send money across borders and gives people, like those who work in the gig economy, the power to get paid quickly and safely without going through traditional intermediaries.