Cryptocurrency managing platform, MetaMask, has partnered with MoonPay, a leading web3 infrastructure firm, to enable Nigerians to buy digital assets instantly using bank transfers within the MetaMask mobile app and the Portfolio Dapp.
The central bank of Nigeria prohibited banks in the country from facilitating cryptocurrency transactions in 2021. This ban has made buying and selling cryptocurrencies in Nigeria difficult, with crypto enthusiasts and exchanges finding creative ways to purchase digital assets.
With this new partnership, holders of the wallet can use localized payment methods to purchase cryptocurrencies without the hassle of creating a centralized crypto exchange account.
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.”
Chief Product and Strategy Officer, MoonPay, Zeeshan Feroz, added, “This partnership will enable us to provide Nigerian users with Bank Transfers, a widely used payment method across Nigerian e-commerce businesses. We hope this integration opens the doors for Nigerians to fund their self-custody wallet through a simplified user experience.”
The service will extend beyond Nigeria to other neighbouring countries like Kenya, Botswana, and South Africa in the coming months. MoonPay already offers localized peer-to-peer crypto purchases for users in Nigeria.
ConsenSys, the parent company of MetaMask who officially announced this development, believes that this new integration will create a simple route for Nigerians to purchase crypto.
To fund your MetaMask wallet instantly, you can follow these simple steps: Open the MetaMask mobile app or Portfolio Dapp and log in, click on the Buy button, select Nigeria as your location, and then choose the Instant Bank Transfer option. Enter the amount and token you wish to purchase, select the MoonPay quote, complete the checkout process inside the MoonPay widget, and voila! You have successfully bought cryptocurrency directly in your MetaMask wallet, and you can now explore web3 easily.
MoonPay is a cryptocurrency payment service that was established in 2019. It offers a variety of payment methods, including debit cards, credit cards, and other major payment options, to enable its users to purchase and sell cryptocurrencies and non-fungible tokens (NFTs). The platform simplifies the process of buying and selling digital assets, making it easier for users to participate in the rapidly expanding world of cryptocurrency.
MetaMask is a self-custody wallet that allows access to Ethereum-enabled distributed applications or “dApps” in a standard browser. The new integration on MetaMask supports local bank transfers, making cryptocurrency purchases faster and cheaper, enabling users to access cryptocurrencies without sending assets from a centralized exchange.