Binance, the largest crypto exchange in the industry has expanded its services in Africa by enabling the purchase of crypto assets with mobile money in six African countries.
Binance now allows users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo (DRC), Togo, and Senegal to purchase cryptocurrency using mobile money payments. This New feature by Binance is made possible through local partnerships.
Binance stated that its goal with this new service is to deepen crypto adoption in the continent by making it more accessible to users in the part of the world.
The new feature for now only supports the buy option with other features like sell and swap still not available.
Binance added that its focus on the continent is to simplify the crypto process thereby resulting in a massive onboarding of new people into crypto.
“We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa, said Samantha Fuller, Spokeswoman for Binance.
“This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy.”
Crypto Adoption in Africa
Africa is home to some of the countries with the highest crypto adoption in the world. Countries like Nigeria made the list of the top 5 countries with the highest crypto adoption in the world spelling the importance of Africa as a continent in the global crypto discussion.
Binance revealed that this latest feature aligns with Binance’s vision of promoting financial inclusion in Africa. The Feature is part of Binance African strategy for expansion.
By Binance enabling mobile money payments, it seeks to simplify the crypto industry, addressing barriers to entry for potential crypto users in the continent.
Mobile money is a popular concept in the African continent providing the unbanked population with banking services. The new Binance feature will provide this large and important demographic the opportunity to participate in the digital economy.