- Binance, a global crypto exchange, has announced the integration of mobile money payments for crypto purchases in West and Central Africa.
- Following the integration, Binance now allows users in Benin, Cameroon, Ivory Coast, the Democratic Republic of Congo (DRC), Togo, and Senegal to purchase crypto directly through mobile money payments enabled via local partnerships.
- However, the new service currently supports only buy transactions. Binance stated that it simplifies the entry point for new crypto users in these regions, providing them a platform to acquire digital assets.
This comes almost two months after Binance, in August 2024, introduced a new feature that allowed users in Ghana, Tanzania, Uganda, and Zambia to trade crypto assets using mobile money.
The feature, One Click Buy and Sell (OCBS), as part of Binance's global fiat on-ramp/off-ramp offering, aims to facilitate seamless crypto asset purchases and direct selling from users' mobile money accounts.
While confirming strict Know Your Customer (KYC) protocols and strong security measures, Binance stated that it aims to make cryptocurrency more accessible, aligning with its mission to increase the freedom of money globally and expand access to digital assets.
Commenting on the West and Central Africa expansion for crypto access, Samantha Fuller, spokeswoman for Binance, said, “We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa.”
The spokeswoman added that expanding into West and Central Africa is a significant step towards Binance's mission and providing more people with direct access to the global digital economy.
Binance outlines the process for buying cryptocurrency: users can log into the Binance app and select [Add Funds] from the homepage. Next, they can choose their local currency from the top-right column and follow the prompts to complete their crypto purchase.
Meanwhile, the exchange’s move to expand crypto access in these countries comes as it faces a strict regulatory environment in Nigeria. Since February 2024, two of its executives have been detained in Nigeria; however, one fled custody, and the other was denied bail. The exchange is charged with money laundering and tax evasion, which are yet to be resolved.
Moreover, in March 2024, Binance announced that it would no longer accept naira deposits and withdrawals and discontinued all Nigerian naira services.
