On April 13, 2023, the pan-African cryptocurrency exchange Yellow Card will conduct a financial literacy tour at the Festus Iyayi Hall at the University of Benin in Nigeria with the goal of empowering African youths to create an easier financial economy.
Yellow Card is a cryptocurrency exchange that allows users to buy and sell cryptocurrencies using local currencies such as Nigerian Naira, South African Rand, and Ghanaian Cedi. The exchange was founded in 2016 and has since expanded to several African countries, including Nigeria, South Africa, Ghana, Cameroon, and Botswana.
Yellow Card aims to make it easier for people in Africa to access and use cryptocurrencies, which can provide a more efficient and secure way to store and transfer money. The platform allows users to buy and sell Bitcoin, Ethereum, and other cryptocurrencies using their local currencies and payment methods such as bank transfers and mobile money.
A crucial strategy for enabling African youth to attain financial independence is cryptocurrency education, as reported by Lagos, Nigeria-based CryptoAfricaNow (CAN) reporter Francis. Here are some of the ways in which crypto education can help:
Financial literacy: Many African youths lack access to basic financial literacy and education, which makes it difficult for them to make informed financial decisions. By learning about cryptocurrencies, they can gain a better understanding of how money works, as well as the potential benefits and risks of investing in different types of assets.
Access to global financial markets: Cryptocurrencies are a borderless asset class that can be traded on global exchanges. By learning how to trade and invest in cryptocurrencies, African youths can gain access to global financial markets that were previously out of reach.
Lower transaction costs: Traditional financial institutions in Africa often charge high fees for transactions, making it difficult for many people to access basic financial services. Cryptocurrencies offer a lower-cost alternative, with transaction fees that are often significantly lower than those charged by traditional financial institutions.
Protection against inflation: In many African countries, inflation is a significant problem that erodes the value of local currencies. Cryptocurrencies offer a way to protect against inflation by providing a decentralized store of value that is not subject to government manipulation.
Opportunities for entrepreneurship: The rise of blockchain technology has created many new opportunities for entrepreneurship in Africa. By learning about cryptocurrencies, African youths can gain the skills and knowledge needed to launch their own blockchain-based startups or join existing ones.
Overall, crypto education can be a powerful tool for empowering African youths to achieve financial freedom. By providing access to global financial markets, lower transaction costs, protection against inflation, and opportunities for entrepreneurship, crypto education can help African youths build a brighter financial future for themselves and their communities.
Francis Chinedu is a Nigerian-born digital marketing specialist, a bitcoin and blockchain enthusiast, and a YouTuber who enjoys covering events that empower young Africans, especially in technology.