Metamask, Moonpay partner to allow Nigerians buy crypto directly Metamask, Moonpay partner to allow Nigerians buy crypto directly
In 2021, the central bank of Nigeria ordered banks to stop facilitating cryptocurrency transactions and close all crypto-related accounts.
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Updated: Mar. 1, 2024 at 4:29 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Buying cryptocurrencies in Nigeria just became easier following the partnership between Moonpay and ConsenSys — enabling direct crypto purchases via bank transfers on MetaMask.
According to a March 21 statement, MetaMask developer ConsenSys disclosed that the new integration by Moonpay will allow users to buy their cryptocurrencies within the MetaMask mobile and Portfolio Dapp.
Push towards accessibility
This significantly improves the usual practice of using credit or debit cards for crypto purchases. “An estimated 90% of credit/debit card attempts to buy crypto in Nigeria are declined,” ConsenSys noted.
According to the announcement, Nigeria is one of the major markets for MetaMask globally, as it ranks third in active mobile users.
“Integrating MoonPay into MetaMask will make it easier for Nigerian users to obtain tokens more efficiently.”
Metamask adoption in Nigeria
Meanwhile, the popularity of MetaMask in Nigeria is a testament to the adoption of cryptocurrencies in the country despite the lack of regulatory clarity. In 2021, the country’s banking regulator — the Central Bank of Nigeria — ordered banks to stop facilitating cryptocurrency transactions and close all crypto-related accounts.
Despite the halting of services, crypto adoption in the country has remained unhindered as peer-to-peer trading becomes more popular. Chainalysis ranked Nigeria in the top 20 on its 2022 Global Crypto Adoption Index.
There is still no regulatory clarity on crypto in Nigeria, although the government appears to have relaxed its stance.
Reports emerged in 2022 that Binance and the Nigerian government are involved in talks to create a virtual free zone — similar to Dubai’s crypto trade zone. The CBN has also said it did not ban cryptocurrency.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Consensys
Consensys is a venture production studio and custom software development consultancy building decentralized applications (DApps), enterprise solutions and developer tools for blockchain ecosystems, focused primarily on Ethereum..
MoonPay
MoonPay is a leading Web3 infrastructure company that offers a fast and simple way to buy and sell cryptocurrencies.
MetaMask is an extension for accessing Ethereum enabled distributed applications or “dApps” in your normal browser.