Binance Exchange Lowers Naira (NGN) Deposit Fee for Bank Transfers

The world’s largest cryptocurrency exchange, Binance has adjusted the fiat-to-crypto bank deposit fees with Naira (NGN), the legal tender of the Federal Republic of Nigeria. A milestone for Nigerian customers on the platform, especially the high cap traders.

According to a press release shared with Coinfomania on Monday, Binance Nigerian users now have to pay only 150 NGN ($0.41 ) for bank transfer deposits, instead of the initial 1.4% charge per transaction. The adjustment which came into effect on Monday nullifies 1.4% charge as well as the 2000 NGN flat fee pegged on large bank transfer deposits in the region of 18,000,000 NGN.

Now the fee is simply 150 NGN irrespective of the amount deposited by a user.

The development today for users from Nigeria comes as part of the exchange’s effort to ensure that the freedom of money is achieved. As Coinfomania reported in October, the direct fiat-to-crypto trading pairs on Binance was kicked off with Naira (NGN).

The Naira deposit on Binance was achieved through partnership with the country’s leading payment processor, Flutterwave. The addition also provided users with multiple trading such as BTC/NGN, BUSD/NGN, and BNB/NGN. 

At that time, the deposit amount was set at 430,000 NGN (~ $1,187) as a maximum deposit for card transactions,  and 18,000,000 NGN for deposits via bank transfer. The minimum amount was fixed at 150 NGN (~ $0.41) for both channels.

Indeed, Binance exchange is one of the greatest builders in the cryptocurrency industry, constantly releasing new products and services to improve users’ experience as well as promote the concepts of digital currency. In December, the exchange launched a new internal transaction function that will enable users to transfer funds quickly between Binance accounts (i.e., internal transfer).

Binance Sponsors BAC 2020

Still on the interest to ensure the freedom of money, especially in Africa, Binance exchange will be the premier sponsor of the upcoming Blockchain Africa Conference, scheduled to hold from 11 – 12 March 2020, at Johannesburg, South Africa.