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Yellow Card, Tether Partner to Drive Stablecoin Education and Adoption Among the African Youth

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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.”


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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9mobile Refutes Claims of N55Bn Debt to Keystone Bank

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Board of Directors of Emerging Markets Telecommunication Services Limited, trading as 9mobile, has refuted reports suggesting that a court ordered the company to pay a N55bn debt to Keystone Bank.

9mobile Refutes Claims of N55Bn Debt to Keystone Bank

In a statement at the weekend, the telecommunications company clarified that it was not a party to any legal suit or court order related to the debt.

The legal dispute involves only its minority shareholder, Teleology Nigeria Limited.

“Our attention has been drawn to a wave of syndicated media publications dated Friday, July 19, 2024, with the same misleading headline: ‘Court orders 9mobile to pay N55bn debt to Keystone Bank,’” 9mobile stated.

“The Management of 9mobile wishes to inform the concerned public and critical stakeholders that, contrary to this misleading headline, Emerging Markets Telecommunication Services Limited, trading as 9mobile, was neither a party to any suit nor affected by the order said to have been made against it as an entity.”

On Friday, a section of the media reported that a Federal High Court in Ikoyi, Lagos, ordered Teleology Nigeria Ltd. to pay the sum owed to Keystone Bank.

Bode Olanipekun, SAN, Keystone’s counsel, claimed Teleology failed to service the loan used to finance its acquisition of assets in 9mobile.

Despite Keystone Bank’s offer to restructure the loan, Teleology did not meet the conditions set forth. Instead of repayment, the plaintiff received a proposal from PAC Ltd. suggesting a debt conversion to equity with no immediate repayment.

9mobile emphasised that the reports were false and defamatory, impacting its corporate reputation.

“If the correspondents who filed the obviously syndicated news stories were anywhere near the courtroom during the proceedings leading to the issuance of the said order, they would have known that at no point was 9mobile a party to the suit in question. Rather, the action was appropriately classified and filed as ‘Keystone Bank v. Teleology Nigeria Limited.’”

The company reiterated that no judgment was made against it and described the attempt to link 9mobile with the transaction of its minority shareholder, Teleology Nigeria Limited, as “false and maliciously misleading.”

9mobile highlighted that it is under new ownership, with a 95.5 per cent controlling stake in the business, and has not been found liable for the actions of its minority shareholder in the ongoing legal tussle.

“Our business transformation program has commenced, and we are poised to reclaim our place in the market,” 9mobile assured.

Teleology Holdings acquired 9mobile, previously known as Etisalat Nigeria, in November 2018 after a lengthy bidding process. However, just two months later, Teleology announced its withdrawal from the project due to dissatisfaction with its local partnership and operational challenges.

This decision jeopardised the initial $50m deposit made for the acquisition and highlighted ongoing financial difficulties faced by 9mobile, which has seen a significant decline in subscribers since its financial troubles began in 2017.

 


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TD Africa, BOSCH Strengthen Ties on Nigerian Consumer Electronic Market

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To further showcase its acknowledgment and endorsement of the Nigerian-born, Africa-wide technology distribution company, TD Africa, a delegation of Robert Bosch GmbH, popularly known as BOSCH, has paid a courtesy visit to the tech distribution giant at its Victoria Island, Lagos, head office.

L-R: Ifeoma Chigbo-Ndukwe (HR & Admin, TD Africa); Anastasia Etumeahu (Bosch Business Manager, TD Africa); Piet Ebersohn (Bosch Brand Manager, Sub-Saharan Africa); Chioma Chimere (Coordinating Managing Director, TD Africa); Chiamaka Okonkwo (Business Analyst, TD Africa); Omotola Basiru (Procurement Officer, TD Africa).

This pivotal visit marks a renewed commitment of the German multinational engineering and technology company to TD Africa as the strategic ally for Bosch business in Nigeria.

Mrs. Chioma Chimere, the Coordinating Managing Director of TD Africa, who warmly received the Bosch delegation, said the visit was to further strengthen the existing ties between the two companies and stamp the multinational’s presence in Nigeria.

Her words, “This visit signifies a renewed focus on making Bosch the most sought-after consumer electronics brand for the discerning Nigerian customer.

“We believe the collaborative strategies discussed will pave the way for big prospects and breakthroughs for Bosch in Nigeria, and TD Africa stands ready as a key partner in this journey.”

Topmost on the discussion were strategies for projecting TD Africa as the key distributor for Bosch products in the country. As both parties outlined plans towards achieving exponential growth through marketing initiatives, among others, to expand Bosch’s market share.

Mr. Piet Ebersohn, the Brand Manager for Bosch, Sub-Saharan Africa, who led the delegation, said: “TD’s commitment to the growth of the customer’s value chain is immeasurable and invaluable. This is one of the many reasons we value our partnership with TD Africa.”

For the continued efficacy of the alliance, the German company promised to ensure top-notch supply-chain management practices with TD Africa to ensure a steady flow of desired Bosch products to ease and meet the Nigerian consumer demands without delay.

While this collaboration further reinforces TD Africa’s commitment to making technologies accessible across the continent, the visit has again confirmed TD Africa’s position as the premier distributor of choice for leading global brands.


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FG Calls on Nigerians to Apply for ECOWAS Cybersecurity Hackathon

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Federal Government of Nigeria is calling on all Nigerian youths and IT enthusiasts to join the Capture the Flag (CTF) competition by registering to participate in the Economic Community of West Africa’s (ECOWAS) Cybersecurity Hackathon.

The event aims to empower citizens across the region with vital cybersecurity skills.

The event is being organised by ECOWAS and hosted by Nigeria in partnership with the Federal Ministry of Communications, Innovation and Digital Economy, and NITDA.

The Cybersecurity Hackathon presents an excellent opportunity for both beginners and seasoned professionals to dive into the world of cybersecurity, acquire new skills, and network with fellow enthusiasts.

All talented individuals and teams are invited to join this exhilarating competition. Demonstrate your expertise, collaborate with peers, and push the boundaries of cybersecurity. Be part of the talent pool driving cyberspace security for your country and West Africa as a whole.

The hackathon fosters a platform for young technology enthusiasts, enhancing the cyber workforce in the region. Nigerian youths are particularly encouraged to participate and showcase their brightest minds in this competition. Whether a cybersecurity novice or a seasoned expert, this event offers a unique opportunity to learn new skills and connect with fellow cyber enthusiasts.

ECOWAS Hackathon is an annual ethical hacking competition that brings together top cybersecurity talents from across ECOWAS, providing a unique opportunity to showcase skills, encourage knowledge sharing, and promote excellence in the field of cybersecurity.

The first edition took place in Porto Novo, Benin Republic in 2022 and Lome, Togo in 2023.

Eligibility and Registration Details:

Registration Period: Open from July 19, 2024, to August 5, 2024.

Eligibility Criteria:

All participants must be citizens of ECOWAS

member countries.

Travel tickets will be provided for participants residing within the region.

Teams must consist of 3-4 members, with at least one female participant.

Participants must be between 17 and 35 years of age.

This initiative came at the time of a recent report by the International Information System Security Certification Consortium (ISC2), which highlighted a global gap of four million unfilled cybersecurity jobs.

The Federal Government of Nigeria is addressing this talent shortage through its 3 Million Technical Talent (3MTT) programme, organised by the Federal Ministry of Communications, Innovation and Digital Economy.

The programme aims to train three million Nigerians in technical skills, including cybersecurity.

Register Now:

Don’t miss this thrilling opportunity to be part of West Africa’s cybersecurity community. Registration for the ECOWAS Cybersecurity Hackathon is now open. Join this exciting Capture the Flag (CTF) competition by clicking the link below: https://ecowasctf.ng](https://ecowasctf.ng)


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