There seems to be another huge boost for Nigeria’s crypto users as Metamask, the leading self-custodial wallet, expanded its partnership with web3 payment company, MoonPay, to make self-custody cryptocurrency purchases become more reliable and accessible in Nigeria.
The Central Bank of Nigeria had earlier said it will bring up a regulatory policy framework for the implementation of cryptocurrencies in the country. This was as the banking regulator had over two years ago banned crypto-related transactions in the banking system.
It disclosed this in a report on ‘Nigeria payments system vision 2025’.
“The CBN would consider the development of a regulatory framework for potential implementation of ‘Stablecoins,” it disclosed.
The new feature by Metamask will enable Nigerian users to purchase crypto via bank transfers directly from their mobile device without having the need for credit or debit cards which were previously the only available options in Moonpay.
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This is despite the current issues crypto investors and traders are facing in Nigeria where the CBN placed a ban on all financial institutions in the country from servicing cryptocurrency exchanges which makes attention to be shifted to peer-to-peer trading.
Analysts are of the opinion that this new feature would increase the adoption of cryptocurrencies in the country and open the way for Nigerians to invest and store cryptocurrencies.
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