Quick Facts:
- Binance adds Naira (NGN) deposits.
- Binance intends to add Kenyan Shilling and SA Rand soon.
- Binance considers the African market as an important one.
Binance, a world-leading cryptocurrency exchange has added Naira (NGN) deposits to its trading platform.
Binance made the announcement on Thursday via a blog post that included a zero fee promo for deposits. Earlier this month, Binance teased the addition of fiat deposits on its international exchange platforms.
With this announcement, users can now deposit Naira (NGN) through debit and a credit card through the Binance Fiat Gateway platform on the Flutterwave channel.
Binance also added trading pairs BUSD/NGN, BNB/NGN, and BTC/NGN to the Stablecoin Market (USDⓈ) as of October 24, 2019, 12:30 GMT.
The addition of Naira (NGN) deposits and trading pairs to Binance means that Nigerians can now trade cryptocurrencies directly on the platform.
Binance Plans To Capture Africa
In the same blog post, Binance also announced plans to add additional fiat pairs for local currencies throughout Africa including BTC/KES (Kenyan Shilling) and BTC/ZAR (South African Rand) in what it describes as “channels to lower the barrier to entry.”
CZ (Changpeng Zhao), Binance CEO cited Africa as one of the continents that shows demand for cryptocurrencies. He said:
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.
CZ (Changpeng Zhao), Binance CEO
Binance has already established initiatives in Africa, launching Binance Uganda and charity efforts across the continent. Binance Uganda saw 0ver 40,000 sign-ups in its first week signaling a growing interest in cryptocurrency in the East African country.
Binance joins the list of exchanges and cryptocurrency service or product providers who seek to enter the African market and make it easier for people on the continent to enter the ecosystem.
