Binance, the world's biggest cryptocurrency by volume of transactions, it has added 12 Nigerian banks to its P2P platform in a bid to minimize the possibility of distribution during the process of P2P transactions.
Additionally, Binance adds 21 banks across the African continent; Among those banks, 12 or 57% are Nigerian banks such as Union Bank of Nigeria, Sterling Bank, First Bank of Nigeria, Zenith Bank, Access Bank, FCMB, Standard Chartered Bank, GTBank, Ecobank, First Bank of Nigeria, Stanbic Bank, Fidelity Bank, Keystone Bank.
Because of the heavy focus on Nigerian banks, it is suggested that a chunk of Binance's P2P volume comes from that country.
Binance claims that utilizing a particular local bank or e-wallet in the ads as a payment method before picking P2P users to transact with, would minimize the probability of disruptions since the counterparties could see prior which bank is the desired one for you to receive or pay money. Binance stated that the interbank fees and the delays are avoided.
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Binance announced to the Africans to suggest other local methods they wish to see on the platform.
Among the listed bank, out of 5 banks, 4 bank is tier-1 banks(FUGAZ) that were added to the platform, without considering UBA.
Out of 12 listed banks, 9 banks are of Nigerian origin, whereas others originated from other African countries or abroad.
But still, Nigerian banks are banned from processing crypto-based transactions as intimated by CBN (Central Bank of Nigeria).
Moreover, the Nigerian SEC has released a regulatory framework surrounding cryptocurrencies, however, there exists a disconnect between 2 agencies as the ban by the CBN on the bank is still ongoing.
A major way for Nigerians to take part in the crypto industry is only Via the P2P market, where most of them utilize Binance as their entry point. This new feature would support minimizing the delays that occur in P2P transactions, specifically when we talk about intra-bank transactions.
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