MetaMask enables direct crypto purchases in Nigeria

[Charles-Tim]

Note: Metamask wallet do not support bitcoin, it support altcoins like ERC20 and BSC tokens etc. If you want to buy bitcoin, you can still always follow the decentralized, or the centralized way. If it is centralized, no privacy.

Also know that Metamask to support direct purchase can help self-custody, but likely there is no privacy or anonymity about it. I do not know how this works for now, which I will later find more about, but I believe your crypto addresses which you used to buy the coins can easily be traced to your real identity using your bank details. This is a silence means KYC.


On Metamask wallet, you can now buy crypto directly using bank transfer, through the help of MoonPay.

On March 21, MetaMask’s parent firm ConsenSys announced a new integration with crypto fintech MoonPay, enabling users in Nigeria to purchase crypto via instant bank transfers.

The new feature is available within the MetaMask mobile and Portfolio DApp, significantly simplifying the process of buying crypto without using credit or debit cards in Nigeria.

If you are a metamask wallet user, you can confirm that for us after updating your wallet.

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[Iadegbola34]

Saw it today and I must confess that it's a good development but the only issue I have with it is the high service fee on the transactions compared to when you make the same transaction on standard P2P platform like binance and bybit. Another thing is the issue with the BVN, that will compromise the principle of decentralization if one's identity is linked to a 'decentralized' wallet.

[Agbe]

It is a good news for the crypto ecosystem in Nigeria but if bitcoin is not listed in the Metamask drop down list for the Nigerian then it of no use for me because I majorly deal on bitcoin and not other Cryptocurrencies. Nd 4 dose who dey use am make dem bi careful. By di way it is a welcome development, dat one set dey show sae crypto awareness is increasing in di kwantri. Charles-Tim thank you 4 bringing dis gud information. Metamask should support bitcoin so that their service in di country will be meaningful to many.

[sokani]

This one na good news for the Nigerian crypto community as all this na to help foster the adoption of cryptocurrency for we country. One advantage of the Moonpay/Metamask integration be say e present Nigerians with an opportunity to buy cryptocurrencies via bank transfers. Purchase by credit and debit cards also dey available but according to the survey wey dem conduct sometime ago, 90% of users prefer bank transfer, maybe na because of fear of not wanting their card details to be compromised.

But one thing wey I no like na the high transaction fee. If person want buy 0.0362 ETH at N48464.73, dem go charge you N1090.46 for processing fee and N444.81 for network fees, i.e about N1500 for the transaction which is equivalent to $2, and for me e dey high.

[Asiska02]

This is good news as it will help in bitcoin development and easy access and adoption in the country. But having access to your personal detail, the BVN makes this whole idea futile to me. The matter make sense but as e don reach to know person identity I no go like engage for the tin because this na better red flag wey person suppose avoid to avoid any regret later.

[Charles-Tim]

Saw it today and I must confess say it's good development but the only issue I have with it is the high service fee on the transactions compared to when you make the same transaction on standard P2P platform like binance and bybit. Another thing is the issue with the BVN, that will comprise the principle of decentralization if one's identity is linked to a 'decentralized' wallet.

Can you brief us more about the fee deduction? Is it deducted in percentage? If compared to centralized exchanges like Binance, ether and ERC20 token withdrawal fees are high, but those of other altcoins are usually low.

If BVN is required, no privacy. Just like I thought.

But one thing wey I no like na the high transaction fee. If person want buy 0.0362 ETH at N48464.73, dem go charge you N1090.46 for processing fee and N444.81 for network fees, i.e about N1500 for the transaction which is equivalent to $2, and for me e dey high.

Is the few in percentage of the amount that you want to buy? If so, it is very expensive, even than using those centralized exchanges and withdraw to noncustodial wallet.

[Iadegbola34]

Saw it today and I must confess say it's good development but the only issue I have with it is the high service fee on the transactions compared to when you make the same transaction on standard P2P platform like binance and bybit. Another thing is the issue with the BVN, that will comprise the principle of decentralization if one's identity is linked to a 'decentralized' wallet.

Can you brief us more about the fee deduction? Is it deducted in percentage? If compared to centralized exchanges like Binance, ether and ERC20 token withdrawal fees are high, but those of other altcoins are usually low.

If BVN is required, no privacy. Just like I thought.

But one thing wey I no like na the high transaction fee. If person want buy 0.0362 ETH at N48464.73, dem go charge you N1090.46 for processing fee and N444.81 for network fees, i.e about N1500 for the transaction which is equivalent to $2, and for me e dey high.

Is the few in percentage of the amount that you want to buy? If so, it is very expensive, even than using those centralized exchanges and withdraw to noncustodial wallet.

This is a pictorial proof of difference between the moonpay processing fees and other conventional P2P platform like binance and the likes.

[Igebotz]

Saw it today and I must confess say it's good development but the only issue I have with it is the high service fee on the transactions compared to when you make the same transaction on standard P2P platform like binance and bybit. Another thing is the issue with the BVN, that will comprise the principle of decentralization if one's identity is linked to a 'decentralized' wallet.

Can you brief us more about the fee deduction? Is it deducted in percentage? If compared to centralized exchanges like Binance, ether and ERC20 token withdrawal fees are high, but those of other altcoins are usually low.

If BVN is required, no privacy. Just like I thought.

Including live facial scan that far worse for something higher than the current DEX P2P Naira /dollar black market rate, its a good development but its not worth it if they aint going to charge the official CBN rate. nobody they will take them serious.

PS. please guys beware of the email scam going on, MM do not have access to you private contact information and will never PM first- so many accounts were wiped recently.

[Iadegbola34]

Including live facial scan that far worse for something higher than the current DEX P2P Naira /dollar black market rate, its a good development but its not worth it if they aint going to charge the official CBN rate. nobody they will take them serious.

PS. please guys beware of the email scam going on, MM do not have access to you private contact information and will never PM first- so many accounts were wiped recently.

The development comes with every shades of wrong. From KYC to high processing fees to higher rate than even the black market rate. They ought to have that thought at the back of their minds before partnering with a 'DECENTRALIZED' platform.

[Igebotz]

Including live facial scan that far worse for something higher than the current DEX P2P Naira /dollar black market rate, its a good development but its not worth it if they aint going to charge the official CBN rate. nobody they will take them serious.

PS. please guys beware of the email scam going on, MM do not have access to you private contact information and will never PM first- so many accounts were wiped recently.

The development comes with every shades of wrong. From KYC to high processing fees to higher rate than even the black market rate. They ought to have that thought at the back of their minds before partnering with a 'DECENTRALIZED' platform.

I just confirmed the rate sha, $1= N810 on the moon pay app without the processing fees from MM that's N80 more from the current black market rate. na dem sabi sha with all the high rate MM are still charging processing and some other charges to make it worse. whats crypto without anonymity. P2P is clear.

[Wiwo]

I just confirmed the rate sha, $1= N810 on the moon pay app without the processing fees from MM that's N80 more than the current black market rate. na dem sabi sha with all the high rate MM are still charging processing and some other charges to make it worse. What's crypto without anonymity? P2P is clear.

Charges on metsmask have been a turn-off for me, I used them a couple of times before but that was before I noticed their fees and I quickly avoided them, and besides I don't see any special assistance that meta mask offers that is not obtainable through p2p and to make matters worst, their require KYC verification for Naira deposits.

-Of a truth I am happy this discussion is coming up at this time, at least this will educate newbies to know which options to choose from as the journey on in the cryptocurrency industry, metamask also messed things up when their did not list Bitcoin and only altcoin.

[DaNNy001]

I just confirmed the rate sha, $1= N810 on the moon pay app without the processing fees from MM that's N80 more than the current black market rate. na dem sabi sha with all the high rate MM are still charging processing and some other charges to make it worse. What's crypto without anonymity? P2P is clear.

Charges on metsmask have been a turn-off for me, I used them a couple of times before but that was before I noticed their fees and I quickly avoided them, and besides I don't see any special assistance that meta mask offers that is not obtainable through p2p and to make matters worst, their require KYC verification for Naira deposits.

-Of a truth I am happy this discussion is coming up at this time, at least this will educate newbies to know which options to choose from as the journey on in the cryptocurrency industry, metamask also messed things up when their did not list Bitcoin and only altcoin.

This update is truly good but I feel their is no need for me to check it out again as the already discuss charge rate scares me although one thought just comes to my mind maybe its a newly added feature, maybe overtime the rate is actually going subside. I have tried out some exchange platform's like busha, yellow card and binance and for me binance still remains best due to their easily understandable platform and fast and little charge rate on transaction made through peer to peer.

[Nwada001]

This one nah just another move way Moonpay and metamask wan carry they add money for there table, Metamask way dy decentralized don come carry this one spoil their self, nah just people way no too sabi were to go buy crypto i believe say go dash them this high fee and come still carry their identity join body. normally sha for them to use Moonpay payment system way they licensed by CBN them go really gat need customer data even if them no willingly ask for am. and any small wahala now way make government suspect any activity their dem go just request them to carry people data way don use their system buy crypto give them which them no go delay to do am. 

[Charles-Tim]

its a good development but its not worth it if they aint going to charge the official CBN rate. nobody they will take them serious.

It charges more than the parallel rate which I think is what you meant, not the CBN rate. Black market rate should be around $750, but using over $800, that is too high and not worth going for.

[Wiwo]

its a good development but its not worth it if they aint going to charge the official CBN rate. nobody they will take them serious.

It charges more than the parallel rate which I think is what you meant, not the CBN rate. Black market rate should be around $750, but using over $800, that is too high and not worth going for.

I was beginning to think of using Igebotz exchange service since I read were he mentioned $1= ₦‎800 black market rate but then I remembered Igebotz have not replied my pm for over a few weeks now so I don't have any way to contact him for the best dollar rate of the moment I am just being sarcastic anyway.

[Dr.Bitcoin_Strange]

I just saw this today. It's a good development, perhaps  many people are already using it. The fact that it has an instant bank transfer makes it easier. I would try this out and give feedback here.

Dear Charles- Tim, with the instant bank transfer, does it not still mean the app can record one's personal details like account number and account name of the sender? I don't think this Metamask instant transfer is like that of Binance P2P. which means the process is centralized, right?