AEON Pay Expands Web3 Crypto Payments to Nigeria

• AEON Pay expands Web3 crypto payments to Nigeria, boosting daily crypto use.

• Nigerians can now spend crypto like cash via AEON’s bank transfer system.

• AEON taps trusted bank networks to make crypto spending safe and local.

AEON, a next-generation crypto payment platform, is moving forward with its mission to make crypto useful in daily life. The company has announced that its Web3 mobile payment solution, AEON Pay, is now available in Nigeria.

Nigerians Can Now Spend Crypto Like Cash with AEON Pay

This new launch means that Nigerians will have access to AEON Pay on its Telegram miniapp and decentralized apps (dApps). Users are able to shop with merchants who make use of the service and then they can enter an amount in Naira (NGN) and choose their favorite crypto and wallet. Then, the conversion of assets will be performed by AEON Pay automatically. It will then forward a domestic bank transfer straight to the merchant. This gives crypto payments a sensation of ordinary people’s mobile banking.

The system is compatible with all the banks that are administered by the Nigeria Inter-Bank Settlement System (NIBSS). The primary network interlinking the banks in Nigeria is NIBSS. It aids in resolving bank payments and enables digital payments nationwide. With this reliable system, AEON Pay can be sure that payments are safe and can be delivered to any merchant in Nigeria.

In Nigeria, bank transfers have already proven to be the most reliable and favorite method of payment. According to NIBSS, in 2023, the bank transfer method of making digital payments was used in more than 70 percent of all digital money transfers in Nigeria. This figure is larger than the card payments or mobile money services. Nigerians use bank accounts to pay bills and purchase goods daily in the millions.

Nigerians are now able to spend their crypto as conveniently as they spend cash. They would be able to shop, pay for services, or even go out to restaurants and pay directly with bank transfers enabled by crypto. This makes crypto useful daily.

AEON Brings Everyday Crypto Payments to African Youth

The launch in Nigeria is AEON’s first step into Africa. The region has emerged as one of the markets with the fastest growth in crypto usage. Nigeria is referred to as the crypto hub in Africa. According to Chainalysis, the country is among the leaders in the use of crypto in the world in 2023. What fuels this growth is the technological prowess and youthful population of the country and its good mobile infrastructure. Nigeria is also full of underbanked individuals and sending and receiving funds with crypto provides new possibilities.

The entry of AEON in Africa is also evidence of its larger aim of simplifying crypto to all, anyplace. The firm is already targeting Latin America as the next launching place. AEON understands that each nation has its financial practices and that is why the company catered to its system. Referring crypto payments to the solutions, which people are accustomed to using, such as bank transfers, AEON does not make the technology too sophisticated but easily used.

Previously, AEON collaborated with Bybit, which is one of the most well-known crypto exchanges in the world. This collaboration will integrate the payment system of AEON with more than 70 million users of Bybit globally.

In sum, the entry of AEON to Nigeria is not only a new market. It is a move to popularize crypto as daily payment currency. Asia is just the beginning; Africa is coming next, and Latin America shortly after AEON is interested in giving people an opportunity to operate crypto as easily as cash, simple, quick, and stable.