New fiat gateway initiates in Nigeria while opening access to Africans with bank accounts transacting in Naira (NGN)
The leading global cryptocurrency exchange, Binance, Thursday announced the addition of its latest fiat-to-cryptocurrency gateway, providing access to its African users to purchase cryptocurrency with fiat in partnership with Flutterwave, a global payment technology company.
Starting today, users in Nigeria are able to purchase BTC, BUSD, BNB with Naira (NGN) through debit and a credit card through the Binance Fiat Gateway platform on the Flutterwave channel.
Additional fiat pairs for local currencies throughout Africa, such as BTC/KES (Kenyan Shilling) and BTC/ZAR (South African Rand), will be supported in the near future as Binance develops new functions and channels to lower the barrier to entry.
“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,” said Binance CEO, Changpeng Zhao. “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.”
Flutterwave Co-founder & CEO, Olugbenga “GB” Agboola believes this new partnership will be in line with Flutterwave’s mission to usher in a new wave of prosperity for Africans. “What we do at Flutterwave is, create possibilities for the everyday African to become prosperous. We create opportunities for the everyday African to reach prosperity levels that were beyond them in the past. That’s what this partnership is about. Africans are firmly part of the global financial community, Flutterwave is ensuring this,” he concluded.
This latest integration will allow users to purchase cryptocurrency so users can trade with the following pairs: BUSD/NGN, BNB/NGN, BTC/NGN; and access a large portfolio of digital assets on Binance.com with the lowest transaction fees in Nigeria and instant deposits and withdrawals. Nigerian users will benefit from zero deposit fees, capped at 100 USD equivalent in NGN, from 2019-10-24 with total giveaway of 10,000 USD on the first-come-first-served manner.
The Flutterwave integration is part of Binance’s growing list of partners of key partners to provide easy access and more options throughout regions for the purchase of cryptocurrency with fiat in a fast and secure manner. For more information on buying and selling cryptocurrencies on Binance’s Fiat Gateway channel, do visit HERE.
In addition, Binance licenses its matching engine and wallet technologies to several partner platforms, including Binance Uganda, Binance Jersey, Binance Singapore and newly launched Binance US, which are operated independently in their respective local jurisdictions and offer fiat-crypto trading functions.
Binance is a blockchain ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. Binance Exchange is the leading global cryptocurrency exchange by trading volume, with users from over 180 countries and regions.
The Binance ecosystem is also comprised of Binance Labs (venture capital arm and incubator), Binance DEX (decentralized exchange feature developed on top of its native, community-driven Binance Chain blockchain), Binance Launchpad (token sale platform), Binance Academy (educational portal), Binance Research (market analysis), Binance Charity Foundation (blockchain-powered donation platform and non-profit for aiding in sustainability), Binance X (developer-focused initiative) and Trust Wallet (its official multi-coin wallet and dApps browser).
Founded in 2016, Flutterwave allows clients to tap its APIs and work with Flutterwave developers to customize payments applications. Existing customers include Uber, Booking.com and now Binance.com. Flutterwave has processed 100 million transactions worth over $3 billion since inception, according to company data.