- Binance, a global cryptocurrency exchange platform, has announced the expansion of its African services with a new feature enabling users in Ghana, Tanzania, Uganda, and Zambia to trade crypto assets using mobile money.
- The introduction of the One Click Buy and Sell (OCBS) feature, developed in partnership with Transfi, a Web3 payment company, as part of Binance's global fiat on-ramp/off-ramp offering, intends to facilitate users' seamless purchase of crypto assets and direct selling of assets from their mobile money accounts.
- The platform confirmed that it enforces strict Know Your Customer (KYC) protocols and strong security measures to safeguard users' assets and personal data, ensuring compliance with regulatory standards.
“By enabling mobile money deposits and withdrawals with these safeguards in place, Binance aims to make cryptocurrency more accessible to the unbanked and underbanked populations in Africa. This initiative aligns with our mission to increase the freedom of money globally and empower users with easy access to digital assets,” it added.
In July 2024, Binance included the process of trading crypto using GHS (Ghanaian Cedi), UGX (Ugandan Shilling), ZMW (Zambian kwacha), and TZS (Tanzanian Shilling) on its app and website.
This development signals Binance's attempt to leverage the rapid adoption of mobile money in these countries. As of January 2024, 59.7% of Ghanaians aged 15 years and older had a mobile money account, with the market projected to reach $789.5 billion by 2032, while 44.6% of Tanzanians aged 15 years and older also had a mobile money account.
In Zambia, 56% of all retail payments in 2023 were made with mobile money, benefiting the informal economy by reducing the cost of financial services. In May 2022, Uganda also saw over 34 million registered users, maintaining an annual increase.
With 45% of Africa's adult population unbanked in 2021, Binance has expanded its presence on the continent, reporting a 28.61% rise in crypto-to-crypto trading volumes from January to April of the same year and an estimated $117.1 billion in on-chain value received between July 2022 and June 2023.
While the cryptocurrency sector has encountered challenges, including regulatory complications in certain African countries like Nigeria, Statista predicts the African cryptocurrency market to reach $3.1 billion in 2024, with the number of users expected to reach 53.89 million by 2025.
