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Unbanked People in Africa to Benefit from the Joint Venture between Paxful and Bitmart Exchange

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In a strategic move to enter the growing peer-to-peer revolution, BitMart integrates Paxful onto the exchange

NAIROBI, Kenya — Paxful, a peer-to-peer Bitcoin marketplace, announced on February 21, 2019 at 9am,  an integration onto BitMart, a premier global digital asset trading platform in the cryptocurrency market with over 600,000 users worldwide. This partnership comes at a pivotal time for the crypto community and serves as a step the two entities have taken together in the hopes of increasing liquidity and scalability. The integration will allow users to make payments via Paxful on the BitMart platform, marking the first efforts of the latter in joining the fast-growing peer-to-peer financial revolution.

Paxful promotes a global peer-to-peer payment logistics platform for the future, allowing direct bitcoin transactions to be made from user to user, which eliminates the need for third-party interactions. With a focus on emerging markets and the unbanked, they provide a space for users to send, receive and store bitcoin. With this partnership, users will now have direct access to one of the world’s largest digital asset trading platforms, providing increased visibility and over 180 additional trading pairs. Furthermore, integrating Paxful positions BitMart as one of the only exchanges in the world entering the peer-to-peer financial ecosystem, providing people with easier access to the entire financial world.

Features such as zero-cost listing fees and monetarily-backed ratings give room for Paxful technology to serve a vital role in facilitating seamless and rapid transactions throughout the entire platform. This means traders can make globally scaled transactions to obtain bitcoin on Paxful, which can then be exchanged for different types of currency or even reinvested into other assets on the exchange.

“We’re excited to integrate with BitMart in efforts to bring more trading options to emerging markets,” said Ray Youssef, CEO and co-founder of Paxful. “It has always been our mission to provide financial freedom worldwide and we see this as the next big step in the financial revolution.”

According to the World Bank’s Global Financial Inclusion database https://globalfindex.worldbank.org based on information from more than 140 countries:

  • Two billion people worldwide are completely unbanked.
  • 20% of unbanked adults receive wages or government transfers in cash.
  • Women make up just over half (55%) of unbanked people worldwide.
  • The proportion of people with bank accounts worldwide grew from 51% to 62% between 2011 and 2014.

The goal of this integration is to provide education, opportunities, and allow the unbanked, underbanked, and overbanked to participate in a growing peer-to-peer financial ecosystem.

“BitMart has always been a mission to offer convenient and secure financial services in the crypto market,” said said Sheldon Xia, Founder & CEO of BitMart,”An integration with a revolutionary company such as Paxful allows us to bring digital asset trading to those who would otherwise not have had the access. With this partnership, investors will now have direct access to multiple payment approaches including bank transfers, gift cards, debit/credit cards, and cash deposits, lowering the barriers to entry for new adopters of digital currency investment.”

-Paxful

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Africa CEO Forum: Sahara Group Links Success Of Integrated Trade To Infrastructure Development

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Kigali, Rwanda – March 26, 2019: Sustained infrastructure development is required across Africa to boost the prospects of integrated trade on the continent, Sahara Group has stated, as business leaders gather in Kigali, Rwanda for the 7th edition of the Africa CEO Forum.

Sahara Group’s Director for Governance and Sustainability, Pearl Uzokwe said the energy conglomerate would make a strong case for multi-stakeholder partnerships to shore up infrastructure development as “this is one of the most critical enabling factors required to achieve the ambitious ideals of the African Continental Free Trade Agreement (AfCTA).”

Uzokwe noted that the disparity in landscape composition across the continent is one of the most daunting barriers to economic development.

According to her, “There’s no doubt that infrastructure development should be accorded a prominent position on the agenda for the continent’s CEOs. The non-uniformity of Africa’s landscape confers some measure of advantage on countries with coastal lines as against nations that are landlocked. How to navigate this and other challenges to facilitate an integrated trade scenario remains a critical issue. The business community must be prepared to articulate a collaborative position that will address the achievement of the estimated $170 billion infrastructure funding gap in Africa,” she stated.

Scheduled to attend several meetings to push this position, Uzokwe will also join the AFRICA CEO’s Women in Business Initiative workshop dedicated to “Drafting a gender diversity charter to reach equality in the workplace”.

She said all stakeholders billed to attend the meeting are confident that the charter would drive specific actions geared towards ensuring there is adequate representation of approximately half the world’s population while becoming a catalyst for increasing female representation and retention at various levels of organizational hierarchies.

Uzokwe added that she was hopeful that the charter would also inspire more interventions to drive gender equality and more access to education for girls and women in Africa. “We are intentional about women empowerment and gender parity at Sahara Group and will continue to lead conversations and collaborations in this regard.  Our support for women goes beyond just our employees as over two million people have benefitted from Sahara Foundation’s projects, with women and girls accounting for over 50% of the beneficiaries. Some of the initiatives include eye care programmes, scholarships, literacy development programmes, career guidance programmes and water & sanitation programmes and will continually look for ways to encourage sustainable growth and development in this regard”.

– SAHARA GROUP

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Economy

Swiss foreign direct investment in Egypt records $1.6B

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CAIRO – 25 March 2019: The Swiss foreign direct investment in Egypt reached $1.6 billion, marking an increase of $400 million during the last two years, according to Minister of Investment Sahar Nasr.

Nasr added that the Swiss investments take place in the fields of industry, energy, pharmaceuticals, financial services and food.

The minister also referred to the cooperation between Egypt and Switzerland in implementing development projects at an amount of CHF 330 million (LE 5.7 billion), and in supporting new projects which focus on economic sustainable growth and creating job opportunities through the cooperation strategy until2020 at CHF 86 million (LE 1.5 billion).

She elaborated that Egypt is not only the gate of Switzerland to Africa but also to the Middle East, expressing Egypt’s aspiration to cooperate with Switzerland in Africa, in light of Egypt’s Presidency of the African Union during the current year.

This came during the celebration of 110 years of economic and trade relationships between Egypt and Switzerland, in the presence of Egypt’s minister of investment and Swiss Foreign Minister Ignazio Cassis, who is currently visiting Egypt and Swiss Ambassador to Egypt Paul Garnier.

For his part, Cassis pointed out to the importance of enhancing the economic relations and increasing mutual investments and projects between both countries, affirming that Egypt is the gate of Swiss investments to African markets.

He also referred to the cooperation between both countries in the fields of education, industry and transportation, stressing his country’s keenness on the human element especially in the education field.

Cassis noted that this event comes in conjunction with the celebration of 110 years of Egyptian-Swiss economic relationships.

– EGYPT TODAY

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Banking / Insurance

GTBank Dominates CBN E-Payments Awards, Wins 8 out of 12 Banking Honours

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Lagos, Nigeria – March 25th, 2019: Guaranty Trust Bank plc continued its dominance of Nigeria’s most qualitative digital financial service awards for the fourth year in a row, winning eight of the twelve honours available to Banks in the 2019 edition of the Central Bank of Nigeria (CBN) Electronic Payment Incentive Scheme (EPIS) Efficiency Awards. The foremost African financial institution, renowned for its innovative products and services, won awards for efficiency and excellent service delivery in virtually every E-payment channel.

The CBN EPIS Efficiency Awards is organized to celebrate financial institutions, merchants and other stakeholders at the forefront of driving electronic payment in Nigeria. Now in its fourth year, the awards are based on objective analysis of all E-payments data collated by the Nigeria Inter-Bank Settlement System (NIBSS) over a full calendar year. With eight awards, GTBank took home two more honours than the six awards the Bank won the previous year and the highest number of awards presented to financial institutions, Fin-techs, merchants and other stakeholders in the Electronic Payment Incentive Scheme.

The eight awards won by GTBank include:

  • Best Customer Experience Award: for having the highest level of overall customer satisfaction rating in the delivery of electronic payment services to customers in 2018.
  • Real-Time Payments Transaction Efficiency: for achieving the lowest failure rate in the processing of Instant Payments transactions in 2018.
  • Cashless Driver, USSD Channel Champion: for achieving the highest number of Instant Payments transactions via the USSD channel in 2018.
  • Cashless Driver, Point of Sale (POS) Transactions: for achieving the highest transaction count on Point of Sale (POS) Terminals in 2018.
  • Cashless Driver, Card Usage on Point of Sales (POS) Terminals: for authorising the highest card transaction count on the Point of Sale (POS) Central Terminal Management System in 2018.
  • Direct Debit Driver Award: for processing the highest volume of successful debit mandates across all Payment Service Provider platforms in 2018.
  • E-Reference Operations Efficiency: for the Bank’s outstanding performance in the processing of customers references received from other Banks for account opening purposes on the industry E-reference Platform in 2018.
  • ID Services Driver: for achieving the highest volume in the use of the BVN, e-Passport and NIN customer verification platforms in 2018.

Commenting on the Bank’s EPIS awards, the Managing Director and Chief Executive Officer of Guaranty Trust Bank plc, Mr Segun Agbaje, said; “We are proud to be recognised by the CBN EPIS Efficiency Awards for our efforts in driving excellence in electronic payments and providing customers with a superior banking experience across all digital touch points. These awards serve as extra motivation for us and we continue to find new and exciting ways to reduce our customers’ pain points and offer them benefits beyond banking.

He further stated that; “At GTBank we are passionate about building the bank of the future that connects our customers directly to all the everyday things that matter to them. That is why we are constantly leveraging the best of technology to, not only make financial services cheaper, more personal and readily accessible, but also to create amazing digital experiences in a way that adds real value to our customers’ lives.”

Guaranty Trust Bank plc is a foremost African Financial Institution with Total Assets of ₦3.287trillion and Shareholders’ Funds of ₦575.6Billion. With banking operations across 10 African countries and the United Kingdom, GTBank is regarded by industry watchers as one of the best run financial institutions in the countries in which it operates and serves as a role model in Africa’s financial service industry due to its bias for world class corporate governance standards, excellent service delivery and innovation.

GTBank

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