MetaMask has formed a partnership with MoonPay to increase the number of direct on-ramps with local banks in Nigeria. The goal of this move is to make it easier for people in Nigeria to buy cryptocurrencies that they keep in their own custody. On March 21, ConsenSys, the company that owns MetaMask and is responsible for the integration, made the announcement. This would enable customers in Nigeria to acquire cryptocurrencies via quick bank transfers. The new functionality can be used from the Portfolio DApp and the MetaMask mobile app. It makes the process of purchasing cryptocurrency in Nigeria without using a credit card or debit card substantially simpler.
Formerly, MoonPay included a card integration capability; however, according to Santos, a spokesman for MetaMask, over 90% of efforts to buy cryptocurrency using a credit or debit card were refused. MoonPay has since removed this feature. Purchases of cryptocurrencies using MetaMask are now both quicker and less expensive thanks to a new interface that supports local bank transfers. This gives users the ability to acquire cryptocurrencies without first moving assets to a centralized exchange.
Despite the fact that Nigeria is now experiencing problems with crypto on-ramps, the country has emerged as a prominent market for MetaMask and currently ranks third in mobile monthly active users. According to Santos, it is also one of the top 10 nations in terms of the number of visits to metamask.io during the course of the previous month. According to the findings of the Chainalysis 2022 Global Crypto Adoption Index, Nigeria is one of the top 20 nations in the world when it comes to the adoption of cryptocurrencies. According to a number of studies, in the year 2022, 35 percent of the population of Nigerians aged 18 to 60 either owned or traded cryptocurrencies.
This high level of acceptance is occurring despite the fact that in February 2021, the Central Bank of Nigeria will prohibit banks from serving cryptocurrency exchanges. Nevertheless, in December 2022, local media claimed that the Nigerian government was prepared to draft a legislation recognizing the usage of Bitcoin (BTC) and other cryptocurrencies in order to stay up with “global norms.” This law was expected to recognize the use of Bitcoin and other cryptocurrencies. This step, in conjunction with the recently completed integration between MetaMask and MoonPay, may be interpreted as an indication that cryptocurrency use is gaining ground in Nigeria.
It is essential to be aware of the fact that the cryptocurrency industry in Nigeria is confronted with obstacles such as a lack of regulatory clarity and worries over safety. The collaboration between MetaMask and MoonPay, on the other hand, offers a workable alternative for people who want to invest in cryptocurrency but don’t want to use their credit cards or debit cards. It is possible that other improvements could emerge with the goal of making cryptocurrencies more accessible and user-friendly as cryptocurrency use continues to surge in popularity in Nigeria and other nations across the world.
