In what will be recognised as a significant move, leading Cryptocurrency exchange, Binance has launched a Fiat-to-Crypto gateway for its African community. The step is a partnership with Flutterwave, a global payment technology company.
This service operates from Africa’s most populous nation, Nigeria, and will serve other Africans with banks accounts transacting in Naira (NGN). The peculiarity of the African continent, Nigeria especially makes it suitable for Cryptocurrency technology.
While the continent is relatively deficient in the areas of Fintech solutions, Cryptocurrency technologies are providing citizens with the opportunity to leapfrog several levels of development. Consequently, the continent will be able to catch up with their counterparts from different parts of the world.
With the launch of the Naira (NGN) gateway by Binance, the Nigerian population can now purchase BTC, BUSD and BNB using Naira (NGN). Similarly, purchases are welcome through the use of their debit and credit cards.
Bridging The Gap Between Africa And The World
In an announcement made by Binance, it stated that the platform would add other fiat pairs for other African currencies. It is expected to happen shortly, as Binance is already developing functions and channels to lower the entry barrier.
According to the Binance CEO, Changpeng Zhao (CZ), Africa represents one of the highest demands for Cryptocurrency. More so, it is instrumental in the area of use cases as well.
“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,”
A New Wave Of Prosperity For Africans
Olugbenga “GB” Agboola, who is the CEO and co-founder of Flutterwave, believes the partnership will help to achieve the goal of ushering in a new wave of prosperity for Africans.
“What we do at Flutterwave is, create possibilities for the everyday African to become prosperous,” Agboola said. “We create opportunities for everyday African to reach prosperity levels that were beyond them in the past. Africans are firmly part of the global financial community, Flutterwave is ensuring this,”
Apart from being able to purchase Cryptocurrency from Binance directly using the Nigerian Naira (NGN), this integration also implies that they can trade with Naira (NGN) directly. It is a huge step forward for Nigerian crypto traders, most of whom before this had to exchange Naira to USD before being able to access the market.
Binance now joins the list of innovative platforms that have partnered with Flutterwave to provide 21st-century compliant services to Nigeria and other parts of the African continent.