Binance launches fiat crypto trading in Nigeria

Binance has launched a new fiat-crypto trading facility in Nigeria. In addition, new customers will be able to deposit naira through Flutterwave free of charge.

October 24, 2019, | AtoZ MarketsBinance, the world’s largest cryptocurrency exchange by volume has officially launched a direct fiat-to-crypto trading facility.

Binance sets up a crypto-fiat gateway in Nigeria in partnership with Flutterwave

As per the official announcement, the first pair that exchange has listed includes Nigerian fiat currency naira. The fiat deposit feature is offered via Flutterwave, a US-based payment tech firm. 

In the meantime, only Nigerian fiat currency is being accepted as a way to buy Bitcoin (BTC), Binance coin (BNB), and BUSD.  Besides, the maximum deposit per transaction is 430,000 NGN (~1,185), while the minimum is 150 NGN ($0.41). The trading pairs include:

Apart from this, first-time users would not be charged any deposit fee up 36.000 NGN. Other benefits that come with the new gateway include:
  • Instant deposits and withdrawals in Nigeria
  • Lowest transaction fees in Nigeria

Russian rubles likely to be supported next

In addition, Binance CEO Changpeng Zhao “CZ” announced earlier this week at the Open innovation conference to include Russian rubles as a way to buy cryptocurrencies on Binance. 

Speaking on the launch, CZ said:

“Africa has illustrated one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access, in the world’s second-largest continent. 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.”

He further added:

“Working with Flutterwave will help bridge the fiat-to-cryptocurrency gap and we hope to stimulate more financial inclusion as Africa demonstrates strong potential in leading crypto adoption.”

Speaking on the new partnership, Olugbenga Agbuula, CEO and Co-Founder, Flutterwave:

“What we do at Flutterwave is, create possibilities for the everyday African to become prosperous. We create opportunities for the everyday African to reach prosperity levels that were beyond them in the past. That’s what this partnership is about. Africans are firmly part of the global financial community, Flutterwave is ensuring this.”

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