Self-custody cryptocurrency purchases are becoming more accessible in Nigeria as major crypto wallet MetaMask expands direct on-ramps with local banks. On March 21, MetaMask’s parent firm ConsenSys announced a new integration with crypto fintech MoonPay, enabling users in Nigeria to purchase crypto via instant bank transfers.

🇳🇬Naija, How Far! Buying crypto just got easier!🎉

Our collaboration with @moonpay allows instant bank transfers within the MetaMask mobile app & Portfolio Dapp, making it cheaper, faster, and more efficient! No more wahala of credit/debit card declines🙅‍♀️

— MetaMask 🦊💙 (@MetaMask) 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,” ConseSys announced in its statement.

The new feature is available within the MetaMask mobile and Portfolio DApp, significantly simplifying the process of buying crypto without using credit or debit cards in Nigeria.

Before the partnership, MetaMask users in Nigeria had access to the MetaMask wallet, but the process of buying crypto was costly and time-consuming, MetaMask product manager Lorenzo Santos commented on this saying,

“While Moonpay had a card integration feature, about 90% of attempts to buy crypto with a credit or debit card were declined.”

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.

According to MoonPay Chief Product and Strategy Officer, Zeeshan Feroz, the integration is estimated to reduce the decline rate for direct crypto purchases in Nigeria from 90% to 30%. 

He also noted that customers of all banks in Nigeria would have access to the service through bank transfers, which is a widely used payment method across Nigerian e-commerce businesses.

Lorenzo Santos, Senior Product Manager at MetaMask noted that this is an essential next step in a critical market that has embraced crypto and web3 but faces serious challenges when using fiat to the crypto on-ramp. 

“We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into Web3,” he added.

Zeeshan also stated, “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.” 

According to Santos, Nigeria has emerged as a major market for MetaMask, ranking third in mobile monthly active users despite the current issues with crypto on-ramps in the country. He noted that it is also among the top ten countries regarding visitors to metamask.io over the last month.

ConsenSys also hinted on its expansion in its statement saying, “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.”