MetaMask, MoonPay Partner For Faster Crypto Transfers in Nigeria

Summary:
• Nigeria's central bank imposed a ban on crypto transactions via local banks, and this has created an opportunity for MetaMask and MoonPay.

Users in Nigeria are now able to utilize the MetaMask mobile and Portfolio Dapp to buy cryptocurrency with instant bank transfers, thanks to a new partnership between MetaMask and MoonPay. The partnership is synergistic, as it brings together two market leaders in their respective fields: the world’s most popular self-custody wallet, MetaMask, and a pioneer in web3 infrastructure, MoonPay.

The streamlined, less expensive, quicker, and more efficient experience that results will be well worth the effort. Around nine in ten people who try to buy cryptocurrency in Nigeria using a debit or credit card have their transactions refused. As a result of the collaboration, however, users of MetaMask will be able to make these kinds of cryptocurrency transactions via wire transfers from their local banks.

MoonPay and MetaMask jump on the opportunity in Nigeria

In addition to being Africa’s most populous country, Nigeria is also the continent’s largest economy and is home to a crypto- and blockchain-savvy populace. Also, the Nigerian government has been pushing for the adoption of Central Bank Digital Currency (CBDC) over the past few months, although this has encountered some headwinds.

MoonPay already provides customers in the country with a locally adapted peer-to-peer cryptocurrency purchase option. But, the country’s central bank has banned commercial banks from serving crypto exchanges, making it difficult to make direct crypto purchases through the banking system. The ban has pushed tens of thousands of crypto enthusiasts in the country to peer-to-peer (P2P) platforms.

P2P services, however, are notorious for fraud because of the ease with which scammers may bypass their inadequate security measures and defraud unsuspecting users. MoonPay has introduced a new document-less KYC solution that uses public databases to ensure the safety of its platform.

Customers in Nigeria who use MetaMask to acquire cryptocurrency can now specify the MoonPay quote that corresponds to their intended purchase amount by choosing Nigeria as their region. They can then use their MetaMask wallets to safely store their newly acquired crypto tokens. With the introduction of MoonPay and MetaMask, fast bank transfers will ease the situation. That will allow Nigerian users to more easily access web3 and obtain tokens without needing to register for an account with a CEX.