Yellow Card, a prominent pan-African fintech and cryptocurrency exchange, and Tether, the largest stablecoin provider in the world, are pleased to announce the successful completion of Phase 1 of their strategic partnership in three crucial African markets.
Over the course of two months, the partnership aimed to enhance awareness of Tether’s stablecoin, USDT, among students and young professionals in Nigeria, Kenya, and Ghana. The objective was to educate them about USDT and encourage its adoption.
As part of the initiative, Financial Literacy Tours were organized in colleges, and a comprehensive canvassing campaign was conducted in the major cities of the three countries. Yellow Card’s dedicated Brand Ambassadors engaged with individuals, providing them with valuable information about USDT and its benefits.
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.
The adoption of cryptocurrencies in Africa witnessed a remarkable surge of 1200% between 2021 and 2022, necessitating a rapid increase in educational initiatives. Despite the potential significance of cryptocurrencies in the future, businesses and individuals remain hesitant to embrace them.
The primary reason for this reluctance stems from a lack of knowledge and understanding about cryptocurrencies and blockchain technology. Addressing this information gap is a key objective of the partnership between Yellow Card and Tether.
Stablecoins, such as USDT, offer practical solutions to challenges specific to Africa. Many African countries heavily rely on remittances from individuals living and working abroad who send money back home. Tether’s stablecoin facilitates cost-effective and efficient cross-border transactions, reducing the need for traditional channels characterized by high fees and long processing times.
Additionally, USDT empowers workers in the gig economy by enabling quick and secure cross-country payments, bypassing the need for banks or payment processors.
The increasing adoption of cryptocurrencies and the demand for stablecoins in Africa underscore the continent’s need for accessible and effective financial solutions.
Tether, in collaboration with Yellow Card, aims to assist African communities in tackling their unique challenges. Our stablecoin, USD, simplifies cross-border money transfers and provides individuals, particularly those in the gig economy, with the ability to receive prompt and secure payments without relying on traditional intermediaries.