MetaMask Enables Direct Crypto Purchases In Nigeria
Cryptocurrency investors in Nigeria no longer purchase cryptocurrencies like Bitcoin through centralized exchanges.
In Nigeria, buying self-custody cryptocurrencies is becoming more accessible as leading cryptocurrency wallet MetaMask expands direct access to local banks.
On March 21, meta mask’s parent company, ConsenSys, announced a new integration with crypto fintech MoonPay, allowing Nigerian users to do Direct Crypto Purchases with instant bank transfers.
Available in MetaMask Mobile and Portfolio DApps, this new feature dramatically simplifies buying cryptocurrencies in Nigeria without using a credit or debit card.
Before the partnership, MetaMask users in Nigeria could access MetaMask wallets, but the process of buying cryptocurrencies was costly and time-consuming, said Lorenzo, product manager of MetaMask. He said:
“Moonpay had card integration feature, but about 90% of attempts to buy cryptocurrencies with credit or debit cards were rejected.”
New integration supporting local bank transfers makes cryptocurrency purchases on MetaMask faster and cheaper, allowing users to access cryptocurrencies without sending assets from centralized exchanges.
MoonPay Chief Product Strategy Officer Zeeshan Feroz told Cointelegraph that the consolidation is estimated to reduce the rate of decline in direct cryptocurrency purchases in Nigeria from 90% to 30%. He said customers of all Nigerian banks could access the service through bank transfers, a payment method widely used by e-commerce businesses in Nigeria.
Although Nigeria’s cryptocurrency entry is currently problematic, the country has emerged as a critical market for MetaMask, ranking third in monthly active mobile users, Santos said.
“Also he was one of the top 10 countries’ visitor numbers on metamask.io last month,”
The popular Ethereum wallet and browser extension, MetaMask, has announced that it now allows Nigerian users to purchase cryptocurrencies directly from their wallets. This move aims to make it easier for Nigerians to access cryptocurrencies, which have been growing in popularity in the West African country despite regulatory uncertainty.
The founder of MetaMask, Joel Lubin, highlighted the importance of this development for Nigeria. He said,
“By making it easier for anyone to buy and store cryptocurrencies, we aim to drive economic empowerment and financial inclusion across Nigeria.”
MetaMask’s expansion in Nigeria comes when the country faces a burgeoning interest in cryptocurrencies. The government has been experiencing consistent growth in cryptocurrency trading volumes, with bitcoin (BTC) trading reaching record highs in recent months
In December 2022, local media reported that the Nigerian government was preparing to pass a law allowing the use of the $28,005 Bitcoin BTC ticker and other cryptocurrencies to keep up with “global practices.”
Given Nigeria’s thriving blockchain and cryptocurrency ecosystem, the partnership between MetaMask and Tersosolutions is set to create valuable synergies that could drive innovation and create new opportunities for Nigerian businesses.
MetaMask’s decision to enable Direct Crypto Purchases in Nigeria is a significant move that will provide more convenient access to digital assets for Nigerians, especially given the country’s growing interest in cryptocurrencies. This development marks another milestone in the growth of blockchain technology in Nigeria and the wider African continent, suggesting that African countries could embrace cryptocurrencies as a way to bypass their traditional financial systems in the future.