University students lead use of digital currencies in Africa

International cryptocurrency marketplace giant, Paxful, has predicted a surge in African virtual currency users with Sandton, Pretoria and Cape Town emerging as key markets for cryptocurrency transactions.

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According to Paxful, African consumers account for over R500 million in transactions per month on their platform. Half of these customers are under 30, have a tertiary qualification or are studying towards a post-secondary school qualification.

Paxful said that interest in digital currency is spurred by lower fees, increased transaction speed, safety and currency stability.

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“We are on the verge of the peer-to-peer financial revolution and it is being led by Africa. When it comes to innovation in financial services, in many ways, Africa has an advantage over the so-called ‘developed markets’; the continent has an expanding middle-class that has already embraced innovation in banking. Bitcoin, Ethereum and other virtual currencies are just newer financial services instruments. Paxful’s growth on the continent reflects the tremendous appetite for innovation in Africa,” said Ray Youssef, Paxful co-founder and CEO.