Binance has extended its cryptocurrency offering to more than 30 countries across Africa, allowing users to buy digital assets via fiat channels and P2P trading.
Following the launch of cryptocurrency QR payments in Argentina, the newly rolled out services in Africa support multiple payment methods, including Mobile Money, bank transfers, and card payments leveraging multiple local currencies.
As of the announcement, users across Africa can buy crypto with Kenyan shillings (KES), West African CFA francs (XOF), Central African CFA francs (XAF), Ugandan shillings (UGX), and Tanzanian shillings (TZS) by entering their Mobile Money PIN. Additionally, Binance integrated Wave for XOF transactions and supports South African rand (ZAR) deposits through bank transfer.
For Kenya and Ivory Coast specifically, the company provides its One Click Buy & Sell capability, enabling users to purchase and sell cryptocurrency utilising Mobile Money. In both countries, Binance facilitates peer-to-peer (P2P) trading with Mobile Money and bank transfers, with no transaction fees for certain assets when leveraging local currencies. At the same time, Ghana delivers card payment options via the OCBS feature and scaled USD deposit and withdrawal support enabled by BPay Global. South Africa allows ZAR deposits through bank transfer via the Fiat Deposit capability, card payments through OCBS, and P2P trading with bank transfers. Also, local fiat is accepted in P2P with no transaction fees for specific assets.
Furthermore, in order to access Binance’s crypto services, all users must go through a mandatory identity verification process. The company’s terms of use require verification and caution that Digital Assets can fluctuate substantially in value.
Scaling financial access and inclusion across Africa
According to Binance, its decision to expand its services across more African countries aims to offer efficient alternative payment solutions and support remittances without imposing traditional banking fees. The company also underlined that digital assets can be utilised for both payments and stored to hedge against inflation, as well as held for investment diversification. When it comes to Africa, Binance intends to facilitate entrepreneurship and contribute to the development of the economic landscape across the whole continent.
