With the new integration supporting local bank transfers, crypto purchases on MetaMask are now faster and cheaper, allowing users to access crypto without sending assets from a centralized exchange.
MoonPay chief product and strategy officer Zeeshan Feroz said that the integration is estimated to reduce the decline rate for direct crypto purchases in Nigeria from 90% to 30%. He noted that customers of all banks in Nigeria will have access to the service through Bank Transfers, which is a widely used payment method across Nigerian e-commerce businesses.
Even despite the current issues with crypto onramps in Nigeria, the country has emerged as a major market for MetaMask, ranking third in mobile monthly active users.
According to the Chainalysis 2022 Global Crypto Adoption Index, Nigeria is one of the world’s top 20 ranked countries in terms of cryptocurrency adoption. Some reports suggest that 35% of the Nigerian population aged 18 to 60 owned or traded cryptocurrencies in 2022. That is despite the Central Bank of Nigeria banning banks from servicing crypto exchanges in February 2021.
In December 2022, local media reported that the Nigerian government was preparing to pass a law that would recognize the usage of Bitcoin and other cryptocurrencies as a means to keep up to date with “global practices.”