Metamask, Moonpay Partner To Let Nigerians Buy Crypto Directly
Buying cryptocurrencies in Nigeria just got easier after the partnership between Moonpay and ConsenSys – enabling direct crypto purchases via bank transfers on MetaMask.
According to a March 21 statement, MetaMask developer ConsenSys revealed that the new integration of Moonpay will allow users to purchase their cryptocurrencies within the MetaMask mobile and Portfolio Dapp.
Push towards availability
This significantly improves the common practice of using credit or debit cards for crypto purchases. “An estimated 90% of credit/debit card attempts to buy crypto in Nigeria are declined,” ConsenSys noted.
According to the announcement, Nigeria is one of the largest markets for MetaMask globally, as it ranks third among active mobile users.
“Integrating MoonPay into MetaMask will make it easier for Nigerian users to acquire tokens more efficiently.”
Metamask adoption in Nigeria
Meanwhile, the popularity of MetaMask in Nigeria is a testament to the adoption of cryptocurrencies in the country despite the lack of regulatory clarity. In 2021, the country’s banking regulator – the Central Bank of Nigeria – ordered banks to stop facilitating cryptocurrency transactions and close all crypto-related accounts.
Despite the suspension of services, crypto adoption in the country has remained unimpeded as peer-to-peer trading becomes more popular. Chainalysis ranked Nigeria in the top 20 on its 2022 Global Crypto Adoption Index.
There is still no regulatory clarity on crypto in Nigeria, although the government seems to have a relaxed attitude.
Reports appeared in 2022 that Binance and the Nigerian government are involved in talks to create a virtual free zone – similar to Dubai’s crypto trading zone. The CBN has also said that it did not ban cryptocurrency.
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