Binance users in Ghana, Tanzania, Uganda, and Zambia can now buy and sell crypto assets using mobile money, the company has announced.
This development, the company says marks a significant step towards making cryptocurrency transactions more accessible and convenient in these African markets.
The introduction of the One Click Buy and Sell (OCBS) feature allows users to seamlessly purchase and sell crypto assets directly from their mobile money accounts. According to Binance, this feature aims to enhance accessibility and convenience for crypto enthusiasts, enabling them to engage with digital currencies more easily than before.
This new feature is part of Binance's global fiat on-ramp/off-ramp offering, developed in partnership with Transfi, a firm specializing in financial technology solutions. By integrating mobile money with crypto transactions, Binance is tapping into the widespread use of mobile money services in Africa, where a large portion of the population relies on mobile phones for financial transactions.
To ensure a secure and reliable user experience, Binance says it applies rigorous Know Your Customer (KYC) protocols and robust security measures. These practices are designed to protect users' assets and personal information while ensuring compliance with local and international regulatory requirements. By enabling mobile money deposits and withdrawals with these safeguards, Binance aims to make cryptocurrency more accessible to the unbanked and underbanked populations across Africa.
"This initiative aligns with Binance’s mission to increase the freedom of money globally and empower users with easy access to digital assets," Binance stated.
The company emphasizes that this feature will help bridge the gap between traditional financial systems and the growing digital economy, providing more people with opportunities to participate in the global financial ecosystem.
To start using the One Click Buy and Sell feature, users in Ghana, Tanzania, Uganda, and Zambia will need to upgrade to the latest version of the Binance app.
With this update, Binance continues to expand its reach and influence in the African continent, where the adoption of digital financial services is rapidly growing.By Nixon Kanali, Africa Business Community
