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New crypto and fiat payments app backed by Binance launches in Nigeria

Image by Bundle

Tue, 28 Apr 2020, 07:39 am UTC

A new payment app for crypto and fiat payments has been launched in Nigeria.

Called Bundle, the app is an African-focused social payments app for cash and cryptocurrencies and is backed by Binance, Finextra reported.

It is founded by Yele Bademosi, former director at Binance labs. Bundle allows users to request, send, and receive cash or cryptocurrencies from their peers. They can also buy, sell and store digital currencies as well as deposit and withdraw cryptocurrencies and local fiat currencies.

At present, the app supports Binance Coin (BNB), Bitcoin (BTC), and Ethereum (ETH). For local currencies, it only supports Nigeria Naira (NGN), but more will be added in the coming weeks.

The transactions can be processed via various payment channels including cards, bank transfer, Mobile Money, and Bundle’s Smart Wallet.

About 40% of banked Africans prefer digital channels for their banking transactions. Also, the continent has the largest youngest population in the world and the new app aims to serve them because they are digitally savvy and can lead Africa to a new and promising digital economy.

“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,” Bademosi said.

“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’s product vision is to evolve in a super-app with a native digital wallet that supports crypto and cash. The team behind the app wants it to become a tech essential for Africans.

“We believe Africa has several characteristics that make it a prime geographical location for the realization of the full potential of digital currencies, blockchain, and its applications. 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,” says Bundle Chief Technical Officer, Taiwo Orilogbon.

Bundle initially launched with zero fees. However, KYC verification and fiat deposit and withdrawal limits apply. Bundle is already available on Android. However, iOS users have to wait for it in the coming weeks.

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