Binance Builds Financial Foundation for South Africa's Smart Cities

Binance is helping build the payment layer beneath South Africa's smart cities, starting with making digital finance accessible to everyday people. The company's General Manager for South Africa, Hannes Wessels, explained that there are three barriers preventing people from using digital finance day-to-day: understanding it, getting started, and the cost of entry.

To address these issues, Binance built Binance Academy, a free resource that educates users on crypto concepts. The company also simplified the process of starting to use its platform, making it possible to begin with as little as R50. Wessels emphasized that each barrier must be addressed separately and not assumed to be fixed by solving one problem.

When it comes to paying for everyday items, Binance has partnered with Money Badger to create a seamless payment experience. Through the partnership, shoppers can use their QR code to make payments in 30 seconds or less, with merchants receiving direct rands without any added fees.