Yellow Card, one of the leading cryptocurrency companies in the continent, has been conducting educational events across Africa, in partnership with Circle, the issuer of the $USDC stablecoin, to help people understand how stablecoins can boost financial inclusion amongst other topics.
Financial Literacy Tour in Botswana🇧🇼with @yellowcard_app and @circle pic.twitter.com/8OFiaqG9Vt
— BitKE (@BitcoinKE) July 11, 2023
The FLT (Financial Literacy Tour) events, which took place in Botswana, Ghana, Nigeria, and Kenya in early June 2023, provided a valuable platform for attendees to explore the realm of cryptocurrency adoption.
The tour comes after YellowCard became the first country in Africa to receive an operating license from the Non-Bank Financial Institution Regulatory Authority (NBFIRA) of Botswana in October 2022:
"The license provides some sort of guidance and way of doing business.
For example, if you want to put out a new product, you have to pass it by the regulator so they can assess and see if its fit for the market."
– Keletso, Botswana🇧🇼 Country Manager, @yellowcard_app pic.twitter.com/NNUHJdlG2S
— BitKE (@BitcoinKE) October 26, 2022
Through interactive workshops, informative presentations, and engaging discussions, participants gained valuable insights on embracing new technologies, unlocking the potential of digital assets in their daily lives, and even exploring career opportunities within the crypto space.
Speaking to BitKE, Maduo Disele of YellowCard said:
Brand ambassadors who champion crypto adoption in their communities, shared their insights with the young professionals, students, and entrepreneurs present. Attendees also received their first $USDC at the event.
“Through a series of Financial Literacy Tours across the continent, Yellow Card and Circle have adopted a proactive and personalized approach to engage with communities, empowering individuals with the knowledge and tools necessary to navigate the world of digital assets,” said Chris Maurice, CEO and co-Founder of Yellow Card.
Stablecoins are a type of cryptocurrency that aim to provide price stability and reduce the volatility typically associated with other digital currencies like Bitcoin or Ethereum. They are designed to maintain a stable value by pegging their price to a reserve asset which is often a fiat currency like the US dollar or a commodity like gold.
As a major part of the crypto landscape, stablecoins have been proposed as one way to address the common challenges involving cross-border transactions in Africa and internationally.
These cryptocurrencies provide the ability to send money effortlessly across borders mitigating challenges associated with traditional payment methods such as delays and high fees, and above all, being pegged 1:1 against the U.S dollar safeguarding individuals from currency fluctuations.
“Yellow Card and Circle share a common passion to actively drive digital financial literacy and realise a more tolerant, functional, and equitable planet,” said Mercina Tillemann Perez, VP of Circle Impact. “Selecting Botswana, Ghana, Nigeria and Kenya to begin the FLT events allows us to help educate, empower and build for a new financial future.”
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