In a bid to acknowledge the unbanked and underbanked populations in Africa, Binance’s One Click Buy and Sell service (OCBS) hits the launch stage.
This feature will help Binance users in regions like Ghana, Tanzania, Uganda, and Zambia to use mobile money to purchase crypto assets.
While this service has been around for a while in other regions, it’s good to see it launch for use in African countries.
Transfi, in partnership with Binance, will make this feature available to the said African regions as both firms work “to simplify and broaden access to digital assets”.
Binance and Transfi Aim to Boost Access to Crypto Assets in Africa
The partnership between Transfi and Binance will make crypto assets more accessible to African businesses.
Now, with just a mobile money account, the One Click Buy and Sell service (OCBS) will enable businesses to carry out their operations more securely on the Blockchain.
Because lots of businesses in Africa will look to make use of this new feature at their disposal, there is a question of security.
Binance assures potential users of this new feature that it is committed to keeping their money and crypto assets safe. This will be made possible with Binance’s Know Your Customer (KYC) protocols.
This protocol alongside other security measures that Binance will put in place will ensure that customers and business owners are safe.
For a few weeks now, netizens in Ghana, Tanzania, Uganda, and Zambia have been able to use their local currency to purchase crypto assets via the Binance platform.
For a while now, netizens living in most African regions have been finding it hard to access crypto assets. This might be a result of governmental regulations, access to USD, and an outright ban on crypto.
The new Binance One Click Buy and Sell service (OCBS) will help rule out one of these deterrent factors for Africans.
With access to just their local currency, those living in Ghana, Tanzania, Uganda, and Zambia will be able to purchase crypto assets.
Bridging the Crypto Gap in Africa with Binance’s One Click Buy and Sell service (OCBS)
In regions like Ghana, Tanzania, Uganda, and Zambia, there is a surge in the use of mobile money and crypto among younger netizens. However, a notable percentage of those living in these regions are unbanked and underbanked.
For most people, using crypto-based assets in business practices is left to the technically inclined. Others find the crypto space too cumbersome as it isn’t readily available to them locally.
This has fuelled a divide in the crypto industry in Africa as businesses shy away from using crypto assets in their business practices.
However, the new One Click Buy and Sell service (OCBS) from Binance might bring some change in the African crypto space.
Having access to mobile money businesses in the region will now be able to conduct their practice on the Blockchain. This might make crypto more popular not just among young ones but also among older and less tech-savvy ones in the African region.
With the One Click Buy and Sell service (OCBS) feature, Binance aims to aid these on the moving train, simplifying business practices.
Possibly with the growth in popularity of this feature, Binance will make it accessible to more regions in Africa.
