Paxful has partnered with Uhuru Wallet to add a new payment method to its platform. This collaboration is expected to give South Africans access to the crypto economy, making it easier to make money transfers.
The cost of financial transactions in Sub-Saharan Africa can be sky-high. Fortunately, the global crypto-currency space is providing African users with a cheaper alternative for personal and business-related transactions across borders.
A recent report by the blockchain forensic and research group Chainalysis on cryptocurrency use around the globe revealed that monthly crypto transfers under $10,000 to and from Africa jumped more than 55% in a year, reaching $316 million in June 2020. The number of monthly transfers nearly doubled, surpassing 600,000 transactions with most of the activity taking place in Nigeria, South Africa, and Kenya.
“Many Africans living abroad face difficulties when it comes to remittances or payments, as modern money transfer operators are often expensive and time-consuming. We are now providing our users with a practical and cost-effective process offering them a global financial passport. For true financial inclusion to happen, a free market for money transfers is required,” says Ray Youssef, CEO, and co-founder of Paxful.
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Acting as a ‘fiat on and off-ramp’ on the Paxful platform, which already hosts over 300 different payment options, Uhuru Wallet will enable users to buy and sell Bitcoin (BTC) and Tether (USDT).
“This is the perfect opportunity to partner with local talent and support the growth of the crypto community in South Africa,” continues Youseff.
“By joining forces with Uhuru, we can unlock more options for our African users, many of whom are held back by restrictions of traditional financial systems, so we’re making crypto more accessible as a real-world payment method.”
Launched earlier this year by Uhuru Innovative Solutions, a Zimbabwean-born startup established in 2017, Uhuru Wallet believes that having a transaction account is the first step towards financial inclusion.
“We’re thrilled to be able to partner with a leading 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,” concludes Reginald Tsvetu, Marketing and Business Development Officer at Uhuru Wallet.
