Web3 infrastructure firm, Moonpay and Ethereum, and decentralized protocols software firm, ConsenSys have announced a collaboration to strengthen crypto services for users in West Africa.
The firm, in a joint statement issued on Tuesday, said that they were collaborating to provide Nigerian Crypto investors with real-time payment infrastructure for crypto transactions.
“Buying and selling crypto in Nigeria can be challenging, with an estimated 90% of attempts to buy crypto using a credit/debit card declining. However, adding more localized payment methods, such as instant bank transfers, will improve the situation, enabling Nigerian users to access web3 more efficiently and obtain tokens conveniently without setting up an account with a centralized crypto exchange. This will reduce decline rates and provide a user-friendly experience,” the statement said.
“This is an essential next step in a critical market that has embraced crypto and web3 but faces serious challenges when using fiat to the crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into web3,” said Lorenzo Santos, Senior Product Manager at MetaMask.
“Our partnership with MetaMask will enable us to provide Nigerian users with Bank Transfers, a widely used payment method across Nigerian e-commerce businesses. We hope this integration opens the doors for Nigerians to fund their self-custody wallet through a simplified user experience,” added Zeeshan Feroz, Chief Product & Strategy Officer of MoonPay.
These services are expected to be expanded to Kenya, Botswana, and South Africa in the coming month.