MetaMask Facilitates Direct Crypto Purchases In Nigeria

Metamask announces an option for the direct purchasing of crypto assets holdings. Users in Nigeria can now buy crypto assets more easily without using banks, thanks to a new MetaMask feature.

According to a blog post, the company has partnered with MoonPay, a crypto fintech, to allow users to purchase cryptocurrency with instant bank transfers. 

People in Nigeria can now buy cryptocurrency through MetaMask and Portfolio DApp. No credit or debit card is required for this.

MetaMask enables local bank transfers, making acquiring cryptocurrency faster and less expensive. Moreover, anyone can purchase cryptocurrency without transmitting money to a centralized exchange. 

According to MoonPay’s Zeeshan Feroz, connecting their service with Nigerian banks would make it easier for individuals to purchase cryptocurrencies. 

As a result, the number of rejected transactions is predicted to decrease from 90% to 30%. This service will be available to everyone having a Nigerian bank account. MetaMask is expanding into Nigeria, which has many users and traffic to its website.

Nigeria Enters Crypto Adopting Nations 

Nigeria is one of the top 20 countries in the world for crypto assets usage, with over 42% of Nigerians between the ages 18 to 60 owning or trading cryptocurrencies, according to a Chainalysis survey. 

Nigeria’s young and technologically sophisticated population and reliance on remittances from outside are the main factors driving the country’s growing acceptance of Crypto assets. 

Nigerians have discovered that cryptocurrencies bypass government restrictions on foreign currency access, proving useful in financial transactions.

In December 2022, the Nigerian government declared that it would adopt laws permitting the usage of Bitcoin and other cryptocurrencies, following the lead of other nations. 

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The cryptocurrency community in the country has hailed this action as a positive step and expects it further to boost the uptake and use of digital currencies there. 

There are risks, but cryptocurrencies are gaining interest in Nigeria and other countries. This suggests that digital currencies could have a major impact on the global financial landscape.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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