Binance, the world’s largest cryptocurrency by volume of transactions, just announced that it added 12 Nigerian banks to Binance P2P for Nigeria.
Thank you for reading this post, don't forget to subscribe!
Binance added 21 banks across the African continent; however, 12 or 57% of those banks are Nigerian banks which include: Access Bank, Ecobank, Fidelity Bank, First Bank of Nigeria, FCMB, GTBank, Keystone Bank, Stanbic Bank, Standard Chartered Bank, Sterling Bank, Zenith Bank, Union Bank of Nigeria. This suggests that a chunk of Binance’s P2P volume comes from the country.
Binance argues that by using a specific local bank or e-wallet in the advertisement as a payment method before picking P2P users to transact with, it will reduce the possibility of disruptions since the counterparties can see in advance which bank is the preferred one for you to pay or receive money. Binance stated, “This will help avoid inter-bank delays and fees.”
What you should know
Only UBA was not listed but this doesn’t mean that UBA can’t be used.
Only 9 out of the 12 banks originated from Nigeria. The remaining 3 originates from other African countries or abroad.
Although the Nigerian Securities and Exchange Commission (SEC) has released a regulatory framework surrounding crypto currencies. However, crypto-related transactions are still banned as instructed by the CBN.
This new feature will help reduce the delays that occur in P2P transactions, especially when it comes to intra-bank transactions.