👨🏿‍🚀TechCabal Daily – The End of an Era: Paxful Winds Down

Good morning.

What do stablecoins and AI startups share lately? Both are launching fresh innovations almost weekly, making it tough to discern what truly stands out. Over the weekend, I explored Perplexity’s new Comet browser. It’s swift, intelligent, and courteously reminds users it’s not ChatGPT. Then, OpenAI demonstrated why that distinction is crucial.

During DevDay, OpenAI unveiled the ability to run apps within ChatGPT, enabling users to access services like Coursera, Figma, or Spotify directly through chat. Additionally, it introduced autonomous AI developers designed to assist humans in coding and app creation. OpenAI is clearly cultivating a comprehensive ecosystem. But with such rapid innovation, can Perplexity-still in browser testing and positioning itself as a rival-keep pace? Next on OpenAI’s agenda: launching the ChatGPT browser.

-Emmanuel

Paxful Exits Africa’s Crypto Scene

Binance, Huobi (now HTX), LocalBitcoins, and Paxful-these names might be unfamiliar to many beyond the crypto sphere, but they played pivotal roles in Africa’s cryptocurrency ecosystem.

These international platforms pioneered informal peer-to-peer (P2P) crypto trading, offering Nigerians a discreet way to buy and sell digital assets without risking bank account freezes during the crypto ban. Two of these companies have already exited Nigeria, one collapsing in 2023. Now, Paxful is set to shut down on November 1, 2025.

Why the shutdown? Paxful attributes its closure to alleged “historic misconduct” by its former co-founders, Ray Youssef and Artur Schaback. Years spent rectifying past issues have rendered continued operations unsustainable. Paxful had previously shuttered its Nigerian operations in April 2023 under Youssef’s leadership, only to resume a month later.

Since then, the company appeared stable with no financial distress signals until this recent announcement. Paxful insists the closure is a strategic move, not due to insolvency.

Reading between the lines: This development reflects a broader decline in P2P crypto trading across the Global South. Nigeria, Paxful’s largest market, has imposed restrictions on P2P activities, pushing Binance out as well. While platforms like Bybit continue to serve local traders, Paxful never regained its former market dominance.

Youssef responded to critiques, stating, “Paxful should have closed when I left two years ago. Regulators don’t want the Global South to have the same financial access as the West. It’s financial apartheid.”

Looking ahead: African regulators are increasingly formalizing crypto operations-tracking transactions, taxing earnings, and monitoring suspicious activity. This shift may phase out P2P platforms in favor of licensed exchanges. How P2P trading will be integrated into regulatory frameworks remains uncertain.

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ntel’s Revival Set for 2026 After Secret Funding

ntel is gearing up for a comeback : After years of setbacks, ntel, owned by NatCom Development & Investment Limited (NATCOM), plans to re-enter Nigeria’s telecom market in early 2026, fueled by undisclosed fresh capital. This investment, facilitated by the Asset Management Corporation of Nigeria (AMCON), aims to revive the struggling operator without repeating past errors that led to its offline status.

How did ntel reach this point? The story begins with the downfall of Nigerian Telecommunications Limited (NITEL), which failed to adapt during Nigeria’s telecom privatization. NITEL was sold and rebranded as ntel in 2015. However, by the 2020s, ntel was burdened with debt, forcing it to sell over 2,000 tower assets to meet financial obligations.

Since AMCON took control in 2023, ntel has sought to distance itself from NITEL’s bureaucratic legacy, focusing instead on innovative strategies like network optimization.

“A fresh start?” ntel is experimenting with a hybrid approach, combining mobile virtual network operator (MVNO) services with infrastructure provision to maximize asset utility. The new funding will support network rebuilding and restoration of data and voice services.

Looking at the bigger picture: Given its history, skepticism remains about whether AMCON can establish a profitable telco before handing it over, especially with MTN and Airtel controlling 85% of Nigeria’s telecom market. The key question: has ntel finally shed the shadow of NITEL’s failure?

Paga Launches in the United States

Exciting update! Paga is now operational in the U.S., offering digital banking tailored for Africa’s diaspora. Qualified users can send money, pay bills, and bank in both US Dollars and Naira-securely, compliantly, and without borders. Discover more.

AfriGo Card Transactions Hit $48 Million in 2025

If you’ve used an AfriGo card-Nigeria’s national card scheme launched by the Nigeria Interbank Settlement System (NIBSS) in partnership with the Central Bank of Nigeria (CBN)-you’ve contributed to the ₦70 billion (approximately $48 million) in transactions processed this year.

Background: Introduced in January 2023, AfriGo’s adoption was slow through 2024 as banks navigated integration challenges and awaited infrastructure improvements. This year, faster merchant settlements, simplified card issuance, and collaborations with fintechs like PalmPay and Moniepoint have expanded its footprint in retail and digital payments.

Current landscape: Major banks including Access Bank, First Bank, Zenith, Stanbic IBTC, Wema, Unity, Sterling, and UBA now issue AfriGo cards. Fintech distributors are accelerating card distribution. Features like instant settlements and cashback incentives have boosted appeal among merchants and consumers favoring affordable local payment options.

Insight: AfriGo’s main competitor remains Verve, the Interswitch-owned card scheme dominating domestic transactions. AfriGo leverages local infrastructure and its partnership with the CBN to settle payments in naira and keep transaction data within Nigeria. Globally, Visa and MasterCard continue to dominate international travel, shopping, and e-commerce payments.

Outlook: With this momentum, AfriGo is poised to become the preferred everyday card for Nigerian consumers, built and trusted locally.

Paystack Rolls Out Bank Transfer Payments in Ghana

Ghanaian merchants can now accept secure, instant bank transfers via Paystack. Find out more here →

SABC Faces Potential Staff Reductions

The South African Broadcasting Corporation (SABC) is navigating another financial crisis.

Sources reveal the broadcaster may need to reduce its workforce after losing revenue from radio ads. Over 800 paid advertisements failed to air in August across 18 radio stations because presenters reportedly skipped them, forcing SABC to refund advertisers.

Ad skips are just part of the problem. Since 2019, SABC’s primary funding source-TV licenses-has been under threat as many operators refuse to pay. In its 2024/25 annual report, SABC billed nearly $290 million but collected only $44 million (15%). This shortfall likely contributed to a reported $14 million operating loss.

Implications: SABC’s future depends on BMI TechKnowledge, a market research firm hired to devise a new funding strategy before the traditional TV license model collapses.

Why it matters: As South Africa’s largest source of local news, culture, and linguistic diversity, SABC’s decline could silence a vital public voice, especially in areas underserved by private media. A weakened SABC means fewer platforms for marginalized communities.

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The World Wide Web3

Coin Name	Current Value	Day	Month
Bitcoin	$124,514	+0.85%	+12.59%
Ether	$4,721	+4.55%	+10.03%
XRP	$2.99	+1.01%	+6.06%
Solana	$234.61	+1.52%	+15.73%

* Data accurate as of 06:45 AM WAT, October 7, 2025.

Written by: Emmanuel Nwosu and Opeyemi Kareem

Edited by: Ganiu Oloruntade

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