Nigeria has a large community of crypto traders, and they no longer have to depend on centralized exchanges to purchase cryptocurrencies such as Bitcoin.
As leading cryptocurrency wallet MetaMask increases direct on-ramps with local banks, self-custody bitcoin purchases are becoming more accessible in Nigeria.
ConsenSys, Metamask’s parent company, announced a new interface with crypto fintech MoonPay on March 21, allowing customers in Nigeria to acquire cryptocurrency via rapid bank transfers.
The new feature is now available in the MetaMask mobile and Portfolio DApp, considerably easing the process of purchasing cryptocurrency in Nigeria without using credit or debit cards.
Prior to the agreement, MetaMask users in Nigeria had access to the MetaMask wallet, but purchasing cryptocurrency was expensive and time-consuming, according to MetaMask product manager Lorenzo Santos.
While Moonpay featured a card integration feature, he indicated that roughly 90% of efforts to buy cryptocurrency with a credit or debit card were refused.
Crypto transactions on MetaMask are now easier and more affordable thanks to the new integration that supports local bank transfers, enabling customers to purchase crypto without moving assets from a centralized exchange.
According to MoonPay’s chief product and strategy officer Zeeshan Feroz, the integration is expected to cut the decline rate for direct crypto purchases in Nigeria from 90% to 30%.
He stated that customers of all Nigerian banks would be able to utilize the service via bank transfers, which are a popular payment method among Nigerian e-commerce enterprises.
Notwithstanding current challenges with crypto on-ramps in Nigeria, Santos claims that the country has emerged as a big market for MetaMask, ranking third in mobile monthly active users.
He also mentioned that it is one of the top 10 nations in terms of visitors to metamask.io in the last month.
Nigeria is one of the top 20 countries in the global for cryptocurrency adoption, according to the Chainalysis 2022 Global Crypto Adoption Index.
According to some estimates, 35% of Nigerians aged 18 to 60 would own or trade cryptocurrencies by 2022.
Notwithstanding the fact that the Central Bank of Nigeria prohibits banks from servicing cryptocurrency exchanges beginning in February 2021.
In December 2022, local media stated that the Nigerian government was prepared to create a law recognizing the usage of Bitcoin and other cryptocurrencies to be up to speed with “global norms.
Don’t miss important articles during the week. Subscribe to blockbuild weekly digest for updates