Binance Incubated ‘Bundle’ App Rolls Out in Africa for Cash and Crypto Social Payments
As per an announcement from April 23, Bundle now lets its users send, receive and request cash and crypto from Nigeria.
The company is planning to expand its services to more than 30 countries in Africa by the end of 2020, providing a simple crypto fiat on and off-ramp across the continent. Aside from the Nigerian naira, Bundle supports Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB). However, new fiat currencies will be added in the following weeks. The payments can be stored in the app’s wallet and processed through bank transfers or cards.
Verifications Together with Withdrawal and Deposit Limits to be Applied
The service won’t charge any fees in the beginning, but it will have deposit and withdrawal limits, also some Know Your Customer (KYC) verifications. The app doesn’t have a mobile version yet, but it’s available in Google Play, following to be released on Apple’s App Store too. Back in September 2019, Bundle raised $450,000 from Binance in a pre-seed. The company’s co-founder and CEO, Yele Bademosi, said the app may use some of the crypto app programming interfaces created by Binance.
Crypto Innovation at Its Best in Africa
Around 40% of the banked African population prefers transacting online, mostly because the low median age on the continent is 19. Here’s what Bademosi said about how Bundle was created for Africa:
“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. 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.”
In the meantime, the CTO at Bundle, Taiwo Orilogbon mentioned that 1.4 million Africans are using crypto nowadays, so the blockchain ecosystem being more accessible on the continent unlocks great economic opportunities for Africa, which still doesn’t have a well-developed financial infrastructure. This means crypto innovations takes place more rapidly in African countries. The crypto trading platform CryptoLocally is also trying to deal with the financial inequity in the continent, so it partnered up with Sesacash to provide innovative solutions for cross-border payments in Africa.