Leading cryptocurrency exchange Binance is expanding its fiat-to-crypto gateway for Africa. Through a new partnership with Lagos-based fintech Flutterwave, Binance is allowing African users to purchase cryptocurrency with fiat.
Starting today, users in Nigeria can buy Bitcoin, Binance Coin and Binance’s new dollar-backed stablecoin with Naira (NGN) using a debit or credit card. In addition to new support for BTC, BNB and BUSD, Binance says it will roll out fiat pairs for local currencies throughout Africa, such as BTC/KES (Kenyan Shilling) and BTC/ZAR (South African Rand), in the near future.
As politicians in the US deliberate over Facebook’s Libra, crypto and fintech leaders around the world, from Asian to Africa to South America and Europe, are working at a rapid pace to expand the growing digital economy, taking systematic and definitive steps toward permanently altering the face of the existing banking system and the traditional mechanisms that move money and value.
According to Google Trends, Nigeria dominates searches for Bitcoin.
Over the past five years, Nigeria and South Africa have consistently dominated Google searches worldwide.
Says Binance CEO Changpeng Zhao,
“Africa has illustrated one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access, in the world’s second-largest continent. In Sub-Saharan Africa, about 95 million people remain unbanked while many regions in the area, including Nigeria, have embraced new technologies with an increasing amount of innovation. Working with Flutterwave will help bridge the fiat-to-cryptocurrency gap and we hope to stimulate more financial inclusion as Africa demonstrates strong potential in leading crypto adoption.”
Binance has spun up one of the most powerful brands in the crypto industry, licensing its matching engine and wallet technologies to several partner platforms including Binance Uganda,