Binance P2P platform adds zero-fee support for Nigerian Naira (NGN)

Malta-based cryptocurrency exchange, Binance, recently announced adding support for a new coin — Nigerian Naira (NGN). The coin was introduced to its P2P platform, which is a business wing of Binance that connects one consumer to another directly. The addition of the coin is quite noteworthy, as it is the first African currency on its P2P platform.

The coin was added on March 4th, and the users were able to trade Bitcoin (BTC), as well as many other currencies, with NGN with zero transaction fees. The new listing is also important because it allows Nigerian residents to buy and sell crypto assets with other users, as well as with verified merchants, directly.

At the same time, Binance stressed that the zero-fee services will remain available on its mobile app and website alike.

The exchange’s CEO, Changpeng Zhao (CZ), noted that users can also post trade ads in order to earn more money by using the P2P platform. Zhao said that this is a unique opportunity for users to become P2P Merchants and that this method would allow them to earn a few thousand USD equivalents per month.

Meanwhile, all that users would actually have to do is provide crypto access for their own communities.

There is no need to bank the unbanked thanks to cryptos

While this support for Africa is an important step for Binance, the exchange does not plan to stop there. Instead, it aims to introduce its P2P trading service to other African countries as well, and as soon as possible.

The announcement touched upon this as well, stating that there is no longer a need to bank the unbanked. Instead, they can be empowered with crypto financial services directly. The announcement added that Nigeria is a vibrant innovation hub and that it is very passionate about digital currencies.

As Binance wishes to provide the easiest access to crypto and the best trading service for the African community, support for P2P trading is the best way to go. It is more flexible, it gives users more freedom to choose their payment method and more.