ConsenSys and MoonPay have partnered to allow Nigerians to buy bitcoin (BTC) and other cryptocurrencies from MetaMask and Portfolio dapp using direct bank transfers. The Central Bank of Nigeria (CBN) is yet to lift its ban on crypto transactions.
The Ethereum (ETH) software company, ConsenSys, has joined forces with MoonPay, a digital assets-friendly fiat on-ramp, to enable bitcoin (BTC) and altcoin purchases right from MetaMask with direct instant bank transfers.
Per a March 21 blog post by ConsenSys, Nigeria is one of its top markets globally, ranking third in mobile active users of Metamask and it’s also among the top ten nations in terms of visits to the metamask.io platform.
The Central Bank of Nigeria (CBN) has since prohibited crypto and mandated lenders to stop facilitating or engaging in crypto-related transactions. There have even been countless cases of local banks abruptly shutting down the accounts of suspected crypto traders in the country.
ConsenSys says an estimated 90% of Nigeria’s crypto purchase attempts with credit or debit cards get declined.
Against that backdrop, the firm and MoonPay have forged alliances to integrate the latter into MetaMask, enabling frictionless Nigerian crypto purchases.
Due to the CBN’s ‘crazy’ policy concerning crypto, Nigerians have since resorted to buying bitcoin and other digital assets through peer-to-peer (P2P) transactions on available exchanges like Binance, KuCoin, and others.
While ConSenSys’ integration of MoonPay into MetaMask is a welcome development, P2P transactions remain the best bet for Nigerians when buying and selling crypto. MoonPay still requires users to enter their Bank Verification Number (BVN) when registering for the new service. This could still pose more problems for users since their accounts may be blocked once the bank discovers they’re into crypto.
In related news, MoonPay announced the launch of its P2P crypto trading service for Nigeria on March 16, offering residents a “safe and reliable way” to buy crypto in minutes.