Technology
Yellow Card and Tether join forces to drive stablecoin education and adoption
Yellow Card, a leading pan-African fintech and cryptocurrency exchange, and Tether, the world’s largest stablecoin provider, are pleased to announce the successful completion of Phase 1 of their strategic collaboration across three key African markets. The two-month collaboration focused on raising awareness, providing education and driving adoption of USD₮, Tether’s stablecoin, among students and young professionals in Nigeria, Kenya and Ghana. Activities included 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.
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.
“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.
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.
“We recognize Africa as a pivotal player in the cryptocurrency and stablecoin market,” said Paolo Ardoino, CTO of Tether. “The continent has demonstrated remarkable potential for growth and innovation in the digital currency space. Africa’s increasing cryptocurrency adoption and the demand for stablecoins highlight the need for accessible and efficient financial solutions. Tether is committed to addressing the unique challenges faced by African communities through our collaboration with Yellow Card. Our stablecoin, USD₮, provides practical solutions for cross-border payments and empowers individuals, including gig economy workers, to receive fast and secure transactions, bypassing traditional intermediaries.”
Seerbit, a Pan-African payment solutions provider, has unveiled Alpha, a white-label product that makes it easier for financial institutions, travel and hospitality companies, online marketplaces and other businesses to drive growth and expedite the penetration of digital payments in Africa by seamlessly launching their own digital financial technology solutions.
Despite the growing trend of digital commerce on the continent, only 5 to 7 per cent of all payment transactions are made via electronic and digital channels. Most transactions are still happening offline which means the majority of consumers are burdened with the inefficiencies of cash-based transactions. This also means there is a significant amount of untapped value as consumers are unable to effectively access credit and other financial services because their cash-based transactions do not give financial institutions enough insight into their spending behaviours to provide the services they deserve.
At the same time, across multiple industries, there are already countless businesses that regularly interface with consumers across the continent and have visibility into these spending behaviours but either have limited access to digital payment solutions or do not have the capacity to build what they need for themselves. Most end up transacting with cash because it is what they are used to, or they settle for off-the-shelf digital payment solutions that only offer generic services.
SeerBit Alpha takes the hassle out of businesses having their own personalised fintech solutions to deliver the services customers want and need, powering them to not only drive growth but add value to their customers by providing easier access to game changing digital financial services. Businesses simply need to plug SeerBit Alpha into their existing platform and they will be enabled to seamlessly offer credit, operate their own payment gateway to facilitate reliable collection of payments from customers, launch digital banking services such as account opening, fund transfers and other banking services, as well as international money transfers, catering to the needs of customers that offer cross-border payment needs.
Businesses can also leverage SeerBit Alpha to sell mobile phone credits and billing services, enabling their customers to purchase mobile phone credits directly through their platforms, expanding their service offerings and opening additional revenue streams.
According to Omoniyi Kolade, CEO and Founder of Seerbit, “Our mission at SeerBit is to make it as easy as possible for businesses to leverage digital payments to drive growth and SeerBit Alpha is one of the products that helps us to achieve this. We are taking away the complexity of having to build your own solutions and giving businesses the opportunity to take advantage of our tried and tested innovation. By leveraging our cutting-edge technology, businesses can unlock new opportunities, drive growth, and establish themselves as leaders in the evolving fintech landscape.”
SeerBit is building a unified payment ecosystem that removes the complexity and fragmentation from the digital payment process in Africa, enabling businesses to seamlessly accept multiple payment methods and streamline online and offline transactions. The company has operations in 10 African countries with a wide range of solutions developed to drive the adoption of digital payments across the continent and enable better payment experiences that positively impact businesses bottom lines. Its partners include The British Council, United Bank for Africa, WiX and other prominent local and international companies.
Flapmax, a leading artificial intelligence (AI) company, announced today its strategic partnership with Intel, the global technology leader, to foster AI innovation and drive economic empowerment in Africa. The collaboration will provide technology access, training, mentorship, and funding opportunities to entrepreneurs in emerging markets, starting with Africa, through the FAST Accelerator program. FAST is designed to help startups that are building cloud-based and AI-enabled products and services supporting Africa’s communities, companies, and governments.
“Flapmax has been working with Intel to develop sustainable digital solutions that readily expand AI accessibility in underserved communities, and we are excited to build on our momentum with the FAST Accelerator program,” said Dr. Dave Ojika, Founder and CEO of Flapmax. “Bridging the knowledge gap in technological advancement is key to creating meaningful social impact. Through this partnership with Intel, Flapmax will bring cutting-edge technology and advanced curricula, including generative AI, robotics, and deep tech, to innovators in Africa and other technologically underserved communities.”
Created by Flapmax in partnership with Microsoft, FAST Accelerator combines business development, AI integration, funding, and community building opportunities designed to enable startups to scale more rapidly and sustainably. More than 800 startups from 25+ countries applied to join the inaugural program. Startup leaders are encouraged to apply to this year’s FAST Accelerator program. The top startup participants will embark on an enriching five-week program in Silicon Valley, California, forging relationships with industry experts, potential investors, and global partners through Flapmax’s vibrant ecosystem of over 600 corporate partners.
“Intel’s mission to shape the future of computing and enable a more intelligent, connected, and productive world aligns perfectly with Flapmax’s vision to bring AI technology to all aspects of life, inclusive of underserved populations in Africa and other emerging markets,” said Michael Campbell, General Manager, Education Client Division, Intel Corporation. “The partnership with Flapmax will greatly accelerate AI adoption for these communities, driving scalable business growth, optimized operations, and contributing to a more sustainable world.”
Program participants will collaborate closely with Intel through extensive mentorship and coaching, ranging from co-innovation projects to sales & marketing support and go-to-market enablement to expand their reach to a broader audience. Members of the Flapmax engineering team will help startups apply new Intel-optimized AI hardware and software solutions as well as scale and fine-tune their AI models on Microsoft Azure cloud platform. Participants will benefit from additional perks, including Microsoft for Startups Founders Hub (up to $150,000 of cloud credits) and Azure OpenAI (including ChatGPT, DALL·E 2, and other Large Language Models: LLM releases), as well as access to Microsoft 365 and Dynamics 365 developer sandboxes.
OPay Business Development & Partnership Director, Mahmoud Khedr (Image: Supplied)
OPay, a leading and rapidly growing provider of financial technology and electronic payments solutions, has announced its intention to apply for a license to establish a digital bank in Egypt with a capital of $60 million, according to the rules for licensing and registration of digital banks, and control and supervision recently issued by the Central Bank of Egypt.
This step is within the framework of OPay’s commitment to its role in developing the Egyptian digital economy, supporting the Egyptian state’s plans towards digital transformation, strengthening the principles of financial inclusion, and building a society less dependent on cash transactions, using the best, fastest and safest financial technology solutions in the Egyptian market provided by OPay, along with its experience in the field of digital transformation in the countries of the Middle East and North Africa, Nigeria and Pakistan.
“OPay” aims to enhance its services with innovation and the latest technological solutions to meet the needs of the Egyptian market, and facilitate the conduct of financial and banking transactions for customers, as the company will work through the digital bank to provide lending, savings and card services via the Internet without the need for customers to go to branches, in addition to OPay services to accept payments Such as points of sale, digital payment gateway, and electronic wallets.
Mahmoud Khedr, Director of Business Development & Partnership at OPay, said: We are excited to obtain a license to establish a digital bank in Egypt, and to work hand in hand with the Central Bank of Egypt and all concerned authorities to start this step, which represents a new beginning to keep pace with global developments in the field of financial technology”.
He also explained that “OPay” is qualified to make a breakthrough in this industry as it has 5 years of experience in the financial technology sector in the countries in which we operate, which represents a real impetus towards achieving success and achievement in Egypt.”
Khedr added, “We achieved great successes last year, as the value of our sales in the region amounted to more than 50 billion dollars, while the number of users of the “OPay” application in all countries reached about 30 million users, and we aspire to exceed these numbers in the current year and achieve unprecedented record rates.”
He added: “We thank the leaders of the Central Bank for the initiatives it is launching to create a supportive climate for the financial technology industry, and for the unlimited support for the financial technology sector and the directives of its leaders towards advancing the digital economy and the great role it plays in developing and developing this sector.”
