21 Mar

As the leading cryptocurrency wallet MetaMask promotes direct onramps with regional banks, buying self-custody cryptocurrencies is becoming simpler in Nigeria.

The parent company of MetaMask, ConsenSys, announced a new interface with cryptocurrency fintech MoonPay on March 21. This allows users in Nigeria to buy cryptocurrency through immediate 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.

Nigeria is one of the top 20 countries in the world for cryptocurrency adoption, as per the Chainalysis 2022 Global Crypto Adoption Index. 

According to some reports, 35% of Nigerians between the ages of 18 and 60 are expected to own or trade cryptocurrencies in 2022. But, in February 2021, the Central Bank of Nigeria forbade banks from providing services to cryptocurrency exchanges.

The Nigerian government was reportedly prepared to approve a law that would acknowledge the use of Bitcoin and other cryptocurrencies as a way to stay up with "global trends" in December 2022, according to local media.

Editor- Sarah Fathima Ahmed

March 2023, CryptoniteUae

* The email will not be published on the website.