MetaMask’s parent company ConsenSys recently announced its new integration with Moonpay, the crypto fintech company. Through this new integration, Metamask would allow users in Nigeria to purchase crypto through instant bank transfers.
This new feature is available with the Portfolio DApp and MetaMask mobile and will simplify the process of buying crypto without the credit and debit cards in the country hence, the crypto investors in Nigeria would no longer have to rely on centralized exchanges for buying any cryptocurrencies. Alongside, this initiative of the Metamask the self–custody cryptocurrency purchases are becoming convenient in Nigeria.
Before this integration/partnership, MetaMask users in Nigeria had to undergo a costly and time-consuming process of buying cryptocurrencies despite having access to a MetaMask wallet. This integration will also allow local bank transfers and crypto purchases on MetaMask. It would also facilitate faster and cheaper transactions which will further allow users to access crypto without sending assets across centralized exchanges.
Nigeria has emerged as the prominent market for MetaMask. Reportedly, it also ranked among the top ten countries in the list of MetaMask visitors. As per the 2022 Global Crypto Adoption Index by Chainalysis, Nigeria was listed as one of the world’s top 20 ranked countries.
Other reports suggest that around 35% of the Nigerian population which is aged between 18 to 60 either owned or traded cryptocurrencies in 2022. Despite the ban of the Central Bank of Nigeria on crypto exchanges in February 2021, crypto adoption grew exponentially in the country.