MetaMask and MoonPay Collaborates to Allow Nigerians Buy Crypto Via Bank Transfer

Jimmy Aki
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The newly formed partnerships between the popular crypto wallet MetaMask and Web3 payment company MoonPay will enable Nigerians to buy crypto tokens directly from their Metamask wallet.

These cryptocurrency purchases will be made via local bank transfers within the MetaMask platform.

Ease of Crypto Trade for Nigerians

Good news for crypto enthusiasts in Nigeria as MetaMask users in the country can now use immediate bank transfers to buy cryptocurrency directly within the MetaMask mobile app and the Portfolio Dapp, resulting in a more streamlined experience that is less expensive, faster, and more effective.

According to a Tuesday press release from Metamask developer, ConsenSys, this was made possible by the recent partnership between the world’s leading self-custody wallet, MetaMask, and web3 payment provider MoonPay.

Thanks to this collaboration, crypto traders in Nigeria will be able to purchase cryptocurrency tokens straight from their wallets.

They can choose Nigeria as their region and the MoonPay quote corresponding to their purchase amount when purchasing cryptocurrency. Following that, the purchased tokens can be stored in their MetaMask wallets.

According to ConsenSys, the connection would simplify cryptocurrency purchases for Nigerians.

Before this new initiative, users in the nation could already make localized peer-to-peer cryptocurrency purchases with MoonPay.

This service also uses regional bank transfers thanks to a collaboration between MoonPay and the African fintech company Yellow Card.

Trading and buying cryptocurrencies in Nigeria have been difficult, with an estimated 90% of attempts to acquire cryptocurrency using a credit/debit card failing.

Due to this, Nigerians cannot readily buy bitcoins despite the country being a major hub for cryptocurrency transactions because commercial banks are not permitted to provide banking services to cryptocurrency exchanges by the nation’s central bank.

In addition, several Nigerian banks’ debit cards are no longer permitted on foreign websites. This makes it more challenging for individuals to buy cryptocurrency on centralized exchanges.

However, Consensys believes the issue will be improved by adding more regional payment options, like fast bank transfers.

This will allow Nigerian customers to access Web3 more quickly and buy tokens without registering an account with a centralized crypto exchange. With this initiative, decline rates will also be lower, making things more user-friendly.

Service Expected to Expand to Other African Countries

ConsenSys reiterated that Nigeria is just the starting point for their project, as they plan to extend the implementation of this functionality to Kenya, Botswana, and South Africa in the upcoming month.

The leading Ethereum and decentralized protocol software company claims to be committed to offering consumers in Africa seamless experiences.

According to ConsenSys, the partnership with MoonPay is a step toward giving users a more convenient on-ramp experience in these nations.

The firm thinks the increasing popularity of MetaMask in Nigeria is proof of the increasing adoption of crypto in the country.

As the most populous country in Africa, adopting the service will create the potential for further expansion of digital assets in Africa.

Nigeria Ranks High in Crypto Adoption

According to the Chainalysis 2022 Global Crypto Adoption Index, Nigeria has been moving up the rankings in terms of grassroots cryptocurrency use.

5.7% of Nigeria’s population, or almost 12.4 million people, are considered crypto asset owners. Nigeria is also one of the top markets for MetaMask globally, with the third-highest number of active mobile users.

Furthermore, it is among the top ten nations for metamask.io visitors.

The Nigerian crypto industry would keep growing if there was a real-time, widely used payment infrastructure to ease the barrier to cryptocurrency transactions.

Therefore, the integration provides a simple solution that replaces the complicated process of buying cryptocurrency, particularly in Nigeria.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.