In a bid to increase the flexibility of payments, Paxful, a cryptocurrency trading platform, has partnered with Uhuru wallet to feature a new payment option on its website.
The new collaboration aims to allow residents of South Africa the access to cryptocurrency. Hence, making the transfer and receipt of money easy.
According to research, the cost of financial transactions in the Sub-Saharan parts of Africa can be on the high-side.
The use of cryptocurrency is a viable solution to the increased cost of transactions. Paxful is providing Africans with a cheap, effective, and secure alternative for personal and business-focused transactions across borders.
Recently, blockchain’s forensic and research group chainalysis on cryptocurrency reported that monthly crypto transactions below $10,000 to and from Africa increased more than 55% in a year, amounting to $316 million in June 2020.
It also stated that the number of monthly transactions almost doubled. Over 600,000 transactions were recorded with most being initiated from Nigeria, South Africa, and Kenya.
‘’Many Africans living overseas mostly face challenges in terms of payment remittances. Modern money transfer operators can be expensive and time-consuming, so it doesn’t seem like an option to many,’’
‘’We are now offering our users a practical and cost-effective means, which provides them with a global financial passport. For true financial inclusion to occur, a free market for money transfers is necessary,’’ says Ray Youssef, CEO and co-founder of Paxful.
The deal with Uhuru is the perfect opportunity to work with local talents and support the development of the crypto community in South Africa.
‘’By partnering with Uhuru, we can unlock more payment options for our African users, many of whom are restricted by the traditional financials setups,’’ Ray added.
‘’We’re thrilled to join forces with a top international marketplace like Paxful. Uhuru is a product for Africans by Africans, and we share Paxful’s vision of greater financial inclusion. We look forward to working with them to include more Africans in the global economy.’’ says Reginald Tsvetu, Marketing and Business Development Officer, Uhuru Wallet.