Market-Leading Web3 company, ConsenSys, announced on March 21 that MetaMask, the world's leading self-custody wallet, has partnered with MoonPay, the leading Web3 infrastructure company, to expand their offerings in Nigeria.

The partnership enables Nigerian users of MetaMask to purchase crypto directly within the MetaMask mobile app and the Portfolio Dapp using instant bank transfers. Customers should benefit from a seamless, more cost-effective, faster, and more efficient experience.

MetaMask users in Nigeria had access to the wallet prior to the collaboration, but purchasing cryptocurrency was expensive and time-consuming. With the new integration, users may now acquire cryptocurrency through immediate bank transfers, making it far simpler to do so in Nigeria than it was previously. This should lower decline rates and make things more user-friendly.

MoonPay offered a card integration capability, however, Lorenzo Santos, product manager for MetaMask, claims that "approximately 90% of efforts to buy cryptocurrency using a credit or debit card were refused." The new function intends to reduce decline rates from 90% to 30%.

The Central Bank of Nigeria prohibited banks from serving crypto exchanges in February 2021, yet projections indicate that by 2022, 35% of Nigerians aged 18 to 60 owned or traded cryptocurrencies.

According to the Chainalysis 2022 Global Crypto Adoption Index, Nigeria has been ascending the ranks in terms of grassroots crypto adoption, with over 12.4 million individuals, or 5.7% of the country's population, expected to hold crypto assets. Moreover, Nigeria is one of MetaMask's top markets globally, ranking third in mobile active users and tenth in visits to metamask.io. Nigeria has been named one of the top 20 countries in terms of crypto usage.