- Binance customers in West and Central Africa can now purchase cryptocurrency using mobile money payments.
- The functionality is available now in Benin, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Togo and Senegal.
- Binance says this functionality is possible thanks to partnerships with local payment providers.
Cryptocurrency firm Binance has announced that its West and Central African customers can now buy cryptocurrency using mobile money payments.
The new service hopes to simplify the entry point for Africans looking to invest in cryptocurrency. The functionality is now available in Benin, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Togo and Senegal thanks to local partnerships.
“We remain focused on advancing financial inclusion and delivering user-friendly solutions for crypto adoption across Africa. This expansion into West and Central Africa is a significant step in our mission to increase crypto adoption, providing millions of people with more direct access to the global digital economy,” spokesperson for Binance, Samantha Fuller, said in a statement.
Customers can only buy using mobile money payments but customers can withdraw their gains directly from Binance into their bank account.
To make a purchase using mobile money, customers will need to log into their Binance account and select Add Funds. From there users must select their local fiat currency using the selection tool in the app and then follow the instructions to complete their crypto purchase.
While cryptocurrency has gained traction on the continent, it has done so in an unregulated environment. Some countries have outright banned the use of cryptocurrency but despite this transactions still peaked at $20 billion in 2021 in countries where the assets are legal.
In Nigeria Binance executive Tigran Gambaryan faces allegations of money laundering among other crimes. The executive recently had his bail application denied having been in prison since February this year.
Gambaryan was arrested as part of a crackdown on cryptocurrency by the Nigerian government.
