Binance has launched a new fiat gateway platform on the Flutterwave channel. Users in Nigeria can now purchase bitcoin, BUSD, and BNB in Nairas, as Binance adds fiat pairs for other currencies. Binance intends to extend cryptocurrency in Africa through the Rand and the Kenyan Shillings.
According to Binance CEO, the new partnership will help to promote cryptocurrency for financial access in the continent. Additionally, the gateways will stimulate financial inclusion in the continent as Africa shows high adoption potential.
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“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.” said Changpeng Zhao, Binance CEO.
Besides financial inclusion, the gateway will also allow Nigerian users to access instant deposits and withdrawals. Also, the partnership is reducing barriers of entry by lowering transaction fees. For instance, Binace provides zero deposit fees up to $ 100 in Nigerian Nairas.
The new gateway platform is the second one in Africa after Binance launched in Uganda in 2018.
