Nigerians Can Now Buy Crypto Directly with Metamask & Moonpay!
• MetaMask and MoonPay have partnered to enable Nigerians to buy cryptocurrencies directly via bank transfers.
• Nigeria is one of the top markets for Metamask and its popularity has grown despite the lack of regulatory clarity.
• The Central Bank of Nigeria has relaxed its stance on crypto and there are talks between Binance and the Nigerian government regarding a virtual free zone.
Metamask, Moonpay Partner to Allow Nigerians Buy Crypto Directly
MetaMask developer ConsenSys has announced a partnership with Moonpay which will allow users to purchase cryptocurrencies within their MetaMask mobile and Portfolio Dapp using bank transfers. This makes it much easier for users in Nigeria, as an estimated 90% of credit/debit card attempts to buy crypto in the country are declined.
High Popularity of Metamask in Nigeria
Nigeria ranks third in active mobile users for MetaMask globally, indicating high adoption rates in the country despite its regulatory uncertainty. Integrating MoonPay into MetaMask will make it easier for Nigerian users to obtain tokens more efficiently.
Central Bank’s Stance on Crypto
In 2021, the Central Bank of Nigeria ordered banks to stop facilitating cryptocurrency transactions and close all crypto-related accounts, but adoption still remains strong due to peer-to-peer trading becoming more popular. Chainalysis ranked Nigeria in the top 20 on its 2022 Global Crypto Adoption Index.
Government Talks With Binance
However, reports suggest that there may be some relaxation of rules coming from the CBN with talks between Binance and the Nigerian government about creating a virtual free zone – similar to Dubai’s crypto trade zone – being discussed. The CBN itself has also stated that they did not ban cryptocurrency outright; only certain services related to it were affected by their ruling last year.
This partnership between MetaMask and MoonPay is a positive step towards making cryptocurrencies more accessible in Nigeria, especially given that most debit/credit card payments had been declined previously due to lack of regulatory clarity around them in this market. It remains unclear whether or not any further regulations will be introduced by authorities but whichever way it goes, this new integration should make buying crypto much easier for many people across Africa’s largest economy