Last Updated on March 21, 2023 by Bitfinsider
As big cryptocurrency wallet MetaMask extends direct on-ramps with local banks, self-custody cryptocurrency transactions are becoming more available in Nigeria.
ConsenSys, MetaMask’s parent company, revealed a new merger with crypto fintech MoonPay on March 21, allowing users in Nigeria to buy cryptocurrency via immediate bank transactions.
The new feature is accessible in the MetaMask smartphone and Portfolio DApp, greatly easing the process of purchasing cryptocurrency in Nigeria without using credit or debit cards.
Crypto transactions on MetaMask are now quicker and cheaper, thanks to the new integration that supports local bank transfers, enabling users to access crypto without transferring assets from a centralized exchange.
According to MoonPay’s chief product and strategy officer Zeeshan Feroz, the integration is expected to decrease the decline rate for straight crypto transactions in Nigeria from 90% to 30%. He stated that clients of all Nigerian institutions would be able to use the service via bank transfers, which are a popular payment method among Nigerian e-commerce companies.
Despite current problems with crypto on-ramps in Nigeria, Santos claims that the country has surfaced as a significant market for MetaMask, placing third in mobile monthly active users. “It is also one of the top ten nations in terms of metamask.io visits in the last month,” he added.
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