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Paxful Hits 10 Million Users as Its Marks 7th Anniversary
Paxful, the peer-to-peer finance platform has reached 10 million users as it marks its seventh anniversary. The company was founded in 2015 with a mission to advance a truly global economy by building a financial system that serves, “the 100 per cent, not just the one per cent.”
The company, in a statement, explained that by building a strong presence in Africa since its inception, it has played a role in Africa’s trajectory as the leader of the financial revolution.
Ray Youssef, the CEO & Founder of Paxful, said Africans are really leading the way in financial revolution.
Globally, nearly $3 billion was traded on Paxful in 2021. Narrowing in on Nigeria, trade volume was over $760 million last year and Nigerian users have climbed over the two million mark.
“And despite the global financial crisis, Paxful is seeing that peer-to-peer and interest in Bitcoin is not slowing down. In the first half of 2022, trade volume in Nigeria reached nearly $400 million, showing us that the emerging markets are still hungry for Bitcoin,” the statement added.
Youssef was quoted further to have said: “While many parts of the developed world are fixated on the speculative activity of Bitcoin, people in Africa are teaching us about its true use cases and the opportunity it presents for greater financial inclusion.”
He added: “We do not want to downplay what’s happening in the market and the economic situation globally, but this is an opportunity for companies in the ecosystem to zoom out from the short-term focus and put effort into how and why Bitcoin creates an alternative financial option.
“Along their journey, Paxful has put financial education at the forefront of their mission, executing several initiatives on the continent. In 2021, they opened the PaxNaija Education Center to empower Nigerians through Bitcoin education, hosted several campus tours and workshops to encourage entrepreneurship, and met with hundreds of community members to help increase financial literacy.
“In the same year, Paxful gave a donation to the Human Rights Foundation to fund the Qala Fellowship, a program that aims to find and grow local Nigerian talent, starting with developers, to help them build careers in the Bitcoin space.”
As part of Paxful’s mission to support emerging markets, Youssef also co-founded the Built With Bitcoin Foundation, a non-profit organisation dedicated to creating equal opportunities by providing clean water, access to quality education, sustainable farming and humanitarian support – all powered by Bitcoin. The foundation has built eight schools across the continent, with two of them in Kaduna State, Nigeria.
“In just seven years, Paxful has grown into an organisation with nearly 400 employees globally and offices around the world. Paxful remains committed to further growing its footprint around the world, and empowering users to take control of their financial future.
“As far as their plans for Africa, Paxful plans to continue to foster financial literacy and increase financial inclusion through education. Purpose over price is how we’ll get to Bitcoin for the 100 per cent and Paxful will remain committed to education around Bitcoin’s utility,” the statement added.
The Federal Government has inaugurated the new Board of Directors of Galaxy Backbone Limited (GBB). The board’s mandate is to lead Nigeria’s digital transformation in Information and Communication Technology (ICT) infrastructure and services.
It will support Federal Government Ministries, Departments, and Agencies (MDAs) in a fast-changing landscape.
George Akume, Secretary to the Government of the Federation, led the inauguration. He emphasised the government’s commitment to making GBB more agile, responsive, and impactful. The aim is to drive national digital public infrastructure and service delivery. This was according to a statement by Segun Imohiosen, Director of Information and Public Relations.
The board has George Akume as Chairman. Its members include Rabi’a Adamu Waziri from the Petroleum Technology Development Fund (PTDF), Abubakar Abdulqadir Maje from the Joint Stock Association (JSA), Kemi Owonubi from the Ministry of Finance Incorporated (MOFI), and Margareth Ebute from the Ministry of Communications and Digital Economy.
Other members are Ibrahim Adeyanju, Olusegun, Olumbe Akinkugbe, Sanni Ibrahim Mohammed, and Adama Pindar from Galaxy Backbone Limited.
In his acceptance speech, Prof. Ibrahim Adepoju Adeyanju, Managing Director of Galaxy Backbone Limited, assured that the board will focus on sustainability. He said it plans to realign its vision and build a strong foundation for achieving strategic goals.
He also noted that within one year, the agency developed its Integrated Digital Transformation Strategy (IDTS). This strategy will run from 2025 to 2028.
Smart Treasure (ST Team) has honored the Deji of Akure, His Royal Highness Ọbá Aladetoyinbo Ogunlade Aladelusi, Odundun II, CFR, with a plaque of recognition for his dedication to the welfare of his subjects.
The presentation was made at the monarch’s palace in Akure by a delegation led by Instructor Luke Mbadugha from the Lagos Operations Center.
The visit was part of ongoing discussions on a partnership aimed at boosting agriculture in Akure, Ondo State.
The initiative, spearheaded by the ST Team, seeks to ensure the availability of farmland for agricultural purposes.
Under the arrangement, the ST Team will provide seedlings and manpower, while a significant portion of the proceeds will be distributed to the indigenes at no cost.
The remaining proceeds will support the administrative operations of the ST Team.
In his response, Ọbá Aladetoyinbo announced the allocation of a parcel of land at Ofosu, along the Ondo-Benin Road, for the project.
He described the initiative as a commendable effort to enhance food security for both the local community and the nation.
The monarch also called for a follow-up meeting to facilitate the assessment of the land for the project’s commencement.
Meanwhile, farming activities are set to resume at Aladodo Isikan in Akure South Local Government Area, another site designated for the agricultural project.
The four-acre land will be used to cultivate crops such as yam, cassava, plantain, and maize. A test run of maize planting began on April 9, 2025, with expectations of harvesting in three months.
Kabiesi Akinwunmi Adekanmbi Obey, the monarch of Olulero Okelero, Onitan Isikan, lauded the ST Team for their commitment to ensuring food availability.
He emphasized the importance of agriculture, stating, “Whoever brings food brings life.”
The ST Team, an investment platform dedicated to reducing poverty in Africa by 30% by 2027, has been actively involved in various Corporate Social Responsibility programs, including this agricultural initiative.
The project underscores their mission to create financial freedom and improve the quality of life for individuals across the continent.
Zinox Technologies Limited, a leading ICT solutions provider in West Africa, has engaged with the Tertiary Education Trust Fund (TETFUND) in Abuja, marking a significant step towards advancing innovation and sustainable energy solutions within Nigeria’s tertiary education landscape.
Dr. Leo Stan Ekeh, Zinox Chairman (left) and Arc. Sonny Echono, Executive Secretary, TETFUND (right) after the meeting
Under the theme “Advancing Innovation for a Sustainable Future,” the meeting aimed to establish a collaborative framework for technological transformation.
The Zinox delegation was led by Dr. Leo Stan Ekeh, its chairman, and included key members of the company’s executive management team.
On the TETFUND side, Arc. Sonny Echono, executive secretary, was joined by members of his top management team for the high-level discussions.
The highlight of the visit was the establishment of a strategic partnership between Zinox Technologies and TETFUND to provide renewable energy solutions to universities and polytechnics across Nigeria.
Additionally, Mrs. Kelechi Eze-Okonta, managing director, delivered a comprehensive, world-class presentation on the company’s diverse verticals and advanced ICT services, underscoring the need for intentional policy measures to support indigenous technologies for sustainable economic growth.
The TETFUND team expressed their appreciation for Zinox’s contributions to technology awareness, implementation, and adoption in Africa.
Arc. Sonny Echono, executive secretary of TETFUND, conveyed his deep appreciation for the visit by the Zinox team and commended Dr. Leo Stan Ekeh for his unwavering and impactful contributions to Nigeria’s digital transformation, stating that efforts are underway to establish a framework for effective energy solutions in tertiary institutions.
Highlighting Zinox Technologies’ expertise and proven track record, Arc. Echono expressed optimism about partnering with the company to develop scalable and efficient power solutions for academic institutions.
While both organizations remain committed to implementing innovative initiatives that enhance institutional capacity across the nation’s higher education sector, the visit marks a significant milestone in establishing a strategic partnership to equip Nigeria’s tertiary institutions with the essential technological infrastructure for a sustainable, digitally-driven future.
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