Binance-backed African social payments app launches
Fiat and crypto service 'Bundle' is launching in Lagos, Nigeria
Yele Bademosi, a former director at Binance Labs, has launched a fiat and crypto social payments app specifically focused on Africa.
Backed by the crypto exchange Binance, "Bundle" will allow users to deposit and withdraw both local fiat and digital currencies while also letting them buy, sell and store cryptos such as Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB).
Launching in Lagos, the Nigerian Naira (NGN) is currently the first and only fiat currency added to the project. However, Bundle has promised many more to follow in the near future.
The service will launch initially without fees, with Know Your Customer verification and fiat deposit and withdrawal limits applied at a later date. The bundle app is already available on the Google Play Android application store, while the iOS version is set to be published on the Apple App Store in a matter of weeks. No desktop version of the service currently exists.
More than 60 per cent of Sub-Saharan Africans are currently listed as "unbanked". This figure is fast decreasing and, as it does, these populations skip the rapidly outmoded models still dominant in much of the world, instead embracing the opportunities afforded by the latest technology. Around 40 per cent of banked Africans now prefer to use digital channels for banking transactions and advanced financial tools.
European, American and Chinese investors have stepped up their interest in the burgeoning African tech and payments scene, attracted by this swift adoption of technology and the continent’s booming population.
PalmPay, which is backed by China’s Transsion, has a strong presence in West Africa, while Twitter and Square CEO Jack Dorsey has pledged to step up his business activity in the continent, stating last year: “Africa will define the future (especially the Bitcoin one!).” The Facebook-backed Libra Association has also declared its determination to reach the world’s unbanked.
Even the American-Senegalese R&B singer Akon is developing his own pan-African cryptocurrency called Akoin, with investment from Silicon Valley.
With this increasingly crowded market, Bundle will be happy to have one of the largest crypto exchanges in the world on its side.
FURTHER READING: Credit Suisse stresses caution despite 75 per cent net profit rise
FURTHER READING: The Netherlands joins the race to develop a digital currency
FURTHER READING: Binance launches its own mining pool