MetaMask and MoonPay Partnership Brings Easier Crypto Purchases to Nigeria
If you're a crypto investor in Nigeria, buying cryptocurrencies just got a lot easier thanks to MetaMask. The major crypto wallet has partnered with crypto fintech MoonPay to enable direct crypto purchases via local bank transfers.
Hello, Nigeria 🇳🇬!
— MoonPay (@moonpay) March 16, 2023
MoonPay users in Nigeria can now buy crypto via P2P bank transfer. A safe and reliable way for you to send cryptocurrency directly to your wallet in minutes.
Your crypto, your way. Try it now ⬇️https://t.co/FXt3XkgLOa pic.twitter.com/BEw68x1B0I
This integration is a game-changer for self-custody cryptocurrency purchases in Nigeria, significantly simplifying the process of buying crypto without using credit or debit cards. Before the partnership, the process of buying crypto was costly and time consuming, with a 90% decline rate for credit or debit card purchases.
But now, with the new integration, users in Nigeria can access crypto faster and cheaper without sending assets from a centralized exchange. This is a significant development for the Nigerian crypto market, which has emerged as a major market for MetaMask, ranking third in mobile monthly active users.
Despite the Central Bank of Nigeria banning banks from servicing crypto exchanges in February 2021, Nigeria is one of the world's top 20 ranked countries in terms of cryptocurrency adoption. In fact, some reports suggest that 35% of the Nigerian population aged 18 to 60 owned or traded cryptocurrencies in 2022.
The new integration with MoonPay is estimated to reduce the decline rate for direct crypto purchases in Nigeria from 90% to 30%, according to MoonPay's chief product and strategy officer, Zeeshan Feroz. And, customers of all banks in Nigeria will have access to the service through Bank Transfers, which is a widely used payment method across Nigerian e-commerce businesses.
In summary, MetaMask's partnership with MoonPay to enable direct crypto purchases in Nigeria is a significant development for the Nigerian crypto market. It's now easier and more affordable for Nigerian crypto investors to access cryptocurrencies, without relying on centralized exchanges.