One of the leading cryptocurrency exchange platforms, Binance has introduced new P2P payment channels for African countries to provide easier options and manage risks security issues.
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Binance P2P has now added Moov Money, Orange Money, MTN Mobile Money and Tigo Money to the list of available payment methods for buying and selling crypto in Africa. This allows users to trade crypto and receive or send money via the above payment methods. The crypto exchange P2P now supports over 150 payment methods and 49 fiat currencies.
With Africa toping in volume of P2P transactions, it has become imperative to introduce more options to ease P2P transactions especially in the continent with most number of underbanked population.
Recently, there has been a sharp increase in peer-to-peer bitcoin trading across Africa.
According to data from UsefulTulips, Ghana and Kenya have seen a steady increase in bitcoin trading, overtaking South Africa to become the second- and third-leading cryptocurrency markets in Africa during the first quarter of 2021. Nigeria, which recently saw a government crackdown on bitcoin, still leads the continent in bitcoin trading volume.
According to Bitcoin Magazine, trading volume in Nigeria surpassed $99.1 million between January and March 2021, followed by Kenya with $38.4 million, Ghana with $27.4 million and South Africa with $25.8 million. In 2020, Nigeria had a record-breaking $309 million in bitcoin trading volume, more than three times that of South Africa’s $98.4 million for the year.
African citizens’ appetite for bitcoin has grown in recent years as financial uncertainty, rising poverty, government corruption and depreciating currencies have pushed individuals across the continent to look for more stable investments. The current global pandemic and recent surge in bitcoin’s value may have been factors as well.