Financial news

Crypto and blockchain infrastructure provider Binance has detailed the continued growth it has seen during its operations across Africa. The company reveals that the continent has been one of its fastest-growing regions in the last year.

Binance reveals that it has recorded a significant increase in those using Binance Pay across Africa. The cross-border crypto payment solution aims to increase financial inclusion and accessibility across the continent. The crypto and blockchain company also released the Binance Gift Card in Ghana earlier in 2022.

In August 2022, Binance enabled instant deposits and withdrawals for the South African Rand. Recently, in October, the blockchain company also added a fiat gateway for the Nigerian Naira through tokenised asset payment channel Cashlink. The fiat gateway launch enabled Nigerians to withdraw and deposit Naira directly to and from their wallets.

December 2022 saw the Binance Masterclass provide free crypto education to hundreds of thousands of Africans. Binance also hosted over 300 offline and online education events to drive its mission.

Changpeng Zhao, founder and CEO of Binance, commented on the company’s moves in the region. Zhao explained:  “Fueled by a strong appetite across African nations for a transformational system that drives innovation and financial inclusion, the African continent has the potential to lead the blockchain sector in the future. The multiple applications and use cases have been instrumental in accomplishing previously unimaginable feats for Africans.

“As a company, Binance is extremely grateful for the trust and partnership of Africans, and proud of our efforts in driving blockchain adoption and enabling greater financial accessibility for people in the region.”

A recent Chainalysis report also highlighted that the region is growing quickly. The blockchain data platform found that crypto markets were growing the fastest in the Middle East and North Africa.

Education for women in Africa’s fintech industry

Binance Africa also launched a number of initiatives including Blockchain for Women Bootcamp in an effort to reduce the gender gap in the continent. Three-hundred women graduated from the eight-week BootCamp, looking to provide required skills to influence the industry.

The Binance Charity x Utiva Scholarship Initiative was also launched in 2022. The initiative plans to educate 50,000 young people across Africa in technology and provide scholarships for 1,000 Africans in a year long intensive skill training program. The collaboration initiative has a goal to encourage economic prosperity for the continent. It offers skill training, education workshops, mentoring sessions and greater access to job opportunities in the industry. Binance also launched a crypto education tour across five countries in 2022 to further its education aims.

The company also added to its Secure Asset Fund for Users, now totalling $1billion. The emergency insurance fund was set up to protect Binance users in extreme situations. Binance’s Industry Recovery Fund was also set up to aid in rebuilding the industry and protect users.