Nigeria launches Cash and Crypto social payments software

Currently, only 1.4 million people out of 1.2 billion people in Africa use crypto
An Africa-based social payments app for cash and cryptocurrencies, dubbed Bundle and backed by Binance, has launched in Nigeria. Picture: Twitter - @mariofusco

A cash and cryptocurrencies social payment app based in Africa, dubbed Package and backed by Binance, has been launched in Nigeria, the online publication announced by The Paypers.

Bundle helps users to request, send, and receive cash or crypto from their peers, according to the news site.

As such, users can purchase, sell, and store digital currencies such as Binance Coin (BNB), Ethereum (ETH) and Bitcoin (BTC), as well as deposit and withdraw digital currencies and local currencies, starting with Nigerian Naira (NGN) and several more fiat currencies.

However, these transactions could also be processed via different payment platforms such as checks, bank transfer, and Mobile Money, as well as securely deposited in the SmartWallet of Bundle.

The publication said the Binance and Package team believe Africa faces daunting socio-economic challenges such as access to financial services and hyperinflation needing bold, creative, and alternative solutions.

Bundle's product vision is to develop into a super-app with a native digital wallet that supports crypto and cash – one that is becoming an important tech for Africans and the world in their daily lives, The Paypers said.

Bundle will initially launch with 0 fees, but the verification and fiat deposit and withdrawal limits apply to Know The Customer (KYC).

Additionally, by the end of 2020, Bundle aims to support over 30 African countries, providing a supported fiat on / off ramp for crypto on the mainland. The goal of Bundle is to make economic independence and stability a fact for all Africans, and to accelerate the continent's crypto-adoption.

Talking to Cointelegraph, Taiwo Orilogbon, chief technology officer at Bundle, clarified that Africa was a fertile ground for financial innovation focused on crypto-currency.

He Said,

“Currently, only 1.4 million people out of 1.2 billion people in Africa use crypto. This is a worthwhile mission because making the blockchain ecosystem more accessible unlocks economic opportunity on and for the continent,”

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