Say Goodbye To Scammers And Bank Restrictions: MoonPay Launches KYC Solution For MetaMask In Nigeria

ConsenSys has announced that MetaMask has expanded its partnership with MoonPay, a Web3 payment company, to allow Nigerian users to purchase cryptocurrencies directly from their MetaMask wallets using local bank transfers. Nigerians can select their region as Nigeria when purchasing cryptocurrencies and choose the MoonPay quote linked to their purchase amount.

The purchased cryptocurrencies can then be stored in their MetaMask wallets.

ConsenSys has introduced this integration to facilitate the purchasing of cryptocurrencies for Nigerians, The Block reported.

MoonPay already offers localized peer-to-peer crypto purchases for users in Nigeria, which also relies on local bank transfers.

To provide this service, MoonPay has partnered with African fintech firm Yellow Card.

Also Read: US Banking Turmoil Is Good News For Crypto, But Short-Term Challenges Exist: Coinbase

Nigeria is a hub for cryptocurrency transactions, but Nigerians encounter challenges in buying cryptocurrencies due to the central bank’s ban, which prevents commercial banks from servicing crypto exchanges.

Furthermore, many Nigerian banks have suspended the use of debit cards on international websites, making it more difficult for users to purchase cryptocurrencies on centralized exchanges.

Due to these restrictions, Nigerians have had to rely on peer-to-peer transactions to buy cryptocurrencies.

However, this approach has drawbacks, including exposing unsuspecting victims to scammers and the possibility of the central bank closing bank accounts.

MoonPay’s Chief Product and Strategy Officer, Zeeshan Feroz, has said that the integration solves these issues.

He said that MoonPay has launched a document-less KYC solution, which leverages governmental databases and enables users to onboard faster and more securely with MoonPay by providing their Bank Verification Number.

Read Next: Five 21Shares Funds Bite The Dust Due To Investor Exodus, But What Other Fund Is Doing Well?

Photo: Unsplash