Binance, the world’s leading cryptocurrency exchange, has launched a new service across four African countries which includes; Ghana, Tanzania, Uganda, and Zambia, by enabling mobile money transactions for purchasing digital assets.
This development allows users in these countries to buy cryptocurrencies directly using their mobile money accounts, making it easier and more convenient for people to access the crypto market.
Announcing the launch of the new payment feature, the company wrote via a report,
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“One Click Buy and Sell” (OCBS) feature enables users in Ghana, Tanzania, Uganda, and Zambia to buy digital assets directly on their mobile money accounts. Users in these four African countries can now easily purchase a variety of cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH) without hassle.”
The newly launched On-Chain Buy-Sell (OCBS) feature, which was officially rolled out last week, was developed in collaboration with Transfi, a Web3 payment solution provider. The service is designed to streamline the process of entering and exiting the cryptocurrency market by integrating with popular mobile money platforms, making it easier for users to engage in crypto transactions.
To ensure a secure trading environment, Binance has implemented robust security measures, including stringent Know Your Customer (KYC) protocols and full compliance with local regulatory standards. These safeguards are in place to prevent malicious activities and to protect users’ assets and personal information, reinforcing Binance’s commitment to maintaining a safe and reliable platform for all its users.
Binance further disclosed that the introduction of mobile money transactions for cryptocurrencies in Africa aligns with its broader mission of supporting financial inclusion in the region.
“This expansion is a crucial step in our ongoing mission to democratize access to cryptocurrency and financial services. We believe that by integrating mobile money into our platform, we can support financial inclusion and allow more people to participate in the digital economy,” the company said.
Binance’s launch of a mobile money payment feature for crypto purchases in Ghana, Tanzania, Uganda, and Zambia, is no doubt strategic, as mobile money transactions are already widely used in these countries. By integrating mobile money, Binance is significantly lowering the barriers to entry for people who may not have access to traditional banking services but rely heavily on mobile money for financial transactions.
This move aligns with Binance’s broader goal of increasing financial inclusion across the continent. Also, the feature will enable users’ convenience, making it simpler for users to buy and hold digital assets. This is particularly important in regions where access to traditional financial services is limited.
This new feature is expected to drive further adoption of cryptocurrencies in Africa, contributing to the growing crypto ecosystem on the continent and providing more people with the tools to participate in the global digital economy.