Binance integrates with mobile money services to expand crypto access in Africa

Leading blockchain and cryptocurrency infrastructure provider, Binance is now integrating its crypto services with mobile money payments across Africa. This was disclosed by the company in a statement that was seen by Technext.

According to the statement, the service will be debuting in several West and Central African countries including Benin, Cameroon, Ivory Coast, Democratic Republic of Congo (DRC), Togo and Senegal. The company said the innovation will enable users to purchase crypto directly through mobile money payments.

The company said the service, which is powered by local partnerships, restates its commitment to driving innovation and expanding access to cryptocurrency in Africa.

Speaking about the development, Spokeswoman, Samantha Fuller, said the service reinforces the company’s focus on advancing financial inclusion across the region.

“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,” she said.

Binance users can only buy crypto via mobile money

It is imperative to note that Binance’s new crypto-to-mobile money service currently supports only BUY transactions. The company said this is so as it further simplifies the entry point for new crypto users in these regions while providing them with a reliable and secure platform to acquire digital assets.

Users who wish to buy crypto through the service should follow the instructions to complete their crypto purchase:

• Log in to your Binance app and select [Add Funds] from the homepage.
• Choose the local fiat currency you wish to use by selecting the currency in the top-right column.
• Follow the instructions to complete your crypto purchase

This new functionality further strengthens the crypto exchange’s commitment to providing simple and secure access to cryptocurrency for users across the continent, reinforcing the platform’s vision of financial inclusion.

With this innovation, the exchange appears to be expanding its business to reach even more classes of people. By keying into the expansive mobile money spread and its popularity across Africa, the company is indirectly announcing itself as a major player in financial inclusion. It is also democratising crypto access and making it readily available to the masses.

The company could also be scoring a major regulatory goal with the development, in light of several regulatory battles. By latching on to mobile money, the company might be making a statement to regulators that it is ready to play in the local space by partnering with local Mo-mo companies and abiding by local rules and regulations.

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