Metamask uses MoonPay to enable Nigerians to buy crypto by immediate transfer

Metamask uses MoonPay to enable Nigerians to buy crypto by immediate transfer

Metask integrates into the crypto-fintech platform Moonpay to expand its offer in Nigeria.

According to Metamask developer Consensys, Nigeria is one of the most important markets for the crypto wallet service worldwide and takes third place among active mobile users. The latest step in gaining a greater foothold in the country is a reaction to the shortcomings in the local financial system, since estimated 90 % of the credit/debit card attempts to buy crypto in Nigeria are rejected.

expansion according to Nigeria

With the MoonPay integration, metamask users can now use immediate bank transfers in the African country to buy crypto much faster and cheaper directly. This new function is available in the mobile metamask app and the portfolio dap.

Lorenzo Santos, Senior Product Manager from Metamask, said the goal is to reduce friction and reduce barriers by addressing the challenges that are faced with the use of Fiat for the crypto driveway. After the development, Zeeshan Feroz, Chief Product & Strategy Officer from Moonpay, also mixed,

"Our partnership with Metamask will enable us to offer Nigerian users bank transfers, a widespread payment method in Nigerian e-commerce companies. We hope that this integration will open the doors to the Nigerians to finance their self-reduced wallet through a simplified user experience."

In the coming month, Metamask and MoonPay also want to introduce the function in Kenya, Botswana and South Africa.

crypto adoption in Nigeria

The existing regulations in Nigeria lack provisions that enable cryptobic users to do business with their local banks. The country's banking supervisory authority, the Central Bank of Nigeria, also prohibited the banks to enable crypto transactions and to close all crypto -related accounts in 2021.

This did not deter the introduction of crypto in the country. The Chainalysis 2022 Global Crypto Adoption Index showed that an estimated almost 12.4 million people, that is 5.7 % of the Nigerian population, have crypto-assets, and the adoption rate is steadily increasing.

The chairman of the Committee of the House of Representatives for capital markets and institutions Nigeria questioned his earlier attitude and last December presented a new bill to change the existing "Investment and Securities Act 2007" by legalizing the use of Bitcoin and other cryptocurrencies.

If the draft law comes into force, the Nigerian stock exchange supervisory authority will recognize cryptocurrency and other digital funds than capital for investments.

recently, the elected Nigerian President Bola Tinubu published a manifesto, which, if it is implemented, would enable the use of blockchain technology and crypto in the country's banking and finance sector. It is also expected that this creates up to 30 million jobs for citizens.

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