Binance, the world's leading Crypto Exchange launched a new feature for Nigerians. This new feature allows Nigerians to easily send naira to users on Binance and non-binance account holders. This new feature emphasizes Binance’s dedication to increasing freedom of money for users.

Naira transfer at zero cost

The new cash transfer function will help Nigerians transfer cash from one Binance wallet to the other. The new function is available on its app and web.

The recipient of the cash transfer does not have to be a Binance user. The funds could be transferred via email or text message, and the recipients will get a link for them to sign up and instantly withdraw the funds.

This new function extends the Binance platform from being majorly a crypto exchange to an all-round financial app, providing easy access to cryptocurrencies and making fiat transactions seamless and easy for users.

However, it could also generate more users. Recipients will be forced to sign up and create a Binance account.

Cash transfers with traditional banks are not free, the fiat saved in banks are also subject to constant deductions. As such, storing fiat on the Binance could very well become a trend, as it is available for use at any time and not subject to heavy fees charged by traditional banks.

We could very well see a crypto hodling trend by more people. When a recipient is sent money and has to create a Binance account, there’s a possibility of exploring the exchange and wanting to get in on the crypto action.

Binance could very well become a virtual fiat and crypto bank with this new function.

How Does it Work?

KYC verified Nigerian users can easily send naira to another user on Binance and non-binance account holder using the recipient’s email address or phone numbers as the receiving address. This feature allows users to easily send funds to family members and friends.


How to Withdraw Naira to a Binance Account using Binance Cash Transfer:

Login to your Binance Account
http://www.binance.com/en/buy-sell-crypto?channel=wallet&fiat=NGN/38515884

Click on Withdraw under the funds tab

Choose Naira under Fiat

Then choose cash transfer leaving bank transfer

After that, input the amount and the recipient’s email address or phone number registered on Binance

Once you are done, then click send to finish. The transaction will be live until five working days after which it expires. You can as well add additional notes if need be.

Funds sent to non-binance account holder will have five working days to sign up, verify and claim funds else, after five days it expires and the sender gets a refund.

Quick Facts: Binance Cash Transfer for Nigerians allows Binance users to send funds to binance account holders and non-binance account holders using phone number and email address.

What can you do on Binance: Binance aids the trading of cryptocurrency with the Nigerian Naira. Launched in 2017 and started Nigeria market trades in 2019, Binance has turned to the power house for direct naira to crypto trading for Nigerians.

Binance also provides services to other African countries including South Africa, Uganda, Kenya and Ghana. Ghanaians can easily deposit cedis (GHS) using mobile money services gateway.

New to Binance?
Register here: https://www.binance.com/en/register?ref=38515884

Follow Binance Africa on Twitter: https://www.twitter.com/BinanceAfrica

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