MetaMask and MoonPay are once again joining forces. The two crypto companies are going to provide Nigeria with a new way to buy crypto. From now on, Nigerian users can enter the market directly from their wallet to buy crypto with transactions through local banks. They can then select Nigeria as the region in MetaMask and then select MoonPay as the payment method.
Hello Nigeria 🇳🇬!
MoonPay users in Nigeria can now buy crypto via P2P bank transfer. A safe and reliable way for you to send cryptocurrency directly to your wallet in minutes.
Your crypto, your way. Try it now ⬇️https://t.co/FXt3XkgLOa pic.twitter.com/BEw68x1B0I
— MoonPay (@moonpay) March 16, 2023
Improved access to crypto
This makes it especially easier for Nigerians to enter the crypto world. Although the country is a true hub for the adoption of bitcoin and crypto, it can sometimes be difficult in Nigeria to actually buy crypto.
This is because the central bank issued a ban on commercial banks from doing business with crypto exchanges. Many Nigerian banks have also suspended the use of their payment cards on international websites.
That makes it more difficult for users to pay for crypto at centralized exchange platforms. The restrictions mean that Nigerians currently have to rely mainly on the peer-to-peer market to buy crypto. However, this way of buying comes with a lot of downsides, one of which is scams.
Solution is there
According to MoonPay, the solution is now there thanks to the collaboration with MetaMask, which was achieved by, among other things, building on a government database. As a result, the project uses a KYC solution where users do not have to provide documents.
This, in theory, should make it very easy for Nigerians to buy crypto. That will be a welcome development, because the inflation in the country in February 2023 it had risen to 21.82 percent.
In that regard, for many Nigerians, the absolute scarcity of bitcoin is a protection that is more than welcome to defend their capital against inflation. Especially if you look at the price performance of bitcoin in recent weeks. Since the start of 2023, bitcoin (BTC) has already risen by more than 60 percent.