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Binance, dubbed the world’s biggest cryptocurrency exchange, will now accept bank transfers from customers in South Africa to ensure that all users can enjoy the services provided more easily.
This development means South Africans can now use bank transfers to invest in digital assets like Bitcoin, Ethereum, etc. Customers will benefit greatly from the upgrade, said Hannes Wessels, Country Head, South Africa at Binance, according to a report by TechAfricaNews
It creates an enabling environment for acquiring cryptocurrency via a simple bank transfer directly from the users’ banking apps or portals. In the past, this was not possible. Hence, this affected the number of users that found the app useful.
However, this latest addition would bring cryptocurrency to an even larger audience and likely increase the app’s usage in South Africa. This feature further consolidates the already-existing linked bank account option provided by Binance.
Commenting on this new service offered by Binance, Hannes Wessels said: “With this new method added, users are now able to make deposits directly from their banking platform—just as they would when interacting with any other exchange.”
For a start, most South Africans are familiar with initiating a bank transfer; it’s an action they complete several times a week.
Many South Africans are intrigued by the benefits of investing in cryptocurrencies but might be hesitant because they don’t fully understand the concept or how it works. “By accepting bank transfers, we are simplifying the process significantly for new and existing users.”
More about Binance’s latest offering in South Africa
According to Wessels, the provision of this service will attract no cost and no limits except those imposed by the user’s bank. However, he highlighted that making these bank transfers might take two or three days to be seen on a user’s Binance account, which highly depends on the bank’s processing responsiveness.
Users can also purchase and sell crypto in ZAR trading pairs. It means being able to purchase Bitcoin and Ethereum directly from Binance using South African rands. Binance boasts that these bank transfers are secure. To make this new feature possible, Binance has partnered with payments facilitator Stitch.
Wessels explains, “This is really all about choice and listening to our community.” “We feel that we are opening up an opportunity to those people who have always been interested in cryptocurrency but maybe aren’t sure where to start—which is why we listen, understand, and implement feedback from our users and bank transfers (eft) are in response to that feedback.”
He adds, “For users interested in going beyond the surface level of investing in cryptocurrencies, there are numerous other ways to use this new form of currency.”
Essentially, you can use it to complete any transaction you would with fiat money—the notes and coins we use every day. Thus, you can buy a wide range of goods using an affordable, fast, and easy-to-use currency.
Binance explained that this latest feature is designed to make crypto purchases easier, particularly in South Africa. Binance recognizes Africa as one of the most powerful blocs capable of scaling its business.
Africans rank as one of the most intrigued by the concept of cryptocurrency. Thus, Binance’s inclusion of bank transfers in its services, mainly because of its users in South Africa, does not come as a surprise. As we advance, other sophisticated crypto exchanges might follow suit and provide features that would appeal to their African users.
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