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Nigeria’s Growing Crypto Adoption Boosted By MetaMask And MoonPay’s Instant Bank Transfers
ConsenSys, the leading Web3 company, has announced that MetaMask, the world’s leading self-custody wallet, and MoonPay, the leading web3 infrastructure company, have expanded their offerings in Nigeria.
This move aims to provide Nigerian users with an easier and more efficient way to access digital assets, as buying and selling crypto in the country has been challenging due to the lack of localized payment methods.
With the new feature, users of MetaMask in Nigeria can now use instant bank transfers to purchase crypto directly within the MetaMask mobile app and the Portfolio Dapp, making the experience cheaper, faster, and more efficient. This integration will reduce decline rates and provide a user-friendly experience, allowing Nigerian users to obtain tokens conveniently without setting up an account with a centralized crypto exchange.
The collaboration between MetaMask and MoonPay will enable Nigerian users to fund their self-custody wallet through a simplified user experience. This feature is a significant step towards achieving a seamless on-ramp experience in Nigeria and other African countries such as Kenya, Botswana, and South Africa.
The increasing adoption of crypto in Nigeria is evident as the country has been climbing the charts regarding grassroots crypto adoption, with almost 12.4 million people estimated to own crypto assets, according to the Chainalysis 2022 Global Crypto Adoption Index. Nigeria is among MetaMask’s top markets globally, ranking third in mobile active users, and among the top ten countries regarding visitors to metamask.io.
Lorenzo Santos, Senior Product Manager at MetaMask, 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 crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into web3.”
Zeeshan Feroz, Chief Product & Strategy Officer of MoonPay, added, “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.”
This integration is expected to boost the Nigerian crypto market, as a widely accepted and real-time payment infrastructure obstacle for crypto transactions in Nigeria would make purchasing crypto an easy solution. Moreover, MetaMask users can become their own bank through self-custody, directly controlling their assets.
To fund your MetaMask wallet with MoonPay in Nigeria, users can log in to the MetaMask mobile app or Portfolio Dapp, click or tap the Buy button, select Nigeria as their region, choose Instant Bank Transfer, enter the amount desired and the token they wish to purchase, select the MoonPay quote, and checkout inside MoonPay widget.
In conclusion, this collaboration between MetaMask and MoonPay is an excellent initiative for Nigerian users, as it will provide them with a more convenient on-ramp experience, reducing friction and bringing down barriers to access web3. This move is a significant step towards achieving the digital economy of tomorrow, as ConsenSys enables developers, enterprises, and people worldwide to build next-generation applications and access the decentralized web.
#Metamask #moonpay #Nigeria #azcoinnews #azcoin
This article was republished from azcoinnews.com
This move aims to provide Nigerian users with an easier and more efficient way to access digital assets, as buying and selling crypto in the country has been challenging due to the lack of localized payment methods.
With the new feature, users of MetaMask in Nigeria can now use instant bank transfers to purchase crypto directly within the MetaMask mobile app and the Portfolio Dapp, making the experience cheaper, faster, and more efficient. This integration will reduce decline rates and provide a user-friendly experience, allowing Nigerian users to obtain tokens conveniently without setting up an account with a centralized crypto exchange.
The collaboration between MetaMask and MoonPay will enable Nigerian users to fund their self-custody wallet through a simplified user experience. This feature is a significant step towards achieving a seamless on-ramp experience in Nigeria and other African countries such as Kenya, Botswana, and South Africa.
The increasing adoption of crypto in Nigeria is evident as the country has been climbing the charts regarding grassroots crypto adoption, with almost 12.4 million people estimated to own crypto assets, according to the Chainalysis 2022 Global Crypto Adoption Index. Nigeria is among MetaMask’s top markets globally, ranking third in mobile active users, and among the top ten countries regarding visitors to metamask.io.
Lorenzo Santos, Senior Product Manager at MetaMask, 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 crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into web3.”
Zeeshan Feroz, Chief Product & Strategy Officer of MoonPay, added, “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.”
This integration is expected to boost the Nigerian crypto market, as a widely accepted and real-time payment infrastructure obstacle for crypto transactions in Nigeria would make purchasing crypto an easy solution. Moreover, MetaMask users can become their own bank through self-custody, directly controlling their assets.
To fund your MetaMask wallet with MoonPay in Nigeria, users can log in to the MetaMask mobile app or Portfolio Dapp, click or tap the Buy button, select Nigeria as their region, choose Instant Bank Transfer, enter the amount desired and the token they wish to purchase, select the MoonPay quote, and checkout inside MoonPay widget.
In conclusion, this collaboration between MetaMask and MoonPay is an excellent initiative for Nigerian users, as it will provide them with a more convenient on-ramp experience, reducing friction and bringing down barriers to access web3. This move is a significant step towards achieving the digital economy of tomorrow, as ConsenSys enables developers, enterprises, and people worldwide to build next-generation applications and access the decentralized web.
#Metamask #moonpay #Nigeria #azcoinnews #azcoin
This article was republished from azcoinnews.com
#Nigeria
Is Nigeria stepping into El Salvador’s shoes? This update can clear the air.
✓Nigeria may legalize the usage of Bitcoin soon.
✓More people from the country were switching to cryptocurrencies as their economy faltered.
Is Nigeria stepping into El Salvador’s shoes? This update can clear the air.
✓Nigeria may legalize the usage of Bitcoin soon.
✓More people from the country were switching to cryptocurrencies as their economy faltered.
MetaMask enables direct crypto purchases in Nigeria
Crypto investors in Nigeria no longer need to rely on centralized exchanges for buying cryptocurrencies like Bitcoin.
#Ufin #LucidHoang #Nigeria #crypto2023
Crypto investors in Nigeria no longer need to rely on centralized exchanges for buying cryptocurrencies like Bitcoin.
#Ufin #LucidHoang #Nigeria #crypto2023
#Nigeria my country the government has no plans for crypto trading in the country and thinking stopping NGN in Binance will solve the problem, don't think so they need to rethink
🚨💼💰 BINANCE EXECUTIVE FLEES NIGERIA AMIDST CRYPTO INVESTIGATION
Nadeem Anjarwalla, Binance's Africa regional manager, has reportedly escaped custody in Nigeria amidst a high-profile criminal investigation into the cryptocurrency exchange's alleged involvement in money laundering and other illicit activities.
Anjarwalla, who holds citizenship in both Britain and Kenya, managed to evade authorities using a smuggled passport. This dramatic escape comes as Nigerian officials ramp up their scrutiny of Binance, following accusations of facilitating money laundering and "terrorism" financing on its platform.
The investigation into Binance's activities in Nigeria intensified after the exchange suspended trading with the Nigerian naira currency in early March, citing regulatory concerns. Authorities have also filed charges against Binance for tax evasion and complicity in aiding customers to evade taxes through its platform.
While Anjarwalla has managed to flee the country, his colleague Tigran Gambaryan, a US citizen, remains in custody. The Binance executives were scheduled to appear in court on April 4, facing mounting legal challenges in Nigeria's crackdown on crypto-related activities.
The escape of a high-ranking Binance official underscores the escalating tensions between cryptocurrency exchanges and regulatory authorities worldwide, highlighting the challenges faced by the industry in navigating complex legal and compliance issues.
I feel that the Authorities need to chill out and stop this drama investigation. In my opinion, the Authorities are the bad guys—that's my personal opinion!
#Nigeria #binance #CriminalInvestigation #Cryptocurrency #RegulationBalance 🛑🔍💼
Nadeem Anjarwalla, Binance's Africa regional manager, has reportedly escaped custody in Nigeria amidst a high-profile criminal investigation into the cryptocurrency exchange's alleged involvement in money laundering and other illicit activities.
Anjarwalla, who holds citizenship in both Britain and Kenya, managed to evade authorities using a smuggled passport. This dramatic escape comes as Nigerian officials ramp up their scrutiny of Binance, following accusations of facilitating money laundering and "terrorism" financing on its platform.
The investigation into Binance's activities in Nigeria intensified after the exchange suspended trading with the Nigerian naira currency in early March, citing regulatory concerns. Authorities have also filed charges against Binance for tax evasion and complicity in aiding customers to evade taxes through its platform.
While Anjarwalla has managed to flee the country, his colleague Tigran Gambaryan, a US citizen, remains in custody. The Binance executives were scheduled to appear in court on April 4, facing mounting legal challenges in Nigeria's crackdown on crypto-related activities.
The escape of a high-ranking Binance official underscores the escalating tensions between cryptocurrency exchanges and regulatory authorities worldwide, highlighting the challenges faced by the industry in navigating complex legal and compliance issues.
I feel that the Authorities need to chill out and stop this drama investigation. In my opinion, the Authorities are the bad guys—that's my personal opinion!
#Nigeria #binance #CriminalInvestigation #Cryptocurrency #RegulationBalance 🛑🔍💼
LIVEFirst1Bitcoin
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🚀 Exciting News from the Central Bank of #NigeriaCrypto (CBN) 🇳🇬
🌐
Great news, crypto enthusiasts! 🎉 The Central Bank of Nigeria (CBN) has officially lifted the banking ban on virtual asset service providers. 🚀
This marks a significant stride towards embracing the future of finance and fostering innovation in the digital space. 🌐
💰
🔗 Share the news and let's celebrate this positive development for the crypto community! 🥳
#sol #NEAR #BTC #BinanceWish
$BTC $SOL $ADA
🌐
Great news, crypto enthusiasts! 🎉 The Central Bank of Nigeria (CBN) has officially lifted the banking ban on virtual asset service providers. 🚀
This marks a significant stride towards embracing the future of finance and fostering innovation in the digital space. 🌐
💰
🔗 Share the news and let's celebrate this positive development for the crypto community! 🥳
#sol #NEAR #BTC #BinanceWish
$BTC $SOL $ADA
Nigeria's Central Bank Sets Ambitious Goals to Tackle Inflation. 🇳🇬🏦
In response to December's peak inflation at 28.92%, Nigeria's Central Bank, led by Governor Olayemi Cardoso, is charting a bold course to bring inflation down to approximately 21%. Departing from unconventional monetary policies, the initiative includes key strategies, exchange rate balancing, and liquidity improvement measures.
Governor Cardoso advocates a shift towards conventional monetary policies, emphasizing the improvement of agricultural output, and addressing global supply chain issues to boost consumer confidence.
The plan involves correcting the undervaluation of the Nigerian naira, adopting a coordinated approach for a stable exchange rate, and implementing measures for accurate price discovery through monetary and fiscal policies.
Active efforts are underway to enhance liquidity in the foreign exchange market. The commitment to clearing outstanding foreign exchange obligations, with $2 billion already paid off, aims to reduce the gap between official and parallel market exchange rates.
Despite the proactive measures, challenges loom, including persistent forex shortages, disparities between official and parallel market exchange rates, and anticipation of potential interest rate hikes at the next rate-setting meeting.
Governor Cardoso's leadership heralds a new era in Nigeria's economic management. The targeted inflation reduction and naira valuation adjustments signal a promising future for Africa's largest economy.
As Nigeria embarks on this economic transformation, challenges may be on the horizon, but the proactive measures and strategic shifts under Governor Cardoso's guidance paint a hopeful picture for the nation's economic future.
#Nigeria #inflation #OlayemiCardoso #CBON
In response to December's peak inflation at 28.92%, Nigeria's Central Bank, led by Governor Olayemi Cardoso, is charting a bold course to bring inflation down to approximately 21%. Departing from unconventional monetary policies, the initiative includes key strategies, exchange rate balancing, and liquidity improvement measures.
Governor Cardoso advocates a shift towards conventional monetary policies, emphasizing the improvement of agricultural output, and addressing global supply chain issues to boost consumer confidence.
The plan involves correcting the undervaluation of the Nigerian naira, adopting a coordinated approach for a stable exchange rate, and implementing measures for accurate price discovery through monetary and fiscal policies.
Active efforts are underway to enhance liquidity in the foreign exchange market. The commitment to clearing outstanding foreign exchange obligations, with $2 billion already paid off, aims to reduce the gap between official and parallel market exchange rates.
Despite the proactive measures, challenges loom, including persistent forex shortages, disparities between official and parallel market exchange rates, and anticipation of potential interest rate hikes at the next rate-setting meeting.
Governor Cardoso's leadership heralds a new era in Nigeria's economic management. The targeted inflation reduction and naira valuation adjustments signal a promising future for Africa's largest economy.
As Nigeria embarks on this economic transformation, challenges may be on the horizon, but the proactive measures and strategic shifts under Governor Cardoso's guidance paint a hopeful picture for the nation's economic future.
#Nigeria #inflation #OlayemiCardoso #CBON
Blockchain technology is full of untapped potential. There are so many advantages to integrating blockchain studies into the curriculum in African schools.
I think it's time for the much younger generation to be brought in early enough to this rapidly growing field with the potential to transform many industries. By teaching blockchain studies in schools, African countries can help to ensure that their students have the skills they need to succeed in the 21st-century economy.
I'm working on my next article "7 Advantages of Integrating Blockchain Studies into the Curriculum of African Schools". Get ready to BLOCKCHAIN, African Schools!
#crypto #Binance #BlockchainTechnology #Nigeria #Africa
I think it's time for the much younger generation to be brought in early enough to this rapidly growing field with the potential to transform many industries. By teaching blockchain studies in schools, African countries can help to ensure that their students have the skills they need to succeed in the 21st-century economy.
I'm working on my next article "7 Advantages of Integrating Blockchain Studies into the Curriculum of African Schools". Get ready to BLOCKCHAIN, African Schools!
#crypto #Binance #BlockchainTechnology #Nigeria #Africa
Binance Stops Naira Transactions; Ceases Operations in Nigeria.
Cryptos Headlines Token Airdrop Is Live, Claim your 5,000 CHT tokens for free $50 On Official Website > CryptosHeadlinesToken.com
Read here: https://www.binance.com/en/feed/post/4998562063937
#Nigeria #Binance #Bitcoin #Altcoin #Cryptocurrency
Cryptos Headlines Token Airdrop Is Live, Claim your 5,000 CHT tokens for free $50 On Official Website > CryptosHeadlinesToken.com
Read here: https://www.binance.com/en/feed/post/4998562063937
#Nigeria #Binance #Bitcoin #Altcoin #Cryptocurrency
Binance to discontinue Nigerian currency services as legal squabble deepens
KEY POINTS
In an update posted on its website, Binance said that, starting this Friday, any remaining naira balances in user accounts will be automatically converted to Tether.
The Nigerian government has demanded almost $10 billion in compensation from Binance, which it accuses of manipulating foreign exchange rates via currency speculation and rate fixing.
Binance on Tuesday announced that it will discontinue all Nigerian naira services, amid an ongoing legal dispute between the U.S. cryptocurrency firm remains and Africa’s most populous country.
In an update posted on its website, Binance said that, starting this Friday, any remaining naira balances in user accounts will be automatically converted to Tether
, a cryptocurrency stablecoin pegged to the U.S. dollar.
The company will not support any deposits of Naira after 2 p.m. UTC on Tuesday and will no longer support withdrawals of the currency after 6 a.m. UTC on Friday, the announcement said.
Nigeria is also one of the world’s biggest crypto markets, but the Nigerian government has demanded almost $10 billion in compensation from Binance, which it accuses of manipulating foreign exchange rates via currency speculation and rate fixing, and arrested two of the firm’s senior executives last week, according to multiple media reports.
The Nigerian naira has lost almost 70% of its value over the past few months, as Africa’s largest economy faces a currency crisis and soaring inflation.
#TrendingTopic #binance #Nigeria
KEY POINTS
In an update posted on its website, Binance said that, starting this Friday, any remaining naira balances in user accounts will be automatically converted to Tether.
The Nigerian government has demanded almost $10 billion in compensation from Binance, which it accuses of manipulating foreign exchange rates via currency speculation and rate fixing.
Binance on Tuesday announced that it will discontinue all Nigerian naira services, amid an ongoing legal dispute between the U.S. cryptocurrency firm remains and Africa’s most populous country.
In an update posted on its website, Binance said that, starting this Friday, any remaining naira balances in user accounts will be automatically converted to Tether
, a cryptocurrency stablecoin pegged to the U.S. dollar.
The company will not support any deposits of Naira after 2 p.m. UTC on Tuesday and will no longer support withdrawals of the currency after 6 a.m. UTC on Friday, the announcement said.
Nigeria is also one of the world’s biggest crypto markets, but the Nigerian government has demanded almost $10 billion in compensation from Binance, which it accuses of manipulating foreign exchange rates via currency speculation and rate fixing, and arrested two of the firm’s senior executives last week, according to multiple media reports.
The Nigerian naira has lost almost 70% of its value over the past few months, as Africa’s largest economy faces a currency crisis and soaring inflation.
#TrendingTopic #binance #Nigeria
LIVEBitcoin_Professor
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Prison Break Season One: Nigeria vs Binance
On February 26, 2024, the Nigerian government kidnapped two Binance executives who arrived in the country for negotiations regarding a claim that Binance initiated the speculations of Nigeria currency operations, which led to the fall of the naira.
The executives were accused of operating a business worth billions without proper registrations and documentation, leading to their kidnapping in Abuja, Nigeria. The government requested transaction data involving the Nigerian Naira and demanded the deletion of certain data from the Binance platform, but the executives insisted on being taken to their respective embassies before complying. The investigation was taken over by the Economic and Financial Crimes Commission (EFCC).
Despite being under a 14-day remand order, one of the executives, Nadeem Anjarwalla, reportedly escaped from custody using a smuggled passport, prompting efforts for his arrest. The Office of the National Security Adviser confirmed the escape and stated that Anjarwalla fled Nigeria, leading to ongoing efforts, including collaboration with Interpol, to apprehend him. A Nigerian citizen living in the U.K, at the time of this write-up called in from London to contribute to a live radio session and said "he was happy that Anjarwalla escaped; it was wrong for two Binance executives to come for official negotiations on solving the matter but unexpectedly get kidnapped."
Many Nigerians believe that the Nigerian government criminally arrested these executives and wanted to get free money by imposing a fine on Binance worth $10 billion, thinking they would get a similar share as Binance recently agreed to pay the US government a fine of $4.3 billion. The corruption of the Nigerian government and the security agencies is believed to have been taken to an international level, thereby causing them a shocking embarrassment, as most Nigerians and knowledgeable users of Binance believed.
What is your take on this season film of the prison break? Do you think money has exchanged hands or the government is trying to play politics/tricks?
Let's meet in the comments section.
#BTC #xrp #Nigeria $BTC $shib
The executives were accused of operating a business worth billions without proper registrations and documentation, leading to their kidnapping in Abuja, Nigeria. The government requested transaction data involving the Nigerian Naira and demanded the deletion of certain data from the Binance platform, but the executives insisted on being taken to their respective embassies before complying. The investigation was taken over by the Economic and Financial Crimes Commission (EFCC).
Despite being under a 14-day remand order, one of the executives, Nadeem Anjarwalla, reportedly escaped from custody using a smuggled passport, prompting efforts for his arrest. The Office of the National Security Adviser confirmed the escape and stated that Anjarwalla fled Nigeria, leading to ongoing efforts, including collaboration with Interpol, to apprehend him. A Nigerian citizen living in the U.K, at the time of this write-up called in from London to contribute to a live radio session and said "he was happy that Anjarwalla escaped; it was wrong for two Binance executives to come for official negotiations on solving the matter but unexpectedly get kidnapped."
Many Nigerians believe that the Nigerian government criminally arrested these executives and wanted to get free money by imposing a fine on Binance worth $10 billion, thinking they would get a similar share as Binance recently agreed to pay the US government a fine of $4.3 billion. The corruption of the Nigerian government and the security agencies is believed to have been taken to an international level, thereby causing them a shocking embarrassment, as most Nigerians and knowledgeable users of Binance believed.
What is your take on this season film of the prison break? Do you think money has exchanged hands or the government is trying to play politics/tricks?
Let's meet in the comments section.
#BTC #xrp #Nigeria $BTC $shib
