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Paxful, is making inroads into Africa with its trusted platform for bitcoin trading which has achieved widespread acceptance in other parts of the world.
The globally respected leading peer-to-peer bitcoin marketplace, which has over 2 million users and facilitated the trading of almost 500,000 bitcoins in their platform since its inception, believes that the success of its business model and impressive track record provide a strong platform for achieving greater financial inclusion in Nigeria and other parts of Africa.
Paxful was launched in 2015 with the goal of bringing more financial inclusion to the unbanked and underbanked populations through decentralized, peer-to-peer access of bitcoin. Since then, the platform has gained popularity, particularly in African countries. Paxful connects bitcoin buyers and sellers on its platform, and users are able to buy and sell bitcoin using over 300 different payment methods ranging from bank transfers, debit and credit cards, and cash payments.


According to the World Bank, nearly two billion people in the world have little or no access to traditional financial services. In Africa, the statistics are ever grimmer: an overwhelming percentage of adults on the continent are underbanked. Nigeria, Africa’s most populous country and largest economy, reflects this trend. The World Bank has estimated the number of unbanked Nigerian adults at about 100 million. According to The Global Findex Database 2017, only 40% of Nigerian adults have an account with a financial institution or a mobile money provider.
Paxful sees this as an opportunity to grow its business and reduce this huge gap which has very negative implications for the development of African nations. The marketplace has seen significant growth in digital currency transactions on the African continent in recent years, with the surge largely spearheaded by students and graduates under 25.
“Africa leap-frogged to the forefront of peer-to-peer finance adaptation. In 2018, our user base in Africa doubled, with most customers being between 18 and 24,” said Artur Schaback, COO and co-founder of Paxful. To increase access to the bitcoin economy for many more youths on the African continent, Paxful is launching a series of educational workshops across
Africa in 2019. This education the initiative kicked off in South Africa and Kenya in May, with Nigeria and Ghana in the cards for later in the year. The workshops will cover the very basics about bitcoin for novices and also further expand on innovative use cases and business applications observed around the world for more experienced attendees.
“As a values-driven company, we want to make the bitcoin economy accessible for everyone, especially the underbanked. To this end, we would like to reach as many young people as possible to help them understand the digital currency market and transact safely and with confidence. Our aim is to continue to partner with customers and other key stakeholders to ensure they are well informed about the opportunities presented by peer-to-peer finance,” stated Ray Youssef, CEO, and co-founder of Paxful.
This latest initiative forms part of Paxful’s proven commitment to education, which includes building two schools in East Africa under their #BuiltWithBitcoin charitable initiative, as well as providing scholarships to young women in the Middle East and gave donations to the GROW with Educare Centres project in South Africa. The company aims to build 100 schools across developing countries and expand its scholarship programs.

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GTBank suffers mass staff resignation

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The  IT division at GTBank has suffered a continual decrease in personnel within the last six months. It has caused a significant technical lacuna and work overload for current employees. Reports reaching 1st News have it that GTBank has been slow in promoting its staff; inadvertently triggering a wave of exits into the labour market which had attractive offers for their talent.

The shortage in manpower is bringing about increased workload; and mounting pressure on the remaining IT employees.

One staff said, “I was handling one application then it doubled as a result.”

Another one also: “There’s a particular team where three members left in the space of one month. Now, four people’s responsibilities are being juggled by one person.”

Also Read: Banking tech is all about digital disruptions, financial services

And yet another staff said, “The pressure is crazy. One person is doing three people’s jobs all in the name of efficiency. That’s why our cost to income ratio will always be the lowest in the industry.”

An undisclosed source said the frequent loss of experienced workers without commensurate hiring resulted in gaps in technical capabilities.

He said: “The application I am managing was handled by two people; but my partner has gone to join another team. If I’m leaving now, a new person can’t cram; and get a good grip of everything in my handover note within 3 weeks. We simply need more people on the team!”

This gap is often reflected when there is a service downtime towards the end of the month caused by server overload. During this period, transaction volume increases due to salary payments; and other month-end payments; leading to more pressure on existing resources.

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Pyramids’ Road Trip Video to Aba Stadium, a Wake up Call, Says Egbe

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The Chief Executive Officer of Monimichelle Group, Ebi Egbe, has called on the federal government to do something on the state of the roads in the country, declaring that the state of the Port-Harcourt Aba Road has become a bad advertisement for the country.

The poor state of the federal highway came to the fore over the weekend when Egyptian side, Pyramids Football Club who flew in the club’s private jet landed

at the Port Harcourt Airport and made a video of the horrible road trip to Aba and posted it on the social media, calling it a shame.

Pyramids held Enyimba 1-1 in Aba yesterday but qualified 5-2 aggregate for the semi final of the CAF Confederation Cup.

But Egbe whose outfit constructed the Enyimba Stadium turf noted that the Egyptians deliberately wanted to paint the country in bad light by showing the video to the world.

Egbe was however quick to add that government on its part also need to avoid the country being embarrassed by her international visitors by fixing our roads.

“That video by Pyramids is to me, a wake up call for us to not only fix our stadiums but also fix our roads.

“Teams that come to Aba to play have always commended the playing turf. We need to get it right on all fronts. This is why I am appealing to the federal government to get our roads fixed.

“Our teams would return to the continent next term and it would be a shame if teams from other countries that are far less endowed come in and mock us that we ve got no good roads in the country,” Egbe stressed

He further charged the various state governments to also upgrade their stadium facilities just like other countries are doing.

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