Bitcoin can bring financial inclusion to the unbanked in Kenya

41049216902 e115b7c712 zPaxful’s peer-to-peer bitcoin marketplace enables bitcoin sellers and buyers to interact digitally while ensuring that the transaction is completed. (Image source: John Jones/Flickr)Cryptocurrency, especially Bitcoin, can provide financial inclusion to the underbanked and unbanked, giving a Mwananchi (local Kenyan) the opportunity to increase their wealth, Paxful said in a statement

Peer to Peer Bitcoin marketplace Paxful has built a platform that enables Bitcoin trades between people to earn a second income.

Entrepreneurial traders can take their trades further and transform it into a business which can create jobs for Mwananchi, it added.

Ray Youssef, CEO and Co-Founder of Paxful, on meeting a woman selling clothes online said, “I was in Africa and I met a lady who was selling dresses through Instagram but did not own a bank account and cannot accept online payments directly. She told me that she asks her friend for his bank account and provide the details to her customers so that they can directly deposit their payment in her friend’s bank account.

“It shouldn’t be that way! If you are an entrepreneur, on this day and age, you should have your own online wallet, you can use it for your business. A wallet that you can directly share to your customers to avoid the hassle of going through the whole banking process. This is where Paxful comes in. We provide an online wallet where you can fully utilise for your business’ advantage for free.”

While entrepreneurship entails a degree of risk for many, using an online financial platform can provide a level of security that traditional banking can’t, the company further added.

Artur Schaback, COO and Co-Founder of Paxful in Paxful’s security measures, commented, “We encourage our users to enable 2-Factor Authentication as a security layer. Enabling 2FA can prevent other people from accessing your account. As a result, fraud risks are limited while your investments are protected.”

“Our bonds and escrow system try to directly protect our users from scammers. We also have a dispute system that helps honest users when it comes to dealing with potential scammers,” Schaback concluded.

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

twn Are you sure that you want to switch to desktop version?