On March 21, 2023, ConsenSys announced a partnership between MetaMask and MoonPay, a web3 payment provider, to expand MetaMask’s offering in Nigeria.
The partnership will enable Nigerian users to purchase cryptocurrency tokens directly from their MetaMask wallets using regional bank transfers. Previously, Nigerian users of MetaMask wallet had access to the platform, but purchasing cryptocurrency was costly and time-intensive. According to ConsenSys, adding more localized payment methods, such as instant bank transfers, will improve the situation.
ConsenSys also claims that the partnership will enable Nigerian users to access Web3 services more easily and purchase tokens without having to go through the hassle of creating an account with a centralized crypto exchange
MoonPay already provides a service for users in Nigeria to purchase cryptocurrencies through localized peer-to-peer transactions. This service uses local bank transfers and was made possible through a partnership between MoonPay and the African fintech company Yellow Card.
Zeeshan Feroz, the Chief Product & Strategy Officer of MoonPay, expressed hope that this integration will make it easier for Nigerians to finance their self-custodial wallet and enjoy a streamlined user experience.
According to the Chainalysis 2022 Global Crypto Adoption Index, Nigeria has made significant progress in crypto adoption. Nearly 12.4 million people, accounting for 5.7% of the country’s population, are believed to possess crypto assets. Moreover, Nigeria has emerged as one of MetaMask’s leading global markets, ranking third in active mobile users.
However, Nigerians face challenges purchasing cryptocurrencies because the country’s central bank prohibits commercial banks from servicing crypto exchanges. Many Nigerian banks have also suspended using their debit cards on international websites, making it difficult to purchase crypto on centralized exchanges.
Lorenzo Santos, Senior Product Manager at MetaMask, stated:
“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.”
ConsenSys plans to extend this functionality to Kenya, Botswana, and South Africa in the coming months. Their partnership with MoonPay would help this objective faster and grant users a more accessible on-ramp experience in these nations.
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