ConsenSys, parent company of MetaMask Wallet, announced its collaboration with MoonPay to enable direct crypto purchasing in Nigeria.
Nigeria: MetaMask Wallet and the purchase of crypto via instant transfers
In Nigeria, thanks to the collaboration between ConsenSys and MoonPay, users will be able to use MetaMask Wallet to purchase crypto directly.
And so, in addition to offering its crypto wallet service, MetaMask is also allowing access for deposits through instant bank transfers. In this way, Nigerians no longer have to necessarily use centralized crypto-exchanges.
This was made possible by direct links between MetaMask Wallet and local banks in Nigeria, making transactions faster and cheaper.
According to reports, Zeeshan Feroz, chief product and strategy officer at MoonPay, said the integration is estimated to reduce the rejection rate for direct crypto purchases in Nigeria from 90% to 30%.
In addition, he pointed out that customers of all Nigerian banks will have access to the service through bank transfers, which is a widely used payment method for e-commerce companies in the country.
Nigeria: MetaMask Wallet and the partnership with MoonPay
MoonPay is the fintech company that enables the purchase of cryptocurrencies such as Bitcoin, Ethereum and the others through the use of credit cards, bank transfers or ApplePay.
And MoonPay itself had recently announced its opening to Nigeria, without specifying that the wallet in question was actually MetaMask.
Hello, Nigeria 🇳🇬!
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
— MoonPay (@moonpay) March 16, 2023
Lorenzo Santos, product manager of MetaMask, had also stated the following:
“While Moonpay had a card integration feature, about 90% of attempts to purchase crypto with a credit or debit card were rejected.”
With the new integration supporting local bank transfers, cryptocurrency purchases on MetaMask are now faster and cheaper, allowing users to access cryptocurrencies without sending assets from a centralized exchange.
The leadership of the African country in the crypto sector
In the crypto sector, Nigeria represents a record for the entire African continent and beyond.
On the subject of Central Bank Digital Currency (CBDC), while it is being talked about and investigated in Europe and the US, it is already a reality in Nigeria.
The eNaira was launched in October 2021, and it is Nigeria’s CBDC, as well as the first from an African country.
Not only that, Binance, the most popular crypto-exchange, is also reportedly interested in Nigeria to develop a digital city.
The project was being talked about in September 2022, and would see an area in the country go fully digital, accelerating fintech and crypto-asset development.