Eyeing African Market, Binance Adds Nigerian Fiat-to-Crypto Gateway

Facilitated by payments network Flutterwave, the addition starts a new phase of Binance adding sub-Saharan fiat pairs.

By Danny Nelson

Oct 24, 2019 at 5:30 p.m. UTC

Updated Sep 13, 2021 at 11:37 a.m. UTC

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Binance has added a fiat-to-crypto gateway for Nigeria’s Niara (NGN), the company said.

Facilitated by payments network Flutterwave, the addition starts a new phase of Binance adding sub-Saharan fiat pairs, the company said in a statement. In “the near future” the high-volume global exchange will also introduce gateways for South Africa’s Rand (ZAR) and Kenya’s Shilling (KES), Binance said.

At launch, Binance limited the Nigerian trading pairs to BUSD/NGN, BNB/NGN and BTC/NGN. Investors can deposit between 150 NGN (about $.40) and 430,000 NGN (about $1,200) for a 1.4% fee, Binance said in a blog post.

Binance said last month that it planned to add fiat-to-crypto OTC trading.

Binance did not respond to CoinDesk's request for further comment.

Niara image via Shutterstock.

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