MetaMask taps MoonPay to enable Nigerians to buy crypto via instant bank transfers
MetaMask integrates with crypto fintech platform MoonPay to expand its offering in Nigeria.
According to MetaMask developer ConsenSys, Nigeria happens to be one of the largest markets for the crypto wallet service globally, ranking third in active mobile users. The latest move to gain a stronger foothold in the country comes in response to inadequacies in the local financial system, as an estimated 90% of credit/debit card attempts to buy crypto in Nigeria are rejected.
Expansion into Nigeria
With MoonPay integration, MetaMask users in the African country will now be able to use instant bank transfers to buy crypto directly in a much faster and cheaper way. This new feature is available on MetaMask mobile app and Portfolio Dapp.
MetaMask’s senior product manager Lorenzo Santos said the goal is to reduce friction and bring down barriers by addressing the challenges while using fiat for the crypto ramp. Following the development, Zeeshan Feroz, Chief Product & Strategy Officer at MoonPay, also weighed in,
“Our partnership with MetaMask will enable us to provide Nigerian users with wire transfers, a widely used payment method across Nigerian e-commerce businesses. We hope this integration opens the doors for Nigerians to fund their self-managed wallet through a simplified user experience.”
In the coming month, MetaMask and MoonPay expect to roll out the feature in Kenya, Botswana and South Africa as well.
Crypto adoption in Nigeria
The existing regulations in Nigeria lack provisions that allow crypto users to transact with their local banks. The country’s banking regulator, the Central Bank of Nigeria, also banned banks from facilitating crypto transactions and closed all crypto-related accounts in 2021.
However, this has not deterred crypto adoption in the country. The Chainalysis 2022 Global Crypto Adoption Index revealed that nearly 12.4 million people, which is 5.7% of Nigeria’s population, are estimated to own crypto assets, and the adoption rate is on a steady increase.
The Chairman of the House of Representatives Committee on Capital Markets and Institutions in Nigeria unveiled a new bill that seeks to amend the existing “Investment and Securities Act 2007” by legalizing the use of Bitcoin and other cryptocurrencies last December.
If the bill is passed into law, Nigeria’s Securities and Exchange Commission will recognize cryptocurrency and other digital funds as capital for investment.
Recently, newly elected Nigerian President Bola Tinubu issued a manifesto that, if implemented, will allow the use of blockchain technology and crypto in the country’s banking and finance sector. This is also expected to create up to 30 million jobs for the citizens.
