Bundle Binance Nigeria
African countries are exposing rapidly to crypto than any other region as the ratio of unbanked people is highest in Africa. In a replacement, they are adopting more and more crypto payments solution. The crypto exchange backs the social payments app Bundle to launch its services in Nigeria. On April 23, Bundle announces that now Nigerian citizens can easily send and receive crypto or cash within the territory of the country. Currently, the app is supporting Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). In fiat currencies, it is only supporting the country native currency, the Nigerian naira.
No Fees on Transactions
The interesting thing is that users will not have to pay fees for transactions in its initial testing days. Bank cards and bank transfers can also be used to process transactions. Moreover, users are required to provide needed information to comply with Know Your Customer (KYC) policy. Initially, Bundle will offer its services to the Nigerian citizens, but they have an agenda to reach 30 African countries thus covering the whole of the African continent. The android users can access the application via Google Play, and iOS users will avail it in the next coming days.
Yele Bademosi, the co-founder and CEO of Bundle, said:
“We built Bundle with the digitally native African user in mind. They are social, online, and connected across geographical boundaries. They prefer their financial services delivered digitally via mobile apps as opposed to visiting brick and mortar bank branches. We built Bundle as a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app like Venmo.”
Warm Welcome of Crypto by Africa
Africa is paving the way for blockchain and crypto adoption, and the main cause is the incompetency of the financial banking infrastructure in the region. In order to target unbanked people, the crypto startups are actively opening their operations in the African countries.
Taiwo Orilogbon, CTO at Bundle, said:
“Currently, only 1.4 million people out of 1.2 billion people in Africa use crypto today. This is a worthwhile mission because making the blockchain ecosystem more accessible unlocks economic opportunity on and for the continent.”