DeFi: Africa is held back by unequal access to financial system – Ray Youssef, Paxful CEO

Ray Youssef, the CEO and Co-Founder of leading P2P Marketplace for the sale of cryptocurrencies and giftcard, Paxful believes that Africa is held back by unequal access to financial system.

The Paxful boss boastfully said ‘Nigeria is the Capital of the Universe’. It is no strange fact that the Paxful CEO has been vocal about Nigeria and Nigerians and exudes great positivity about the nation and its people.

At the Bitcoin Conference in Miami, Ray talked about Nigeria passionately saying Nigerians are not scammers rather, they are the people been scammed.

In an interview with local Media house, AriseTV, the Paxful boss on the topic of DeFi explained that DeFi is essentially ‘permissionless finance’.

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He continued saying

“if you believe that financial services should be a human right just like being able to send email or instant message your family, then DeFI is for you. And if you look at Africa, the only thing that’s holding Africa back is unequal access to the financial system. When people don’t need permission to use the value of their work to transact globally, the result is wealth, prosperity and abundance and I believe that with all my heart and if you don’t believe that, well you are on a different path.”

Broken Financial System

Ray Youssef spoke on the current financial system, he said, it is broken for so long and globally, people are sick of financial system that doesn’t work.

It is the people of Africa that has taken (blockchain) technology and pioneered it for real use cases every single day instead of just a tool for speculation.

It’s beautiful what is happening here, especially in Nigeria. I should be proud, he concluded.

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