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Binance has announced the integration of mobile money deposits and withdrawals for cryptocurrency trading in Ghana, Uganda, and Zambia. This initiative is part of Binance’s broader mission to make digital assets more accessible to the unbanked and underbanked populations across Africa, aligning with its goal to enhance global financial freedom.
As of July 2024, Binance users can trade cryptocurrencies using local currencies, including the Ghanaian Cedi (GHS), Ugandan Shilling (UGX), Zambian Kwacha (ZMW), and Tanzanian Shilling (TZS), through both the Binance app and website. This development is a strategic move by Binance to capitalize on the growing adoption of mobile money services in these regions.
The adoption of mobile money in these countries has been significant. As of January 2024, 59.7% of Ghanaians aged 15 and older had a mobile money account, with the market projected to reach $789.5 billion by 2032. In Tanzania, 44.6% of adults aged 15 and older also had a mobile money account, while in Zambia, mobile money accounted for 56% of all retail payments in 2023, particularly benefiting the informal economy by lowering the cost of financial services. Uganda, meanwhile, saw over 34 million registered mobile money users by May 2022, reflecting a steady annual increase.
Binance’s expansion in Africa is a response to the continent’s large unbanked population, which stood at 45% of adults in 2021. The platform reported a 28.61% increase in crypto-to-crypto trading volumes between January and April 2021 and an on-chain value of $117.1 billion received from July 2022 to June 2023. Despite facing regulatory challenges in some African countries, such as Nigeria, the African cryptocurrency market is forecasted by Statista to reach $3.1 billion in 2024, with the number of users expected to grow to 53.89 million by 2025.
This latest move by Binance underscores its commitment to providing broader financial access through digital currencies, especially in regions with limited access to traditional banking services.
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