Binance users in Nigeria can now deposit funds in the local currency (Naira) following a partnership between the exchange and P2P payments application, CashLink.
CashLink lets crypto users get cash in and out of Web3 applications thanks to integrations with both crypto and non-crypto services. The platform processed over 1.7 million transactions in 2022 following a pilot with Bundle, a crypto trading app supported by Binance.
Now, in addition to Bundle, CashLink supports Binance enabling customers to deposit and withdraw funds in Naira. This comes after Binance announced it had added a fiat gateway for the Nigerian Naira (NGN).
CashLink relies on a system of merchants who transact with customers.
In 2022, they onboarded over 3,000 merchants who successfully completed compliance verification.
“Cashlink has been the ship in which Bundlers have been able to move cash in and out of their wallet. We created it to be the Uber for money, and it is a first-of-its-kind peer-to-peer network from the African ecosystem, “ said Bundle CEO Emmanuel ‘Babz’ Babalola.
How to Deposit NGN on Binance using CashLink
Customer must complete KYC to make NGN deposits on Binance.
You’ll need to sign into Binance and select the deposit option located on the homepage. The next step is to select Fiat as the deposit means and choose NGN (Nigerian Naira) as the currency you wish to deposit
You will see two recommended options for seamless deposits:
- Bank Transfer (CashlLnk): This requires users to enter their bank name, account number, and contact information. There is a warning that funds will be lost if deposits are made from an account that does not match the verified name on the account.
- E-Wallet (CashLink): This allows users to transfer funds from an electronic wallet with Abeg, Chipper Cash, Get Barter, and Paga supported.
Once you select either option, you will need to enter a deposit amount between NGN 1,000 and NGN 2,000,000.
Review the summary of the transaction before proceeding to confirm.
You will be presented with a list of verified merchants including their usernames, completed p2p orders, completion rate, and average transaction time.
You then select a preferred merchant and hit ‘send request.’
While CashLink does not charge transaction fees, supported merchants preferred by the user may attract some charges.
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