Accessing Cryptocurrency via Mobile Money: The Financial Revolution in Francophone Africa

Financial inclusion in Francophone Africa is taking a new step. With over 60% of the population unbanked or underbanked on the continent, but using Mobile Money daily for transactions, an innovative solution is emerging: the ability to buy and sell crypto directly through this mobile payment service.

This feature, gradually rolled out over the past year, has expanded to now cover nine Francophone African countries. Benin, Cameroon, Republic of the Congo, Ivory Coast, Democratic Republic of the Congo, Senegal, Burkina Faso, Togo, and Gabon are already benefiting from this opportunity to access digital assets.

Why this initiative is a game-changer

In Africa, the lack of a traditional bank account has long been a major obstacle to adopting cryptocurrency. However, the Mobile Money penetration rate is impressive. By allowing users to directly convert their Mobile Money funds into crypto, trading platforms help democratize access to this alternative financial ecosystem.

This approach addresses a specific economic reality: millions of Africans have a phone number and a Mobile Money account, but not a bank account. This is precisely where the potential for financial transformation lies.

How to proceed step by step

Step 1: Authentication and access
Log in to your trading platform account. Go to the deposits and purchases section.

Step 2: Select the currency
Choose your payment currency (XAF, XOF, USD, or other local currencies depending on your country). The platform automatically displays the available crypto options for this currency.

Step 3: Amount and automatic calculation
Enter the amount in fiat currency you wish to invest. The system instantly calculates the corresponding amount of crypto at the current rate.

Step 4: Identity verification (if necessary)
If you haven’t completed your verification profile yet, the platform will prompt you. Follow the instructions to validate your identity via mobile app authentication and phone number verification.

Step 5: Select Mobile Money provider
Choose Mobile Money as the payment method. Depending on your location, multiple providers may be available. Select the one corresponding to your operator. If this is your first time, provide the necessary information: provider, phone number, and email address.

Step 6: Review details
Carefully review the transaction fees and payment details. Ensure your Mobile Money balance covers the requested amount. Remember that the price and amount of crypto can be recalculated automatically.

Step 7: Authorization via PIN code
After confirmation, you will receive a request to enter your PIN code on your phone. Enter this code within 15 minutes to authorize the payment. If the time expires, use the “Retry” option to resend the request.

Step 8: Finalize and review
Once the transaction is confirmed, review your purchase details in the history. Your digital assets will be available in your wallet.

The impact for the continent

This innovation represents much more than a simple technical convenience. It symbolizes a turning point in African financial accessibility. By removing barriers related to the absence of a traditional bank account, it opens doors to savings, investment, and participation in the global digital economy.

For cryptocurrency in Africa, this means expanding a potentially massive user base. For individuals, it’s an opportunity to take control of their digital assets from their phone, simply and directly.