Peter Mwangi has always been in the financial technology space or fintech ever since completing his university studies and was always in the frontline of new technologies as an early adopter.
It was, however, an unexpected experience that set him on his current path.
After consulting for an American company, the client offered to pay in stablecoins and as the cliche goes, the rest lives in the past.
“I received that amount within five minutes and that was a wakeup call for me, something flicked in my mind,” he said.
"I am building the future of how Kenyans will do business including buying stocks, homes and other assets"
Mwangi’s goal now rests in growing the adoption of stablecoins not just in Kenya but also the region.
The pivot towards the technology aligns with Mwangi’s interest in new innovations.
Before being YellowCard Kenya, he worked for a fintech company that signed up merchants for mobile money payment tills.
For him, the adoption of stablecoins will go a long way in closing remaining gaps in financial inclusion while offering new opportunities for Kenyans to interact with the modern world.
“The adoption of stablecoins will lead to financial deepening especially for gig workers. We also have companies who would lend against the virtual assets, and this will help a lot of Kenyans to play a larger role within the global economy, making and receiving payments.”
Along the way, Mwangi has had to overcome adversity, including doubts from not just market participants but also regulators and traditional finance institutions who have been slower adopters of new technologies.
He credits consistency and persistence in overcoming adversity and advises that one must find the early adopters and form relationships with them.
Mwangi sees stablecoins as just the start of a journey that will see players latch on the infrastructure of cryptography and blockchain to drive even more use cases.
“I am proud of the work we have done over the last three-years as I am building the future of how Kenyans will do business including buying stocks, homes and other assets.”
–Kepha Muiruri