By Chinenye Anuforo, [email protected]
Africa is leading the way in global Bitcoin adoption and the rest of the world is getting a front row seat.
Last year, reports showed that Bitcoin market in Africa grew over 1,200 per cent with countries like Kenya, South Africa and Nigeria ranking among the highest in grassroots adoption in the world.
Its widespread popularity is clear as Bitcoin fulfills both personal finance needs and entrepreneurial ventures, including remittance, e-commerce, payments, wealth preservation and social good.
At Paxful, the growth across the continent is first-hand. With over 9M users and nearing 10M globally, much of the growth experienced has largely been driven by Africa – specifically Nigeria. Nigeria is Paxful’s largest country based on trade volume with over $760M traded just last year. Breaking it down, in 2021, over 16,000 trades were completed across Nigeria each day – a number that speaks to the high adoption rates in the country.
Nigeria has one of the youngest populations in the world, with over 75% of its population under the age of 35. Highly entrepreneurial and resourceful, it’s no surprise that Bitcoin has flourished in the country. There is an incredible amount of potential that exists in Nigeria that can help the economic success of not only the country, but of the continent as a whole. “By providing resources and education of the use cases of Bitcoin we can be a part of the solution and empower individuals to achieve financial freedom”, the company said.
Paxful users Muyideen Sulaiman and Mubarak Sulaiman are prime examples of how the youth of Nigeria are innovating and finding new uses for Bitcoin in both their personal lives and careers. Living in Ilorin, Nigeria, the brothers started the P&F Network, a philanthropic organization that helps underserved communities in Nigeria by providing food and other resources.
The brothers also run P&F Models Management, a modeling agency founded by the P&F Network. For them, Bitcoin has been an important tool, providing an alternative source of income that allows them to invest in their business and do more work for the people they serve.
In working for both sectors and as traders on Paxful, Muyideen says that they complement each other. He said, “Paxful has allowed me to rapidly transform my financial capability. The crypto space [has generated] income for me, which gives me more room to further boost the businesses and allows me to comfortably broaden our reach.”
The brothers’ adoption of Bitcoin has continued to have a ripple effect on their community. Currently, African modeling agencies face expensive transfer fees, especially when receiving payments from overseas. Muyideen firmly believes that if agencies have options to pay in Bitcoin, payments could be made effortlessly across the world.
At their agency, Muyideen and Mubarek encourage their models to use Paxful and are on a mission to onboard other agencies to Bitcoin to make money transfers more seamless. This means more accessibility to finances for everyone – financial freedom.
Muyideen and Mubarek showed how Bitcoin can financially empower and change lives. Bitcoin offers an alternative to traditional finance that is permissionless, borderless, and inclusive of everyone. With Bitcoin and the youth of Nigeria leading the way, the future looks bright for Africa.