While Nigeria’s economy has been crumbling, several citizens of the country are turning towards cryptocurrency. With increased interest coming from the country, the crypto industry decided to step up and make things easier for Nigerians. Hence, MoonPay and MetaMask decided to come together to allow users to purchase crypto assets from their wallets.
In a recent statement, ConsenSys highlighted MetaMask’s crypto presence. Elevating the same, users in Nigeria will be able to buy crypto through instant bank transfers. The new function is accessible via the MetaMask mobile app and Portfolio dApp, greatly streamlining the procedure for purchasing cryptocurrency in Nigeria without using a credit or debit card.
This could be revolutionary for Nigerians for an array of reasons. With an estimated 90% of efforts to acquire cryptocurrency using a credit/debit card failing, buying cryptocurrencies in Nigeria might be difficult. Furthermore, this issue will be improved by the addition of more regional payment options, like fast bank transfers. This would allow Nigerian customers to access web3 more quickly and buy tokens without having to register for an account with a centralized crypto exchange. This will lower decline rates and make things more user-friendly. This was pertinent as Nigeria is one of the world’s top 20 ranked countries with regard to cryptocurrency adoption.
Is this respite amidst Nigeria’s fiat crisis?
The lack of fiat currency in Nigeria has led to violent riots across the area. Many locations, including ATMs to commercial banks, were damaged during these demonstrations. This occurred when the administration of departing President Muhammadu Buhari chose to restrict the use of the fiat Naira while requiring residents to use the eNaira. The nation’s digital currency, or “CBDC,” is called the eNaira. Furthermore, reports revealed that a whopping 20 trillion Naira was lost during Nigeria’s fiat currency shortage crisis. In a recent statement, the Director of the Centre for the Promotion Of Private Enterprise, CPPE, Dr. Muda Yusuf said,
“Retail transactions across sectors have become straining and distressing as payment system challenges persist. Since the outset of the cash crisis, the Nigerian economy has lost an estimated N20 trillion.”