MetaMask enables direct crypto purchases in Nigeria

Buying cryptocurrency is becoming more accessible in Nigeria as major crypto wallet MetaMask expands direct run-ins with local banks.

On March 21, MetaMask’s parent company ConsenSys announced a new integration with crypto fintech MoonPay, enabling users in Nigeria to buy crypto via instant bank transfers.

The new feature is available in the MetaMask mobile and Portfolio DApp, which greatly simplifies the process of buying crypto without using credit or debit cards in Nigeria.

Before the partnership, MetaMask users in Nigeria had access to the MetaMask wallet, but the process of buying crypto was costly and time-consuming, MetaMask product manager Lorenzo Santos told Cointelegraph. He stated:

“While Moonpay had a card integration feature, about 90% of attempts to buy crypto with a credit or debit card were declined.”

With the new integration that supports local bank transfers, buying crypto on MetaMask is now faster and cheaper, allowing users to access crypto without sending assets from a centralized exchange.

MoonPay Product and Strategy Manager Zeeshan Feroz told Cointelegraph that the integration is projected to reduce the decline of direct crypto purchases in Nigeria from 90% to 30%. He noted that customers of all banks in Nigeria would be able to access the service through wire transfers, which is a widely used payment method across Nigerian e-commerce businesses.

Despite the current issues with crypto ramps in Nigeria, the country has emerged as a major market for MetaMask, ranking third among active monthly mobile users, Santos said. “It is also among the top ten countries in terms of visitors to metamask.io in the last month,” he added.

Related: Nigerian president aims to use blockchain technology in the banking sector

According to the Chainalysis 2022 Global Crypto Adoption Index, Nigeria is one of the world’s top 20 ranked countries in terms of cryptocurrency adoption. Some reports suggest that 35% of the Nigerian population aged 18 to 60 owned or traded cryptocurrencies in 2022. This is despite the Central Bank of Nigeria banning banks from operating crypto exchanges in February 2021.

In December 2022, local media reported that the Nigerian government was preparing to pass a law recognizing the use of Bitcoin (BTC) and other cryptocurrencies to keep up with “global practices”.