Yellow Card, a prominent pan-African fintech and cryptocurrency exchange, has partnered with Tether, the company behind the widely used stablecoin, in order to increase stablecoin awareness and adoption among young Africans. The first phase of the strategic partnership between the two organizations, which focused on promoting Tether’s stablecoin, USD, among students and young professionals in Kenya, Nigeria, and Ghana, has concluded successfully.
Yellow Card and Tether Partner to Promote Financial Literacy in Africa
Over the course of two months, Yellow Card’s Brand Ambassadors engaged with more than 10,000 young people through a comprehensive canvassing campaign and financial literacy tours at universities in the three nations’ most populous cities. Among those targeted were renowned institutions such as the University of Benin in Nigeria, the University of Nairobi in Kenya, Technology in Ghana, and the Kwame Nkrumah University of Science.
Peter Mureu, Director of Marketing at Yellow Card, was enthusiastic about the partnership. He emphasized the life-changing impact of financial education on youth. He emphasized the significance of programs such as the Financial Literacy Tour and YC Academy in fostering financial independence.
The partnership between Yellow Card and Tether coincides with a remarkable 1200% increase in cryptocurrency popularity in Africa between 2021 and 2022. However, businesses and individuals unfamiliar with blockchain technology and cryptocurrencies remain a barrier to adoption. Yellow Card and Tether have combined their efforts to address this knowledge gap and accelerate the adoption of cryptocurrencies.
Tether and Yellow Card Empower Africa with Instant, Low-Cost Cross-Border Payments
Recognizing Africa as a key player in the cryptocurrency and stablecoin markets, Tether’s Chief Technology Officer, Paolo Ardoino, highlighted the region’s potential for digital currency development and innovation. The increasing demand for cryptocurrencies and stablecoins in Africa highlights the need for accessible financial services in the region.
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Tether is committed, through its partnership with Yellow Card, to addressing the unique challenges faced by African communities. Tether’s stablecoin, USD, enables instant, private, and low-cost international payments for anyone, including those in the gig economy, by removing the need for traditional banks and financial institutions.
Stablecoins, such as USD, provide practical solutions to the unique problems prevalent in Africa. They offer convenient and inexpensive cross-border payment options. They also address the substantial remittances received by African countries from their diaspora populations working abroad. Tether enables workers in the gig economy to receive swift and secure cross-border payments without relying on costly and time-consuming intermediaries such as banks or payment processors.