Binance taps into Africa's mobile money boom to expand crypto access
TLDR
- Binance, world's largest crypto exchange, introduces "One Click Buy and Sell" in Ghana, Tanzania, Uganda, Zambia.
- Users in these countries can now easily trade Bitcoin and Ethereum through their mobile money accounts.
- Binance's move strengthens its foothold in Africa amid rising interest in cryptocurrencies.
Binance, the world's largest cryptocurrency exchange, has expanded its reach in Africa by launching a new mobile money feature in Ghana, Tanzania, Uganda, and Zambia, markets where mobile wallets are already popular.
The "One Click Buy and Sell" (OCBS) feature allows users in these countries to seamlessly buy and sell cryptocurrencies, including Bitcoin and Ethereum, directly through their mobile money accounts.
This move aims to solidify Binance's presence on the continent, where interest and usage of cryptocurrencies have seen a significant increase in recent years. The new feature simplifies the process of trading digital assets, making it more accessible for users in these regions.
Key Takeaways
The expansion is into African markets where mobile money transactions are deeply ingrained in daily financial activities. In several African nations, mobile money has become a critical component of the financial ecosystem, providing accessible and affordable financial services to millions. For instance, in Zambia, mobile money accounted for 56% of all retail payments in 2023, highlighting its importance in the country’s financial landscape. Similarly, Uganda has seen significant growth in mobile money usage, with over 34 million registered accounts by 2022. By tapping into these markets, Binance aims to extend the benefits of cryptocurrency to populations that have historically been underserved by traditional banking systems, leveraging the familiarity and convenience of mobile money to facilitate broader financial inclusion.
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