This archive report was first published on 28 October 2019.
On October 28, 2019, Binance launched a new fiat gateway platform on the Flutterwave channel, expanding its presence in Africa.
The platform allows users in Nigeria to purchase bitcoin, BUSD, and BNB in Nairas, marking a significant step in Binance's efforts to extend cryptocurrency adoption in Africa.
According to Binance CEO Changpeng Zhao, the partnership with Flutterwave aims to promote financial access in the continent and bridge the fiat-to-cryptocurrency gap.
"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," Zhao said.
The new gateway platform is the second in Africa after Binance launched in Uganda in 2018. It also offers instant deposits and withdrawals, reducing barriers of entry by lowering transaction fees.
For instance, Binance provides zero deposit fees up to $100 in Nigerian Nairas, making it easier for users to access cryptocurrencies.
