MetaMask And MoonPay Partner To Allow Nigerians Purchase Crypto Via Bank Transfer

MetaMask has expanded its partnership with MoonPay, the web3 payment platform, enabling Nigerian users to purchase cryptocurrencies through instant bank transfers. According to a statement by ConsenSys, a MetaMask parent firm, on March 21, it revealed that the new integration would enable users to purchase their crypto within the MetaMask mobile and Portfolio Dapp.

MetaMask and MoonPay partner to let Nigerians buy crypto via bank transfer https://t.co/JRz6YeQ5iO

— The Block (@TheBlock__) March 21, 2023

Before the partnership, the MetaMask users had access to the MetaMask wallet. However, the process of purchasing crypto was costly and time-consuming. Nonetheless, the announcement stipulated that about 90% of credit or debit card attempts to buy crypto in Nigeria were declined.

However, with the new, more localized payment methods, including instant bank transfers, crypto purchases on MetaMask are now cheaper and faster. They enable the users to access web3 more easily and obtain tokens from a centralized exchange. Notably, the integration enables the reduction rates and provides a user-friendly experience. Further, the statement revealed that:

 Integrating MoonPay into MetaMask will make it easier for Nigerians to obtain tokens more efficiently without setting up a crypto exchange account.

MetaMask adoption

The senior product manager at MetaMask, Lorenzo Santos, noted that integration is necessary for a critical market that has embraced crypto and web3. ‘’ We are reducing friction and bringing down barriers to continue supporting the users in Nigeria as they onboard on web3,’’ he added.

Regardless of the ongoing issues with crypto on-ramps, Nigeria is among MetaMask’s top markets worldwide, ranking third in active mobile users. In the past month, it has been among the top ten countries regarding visitors to metamask.io.

On the other hand, MoonPay’s Chief Product and Strategy Officer, Zeeshan Forez, noted that ’ the partnership will enable MoonPay platform to provide Nigerian users with Bank transfers, a widely used payment method across Nigerian e-commerce businesses. Additionally, ‘’integration opens doors for the Nigerians to fund their self-custody wallet,’’ he asserted.

Crypto adoption in Nigeria

Crypto adoption has remained unstoppable in Nigeria as peer-to-peer trading becomes more popular. Chain analysis ranked Nigeria as one of the top 20 countries on its 2022 Global Crypto Adoption Index. Despite the country’s regulator, the Central Bank of Nigeria, ordering banks to stop facilitating crypto transactions and shut all crypto-related accounts, some reports disclose that almost 35% of the Nigerian population, aged 18 to 60, traded and owned crypto last year.

Reportedly, in December 2022, the Nigerian government was processing to pass a law recognizing the usage of Bitcoin and other cryptos to keep up to date with global practices. Nonetheless, MetaMask is committed to facilitating seamless experiences for African users, starting with Nigeria and expanding the features to other countries, including Kenya, South Africa, and Botswana, in the coming month.

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