Market-Leading Web3 company, ConsenSys, revealed that MetaMask, the world’s leading self-custody wallet and MoonPay, the leading web3 infrastructure company, have expanded their offering in Nigeria. Users of MetaMask in Nigeria can now use instant bank transfers to purchase crypto directly within the MetaMask mobile app and the Portfolio Dapp, resulting in a more seamless experience that is cheaper, faster and more efficient.
Buying and selling crypto in Nigeria can be challenging, with an estimated 90 percent of attempts to buy crypto using a credit/debit card declining. However, adding more localized payment methods such as instant bank transfers, will improve the situation, enabling Nigerian users to access web3 more efficiently and obtain tokens conveniently without setting up an account with a centralized crypto exchange. This will reduce decline rates and provide a user-friendly experience.
Committed to providing seamless experiences for users in Africa, starting with Nigeria and expanding the rollout of this feature to Kenya, Botswana, and South Africa in the coming month, this collaboration with MoonPay is a step towards achieving this goal by providing users with a more convenient on-ramp experience in these countries.
The growing popularity of MetaMask in Nigeria is a testament to the increasing adoption of crypto in the country and the potential for further expansion of digital assets in Africa.
The Chainalysis 2022 Global Crypto Adoption Index shows Nigeria has been climbing the charts regarding grassroots crypto adoption. Almost 12.4 million people, 5.7 percent of Nigeria’s population, are estimated to own crypto assets. In addition, Nigeria is among MetaMask’s top markets globally, ranking third in mobile active users. It is also among the top ten countries regarding visitors to metamask.io.
Speaking, Senior Product Manager, MetaMask, Lorenzo Santos, said, “This is an essential next step in a critical market that has embraced crypto and web3 but faces serious challenges when using fiat to crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into web3.”
On his part, Chief Product and Strategy Officer, MoonPay, Zeeshan Feroz, said, “Our partnership with MetaMask will enable us to provide Nigerian users with Bank Transfers, a widely used payment method across Nigerian e-commerce businesses. We hope this integration opens the doors for Nigerians to fund their self-custody wallet through a simplified user experience.”
A widely accepted and real-time payment infrastructure obstacle for crypto transactions in Nigeria would boost the Nigerian crypto market. With this integration, the complexity of purchasing crypto, especially in Nigeria, is replaced with an easy solution. Furthermore, MetaMask users can become their own bank through self-custody, directly controlling their assets. To fund your MetaMask wallet with MoonPay in Nigeria, login to the MetaMask mobile app or Portfolio Dapp, click or tap the Buy button, select Nigeria as your region, then choose Instant Bank Transfer. Then enter the amount desired and the token you wish to purchase, select the MoonPay quote, checkout inside the MoonPay widget and you have successfully bought crypto directly in MetaMask and can now explore web3 easily.
