Binance adds Access Bank, Union Bank, Zenith Bank among others to its P2P Platform

In an effort to minimize the chance of delays when processing Peer-to-Peer (P2P) transactions, Binance, the world's largest cryptocurrency, recently said that it had integrated 12 Nigerian banks to its P2P platform.

The banks include Access Bank, Ecobank, Fidelity Bank, First Bank of Nigeria, FCMB, GTBank, Keystone Bank, Stanbic Bank, Standard Chartered Bank, Sterling Bank, Zenith Bank, Union Bank of Nigeria. So far, Binance has added 21 banks across Africa with the majority of banks from Nigeria.

The high number of Nigerian banks would imply that the majority of Binance's P2P volume across Africa originates from Nigeria.

The likelihood of disruptions will be reduced, according to Binance, if a particular local bank or e-wallet is seen as a payment option before choosing before transacting on the P2P platform.  This will help prevent inter-bank costs and delays, according to Binance.

Binance has requested that customers in Africa add any other local payment options they want to see on the platform.

With the exception of UBA, four of the five tier-1 banks (FUGAZ) from the list of banks were included to the platform, according to Nairametrics.

As directed by the Central Bank of Nigeria (CBN), Nigerian banks are still prohibited from executing transactions relating to cryptocurrencies.

Although a regulatory system for cryptocurrencies has been established by the Nigerian Securities and Exchange Commission (SEC), there is still remains a gap between the two organizations due to the CBN's ongoing prohibition on banks.

The P2P market, where the bulk of participants use Binance as their entrance point, is one of the main ways that Nigerians today participate in the crypto market. P2P transaction latencies will be lessened thanks to this new feature, particularly for intra-bank transfers.

About Binance

Binance is the largest cryptocurrency exchange by volume. It also includes the world's top blockchain ecosystem and infrastructure provider. The Binance platform, which is trusted by millions of people worldwide, aims to give users more financial freedom by offering an unrivaled portfolio of cryptocurrency products and services, including trading and finance, data and research, social good, investment and incubation, decentralization and infrastructure solutions, education, and more. Visit https://www.Binance.com to learn more.