According to an announcement on April 23, Binance, launched social payments app Bundle in Nigeria, offering services in cryptocurrencies and fiat.
Bundle now allows its users to request, send and receive cash or crypto from their peers in Nigeria. By the end of this year, the firm plans to expand to over 30 African countries and provide a simple fiat on and off-ramp for crypto in the continent.
Bundle supports Binance Coin (BNB), Bitcoin (BTC) and Ether (ETH) as well as the local fiat currency, the Nigerian naira. However, in the coming weeks there are plans to add more fiat currencies. Payments can be processed through cards, bank transfers and stored in the application’s wallet.
Bundle’s financial services. Bademosi said:
“We built Bundle with the digitally native African user in mind. They are social, online, and connected across geographical boundaries. They prefer their financial services delivered digitally via mobile apps as opposed to visiting brick and mortar bank branches. We built Bundle as a mobile wallet that supports cash and crypto, and makes using crypto feel like just another digital financial transaction done on a mobile app like Venmo.”
Bundle CTO Taiwo Orilogbon explained that Africa is fertile ground for cryptocurrency-based financial innovation, stating, “Currently, only 1.4 million people out of 1.2 billion people in Africa use crypto today. This is a worthwhile mission because making the blockchain ecosystem more accessible unlocks economic opportunity on and for the continent.”
Although Bundle originated in Binance’s ecosystem, the platform will operate independently. The service will initially launch without fees, however, Know Your Customer verification and fiat withdrawal and deposit limits will be applied.
The mobile application is already available on the Google Play Android application store, and the iOS version will be published on Apple’s App Store in the coming weeks. At the moment the desktop version is currently not supported.
