Revolutionising Crypto Payments in Nigeria’s Digital Economy
AEON Pay has announced a significant expansion into the Nigerian market, introducing support for local bank transfers directly within its Telegram miniapp and dApps. This strategic move is set to revolutionise Web3-powered crypto payments by enabling seamless transactions through direct merchant bank transfers. In a nation rapidly embracing digital finance and ranking among the top countries for crypto usage globally, AEON Pay is poised to bridge the gap between decentralised finance and everyday commerce. This integration offers Nigerian users an optimal payment experience, combining the innovative power of cryptocurrency with the familiarity and reliability of mobile banking.
Seamless Crypto-to-Naira Bank Transfers
The core of this new integration lies in its ability to facilitate seamless, real-time crypto payments directly into Nigerian bank accounts. Nigerian users can now shop at participating merchants, enter their desired amount in Naira (NGN), and then select their preferred cryptocurrency and wallet to complete the payment. AEON Pay’s intelligent system automatically manages the asset conversion process from crypto to NGN and instantly initiates a local bank transfer directly to the merchant.
This streamlined user experience combines the cutting-edge capabilities of cryptocurrency with the widespread familiarity of mobile banking, making crypto as intuitive as traditional payment methods. Crucially, this feature is compatible with all banks supported by the Nigeria Inter-Bank Settlement System (NIBSS), the central financial infrastructure that facilitates interbank settlements and digital payments nationwide, ensuring reliable local settlement.
Tapping into Nigeria’s Digital Payment Landscape
The strategic importance of integrating with Nigeria’s bank transfer system cannot be overstated. According to NIBSS data, bank transfers accounted for over 70% of all digital payments in the country in 2023, significantly surpassing card payments and mobile money. With millions of Nigerians relying on their bank accounts as their primary payment rail, leveraging this existing infrastructure through NIBSS was essential for AEON Pay to align with local user behaviour and expectations.
By doing so, AEON Pay makes cryptocurrency as intuitive and accessible as using cash for everyday transactions. Whether shopping, dining, or accessing local services, users can now experience practical crypto utility in a familiar and highly accessible way, fostering broader adoption.
Nigeria: A Key Entry Point for Web3 Utility
Nigeria stands out globally as a pivotal market for cryptocurrency adoption. According to Chainalysis, the country is consistently ranked among the top nations for crypto usage worldwide. This high adoption rate is fueled by a unique combination of factors: a large population of digital-savvy youth, a robust mobile-first infrastructure, and a significant portion of the population that is underbanked. This demographic and infrastructural mix makes Nigeria a key entry point for innovative Web3 utilities like AEON Pay. The country’s readiness for digital financial solutions provides an ideal environment for AEON’s mission to make cryptocurrency practical, accessible, and seamlessly usable in people’s daily lives.
Optimal Web3 Mobile Payment Experience
AEON Pay, the flagship Web3 mobile payment product by AEON, is designed for maximum accessibility and user convenience. It is readily available through various popular platforms, including Telegram MiniApps, wallet dApps, and major crypto exchange platforms. AEON Pay has already established a significant global presence, being accessible at 20 million merchants and 10,000 global brands across South-east Asia, including renowned names like McDonald’s, Pizza Hut, and UNIQLO.
The platform offers versatile payment options, including scan-to-pay and now the new bank transfer feature for crypto users. This new bank payment option is optimally incorporated into the existing process, allowing users to spend crypto directly in NGN with real-time NGN price input, eliminating the need for manual cash-outs or reliance on centralised exchanges. It supports local merchants, from small shops to large businesses, by sending payments directly and instantly to Nigerian bank accounts, all while providing a familiar user experience powered by Web3.
Bridging Decentralised Finance and Everyday Commerce
By integrating local payment methods such as bank transfers in Nigeria, AEON Pay effectively bridges the gap between decentralised finance and everyday commerce. This strategic launch marks a significant entry into a new and vital market, reflecting AEON’s overarching mission to make cryptocurrency practical, accessible, and truly usable in people’s daily lives worldwide.
The ability to transact directly with local merchants using crypto, without complex conversions or intermediaries, represents a major step towards mainstream adoption of digital assets. As AEON continues to expand its reach and integrate with local financial infrastructures, it is setting a new standard for how Web3 payments can seamlessly blend into global economies, fostering a more inclusive and efficient financial future.
