Lagos, Nigeria, March 21, 2023 — Today, ConsenSys, a market-leading Web3 company, revealed that MetaMask, the world’s leading self-custody wallet, and MoonPay, the leading web3 infrastructure company, have expanded their offering in Nigeria. Users of MetaMask in Nigeria can now use instant bank transfers to purchase crypto directly within the MetaMask mobile app and the Portfolio Dapp, resulting in a more seamless experience that is cheaper, faster, and more efficient.
Buying and selling crypto in Nigeria can be challenging, with an estimated 90% of attempts to buy crypto using a credit/debit card declining. However, adding more localized payment methods, such as instant bank transfers, will improve the situation, enabling Nigerian users to access web3 more efficiently and obtain tokens conveniently without setting up an account with a centralized crypto exchange. This will reduce decline rates and provide a user-friendly experience.
We are committed to providing seamless experiences for users in Africa, starting with Nigeria and expanding the rollout of this feature to Kenya, Botswana, and South Africa in the coming month. Our collaboration with MoonPay is a step towards achieving this goal by providing users with a more convenient on-ramp experience in these countries.
The growing popularity of MetaMask in Nigeria is a testament to the increasing adoption of crypto in the country and the potential for further expansion of digital assets in Africa.
The Chainalysis 2022 Global Crypto Adoption Index shows Nigeria has been climbing the charts regarding grassroots crypto adoption. Almost 12.4 million people, 5.7% of Nigeria’s population, are estimated to own crypto assets. In addition, Nigeria is among MetaMask’s top markets globally, ranking third in mobile active users. It is also among the top ten countries regarding visitors to metamask.io.
“This is an essential next step in a critical market that has embraced crypto and web3 but faces serious challenges when using fiat to crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into web3,” said Lorenzo Santos, Senior Product Manager at MetaMask.
“Our partnership with MetaMask will enable us to provide Nigerian users with Bank Transfers, a widely used payment method across Nigerian e-commerce businesses. We hope this integration opens the doors for Nigerians to fund their self-custody wallet through a simplified user experience,” added Zeeshan Feroz, Chief Product & Strategy Officer of MoonPay.
A widely accepted and real-time payment infrastructure obstacle for crypto transactions in Nigeria would boost the Nigerian crypto market. With this integration, the complexity of purchasing crypto, especially in Nigeria, is replaced with an easy solution. Furthermore, MetaMask users can become their own bank through self-custody, directly controlling their assets.
To fund your MetaMask wallet with MoonPay in Nigeria:
Login to the MetaMask mobile app or Portfolio Dapp.
Click or tap the Buy button, select Nigeria as your region, then choose Instant Bank Transfer.
Enter the amount desired and the token you wish to purchase
Select the MoonPay quote
Checkout inside MoonPay widget
Done! You have successfully bought crypto directly in MetaMask and can now explore web3 easily.
Consensys is a leading Ethereum and decentralized protocols software company. We enable developers, enterprises, and people worldwide to build next-generation applications, launch modern financial infrastructure, and access the decentralized web. Our product suite, composed of Infura, Quorum, Codefi, MetaMask, MetaMask Institutional, Diligence, and our NFT platform, serves millions of users, supports billions of blockchain-based queries for our clients, and has handled billions of dollars in digital assets. Ethereum is the largest programmable blockchain in the world, leading in business adoption, the developer community, and DeFi activity. On this trusted, open-source foundation, we are building the digital economy of tomorrow. To explore our products and solutions, visit https://consensys.io.
MoonPay is the world’s leading Web3 infrastructure company. We are transforming the modern customer experience by building end-to-end solutions for payments, custody, world class design, and enterprise-scale digital asset and smart contracts minting. Many of the world’s most iconic brands rely on MoonPay to power their Web3 strategies and ideas. We are active in more than 160 countries and are trusted by over 500 partners, including leading wallets, exchanges, and commercial brands. For more information, visit: www.moonpay.com