MetaMask Uses MoonPay For Nigerian Crypto Purchases
Nigeria ranks among MetaMask’s top 10 website visitors. MetaMask is partnering with MoonPay to expand in Nigeria.
Nigeria is MetaMask’s third-largest market for active mobile users, according to developer ConsenSys. Due to Nigeria’s financial system, 90% of credit/debit card crypto purchases are refused, prompting the new initiative to strengthen its presence.
Nigeria Expansion
With MoonPay integration, African MetaMask users may buy crypto directly using rapid bank transfers. The Portfolio Dapp and MetaMask mobile app support this feature.
MetaMask Senior Product Manager Lorenzo Santos said the goal is to eliminate friction and hurdles by solving fiat-to-crypto on-ramp issues. MoonPay Chief Product & Strategy Officer Zeeshan Feroz added,
“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.”
MetaMask and MoonPay plan to launch the feature in Kenya, Botswana, and South Africa next month.
Nigerian Crypto Adoption
Nigeria’s laws don’t allow crypto users to utilize local banks. The Central Bank of Nigeria banned crypto transactions and closed all crypto accounts in 2021.
This has not stopped crypto adoption in the country. The Chainalysis 2022 Global Crypto Adoption Index estimated that over 12.4 million Nigerians, or 5.7% of the population, own crypto assets, and the adoption rate is rising.
Last December, the chairman of the House of Representatives Committee on Capital Markets and Institutions of Nigeria introduced a bill to alter the “Investment and Securities Act 2007” to legalize Bitcoin and other cryptocurrencies.
Cryptocurrency and other digital funds will be investment capital if the bill passes.
Recently, Nigerian President-elect Bola Tinubu announced a manifesto that would allow blockchain and crypto in banking and finance. This may provide 30 million employment for its population.
