Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has announced the launch of a new mobile money feature in Africa, extending its services to users in Ghana, Tanzania, Uganda, and Zambia. This strategic expansion is aimed at enhancing accessibility to cryptocurrency, particularly for the unbanked and underbanked populations across the continent.
The newly introduced One Click Buy and Sell (OCBS) feature allows users to purchase and sell crypto assets directly through their mobile money accounts, offering a seamless and convenient way to engage with digital currencies. This initiative has been developed in partnership with Transfi, a Web3 payment company, and is part of Binance’s broader global fiat on-ramp/off-ramp offerings.
In its continued commitment to user security, Binance has implemented stringent Know Your Customer (KYC) protocols and robust security measures to protect users’ assets and personal information. These measures ensure that transactions comply with regulatory requirements and offer a secure experience for users.
This move is aligned with Binance’s mission to increase financial freedom globally by providing easy access to digital assets. By facilitating mobile money deposits and withdrawals, Binance is making cryptocurrency more accessible to a wider audience in Africa.
The integration taps into the rising popularity of mobile money services in these regions. As of January 2024, nearly 60% of Ghanaians aged 15 and older held mobile money accounts, while in Zambia, mobile money accounted for 56% of all retail payments in 2023.
With 45% of Africa’s adult population unbanked as of 2021, Binance’s latest expansion represents a significant step toward boosting financial inclusion and empowering more individuals to participate in the digital economy. The African cryptocurrency market is projected to reach $3.1 billion in 2024, with the number of users expected to approach 54 million by 2025, according to Statista.
