MetaMask, the popular crypto wallet, has joined with MoonPay, a top crypto fintech, to enable direct crypto purchases in Nigeria.
- In addition to creating a seamless user experience for Nigeria’s crypto users, the MetaMask-MoonPay partnership highlights the growing popularity of crypto in Africa.
- The MetaMask and MoonPay partnership comes at a time when the Nigerian government is looking to create a law to recognize the usage of Bitcoin and other cryptocurrencies in tandem with global trends.
MataMask integrates with MoonPay
MetaMask, the popular crypto wallet, has joined with MoonPay, a top crypto fintech, to enable direct crypto purchases in Nigeria. This move is meant to simplify the buying of crypto in Nigeria. The process has traditionally been time-consuming and costly due to complex regulations and limited payment options.
MetaMask’s product manager Lorenzo Santos noted that Nigeria’s MetaMask users had access to the wallet before the partnership, but crypto transactions proved expensive and cumbersome. The new integration supports local bank transfers making crypto purchases cheaper, faster, and seamless. Moreover, the simplified process will allow crypto access without transferring their assets through a centralized exchange.
According to MoonPay’s Chief Product and Strategy Officer, Zeeshan Feroz, the integration will help arrest the rate of decline in direct crypto purchases in Nigeria from 90 per cent to 30 per cent. Zeeshan notes that customers from banks across Nigeria will access the services through direct bank transfers, a standard payment method in the country’s e-commerce businesses.
Crypto transactions in Nigeria have proven a challenge for a long, with approximately 90 per cent of crypto purchase attempts through debit or credit cards failing. Nevertheless, introducing more localized payment options, including instant bank transfers, will remedy the situation. It will allow Nigerian users to access web3 with ease and obtain tokens conveniently without opening an account with a centralized crypto exchange. This will counter the decline and offer a user-friendly experience.
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The growing popularity of crypto in Africa
In addition to creating a seamless user experience for Nigeria’s crypto users, the MetaMask-MoonPay partnership highlights the growing popularity of crypto in Africa. As per Chainalysis 2022 Global Crypto Adoption Index, Nigeria ranks among the top 20 nations globally regarding crypto adoption. Nigeria has an estimated 12.4 million people, or 5.7 per cent of the population, owning crypto assets.
Moreover, Nigeria is among MetaMask’s top markets globally, occupying the third position in active mobile users. Africa’s most populous nation is among the top ten countries with the most visitors to the MetaMask website (metamask.io). The rising popularity of MetaMask in Nigeria points to the growing adoption of crypto in the country. It is also a promise for further growth of digital assets and blockchain in Africa.
The partnership with MoonPay represents the latest move in MetaMask’s efforts to increase its presence in Africa. Indeed, Lorenzo Santos has noted, “We are committed to providing seamless experiences for users in Africa, starting with Nigeria and expanding the rollout of this feature to Kenya, Botswana, and South Africa in the coming month. Our collaboration with MoonPay is a step towards achieving this goal by providing users with a more convenient on-ramp experience in these countries.”
The partnership is timely
Furthermore, the MetaMask and MoonPay partnership comes at a time when the Nigerian government is looking to create a law to recognize the usage of Bitcoin and other cryptocurrencies in tandem with global trends. In February 2021, the Central Bank of Nigeria outlawed servicing crypto exchanges through banks. The move has since made it difficult for investors in Nigeria to access the crypto market properly. However, the new integration enables direct crypto purchases in Nigeria through instant bank transfers. Direct crypto purchases in Nigeria eliminate the need for a centralized exchange.
Overall, the MetaMask and MoonPay partnership significantly develops Nigeria’s crypto market. It simplifies transacting in digital assets by enabling a seamless crypto purchase experience. Crypto and other digital assets have seen their popularity rise in Nigeria and Africa. Therefore, it is predictable that more crypto-related innovations and partnerships will crop up in the coming months. This will expand the reach of digital assets in the region even further.
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