AEON Pay Expands Web3 Solution to Nigeria, Enabling 70% of Digital Transactions via Bank Transfers

AEON Pay, a leading crypto payment platform, has expanded its Web3 mobile payment solution to Nigeria, enabling users to spend cryptocurrency like cash through local bank transfers. This development allows Nigerians to utilize AEON Pay via Telegram miniapp and decentralized apps (dApps), facilitating seamless transactions with merchants who accept the service. Users can enter an amount in Naira (NGN), select their preferred cryptocurrency and wallet, and AEON Pay will automatically convert the assets and forward a domestic bank transfer to the merchant. This process mirrors the convenience of traditional mobile banking, making crypto payments accessible and user-friendly.

The system is compatible with all banks administered by the Nigeria Inter-Bank Settlement System (NIBSS), the primary network interlinking banks in Nigeria. This ensures that payments are secure and can be delivered to any merchant in the country. Bank transfers are the most reliable and popular method of payment in Nigeria, accounting for over 70 percent of all digital money transfers in 2023. This preference makes AEON Pay's integration with local banking systems a strategic move, aligning with the daily financial habits of Nigerians.

Nigeria's entry into the AEON ecosystem marks the company's first foray into Africa, a region with rapid growth in crypto usage. The country is recognized as a crypto hub, driven by its technological prowess, youthful population, and robust mobile infrastructure. The underbanked population in Nigeria also benefits from the ease of sending and receiving funds via crypto, providing new financial possibilities. AEON's expansion into Africa is part of its broader mission to simplify crypto usage globally, with plans to target Latin America next. The company aims to make crypto payments as straightforward as traditional banking solutions, catering to the unique financial practices of each nation.

AEON's collaboration with Bybit, a prominent global crypto exchange, further enhances its reach. This partnership integrates AEON's payment system with Bybit's extensive user base, expanding the potential for crypto payments. The launch in Nigeria is not just about entering a new market; it is a strategic move to popularize crypto as a daily payment currency. AEON's vision extends beyond Asia, with plans to bring its Web3 solutions to Africa and Latin America, making crypto payments simple, quick, and stable for users worldwide.

AEON Pay's mobile payment product is accessible via multiple platforms, including Telegram MiniApps and popular crypto wallet applications. This ensures that users can transact effortlessly at over 20 million merchants globally, including notable brands. The newly implemented option for bank payment in Nigeria is integrated into the entire payment flow, ensuring that each transaction is straightforward and user-friendly. Real-time crypto spending allows users to input the NGN price without manual cash-outs or the use of centralized exchanges, benefiting local businesses. Users enjoy the simplicity of entering local currency amounts and confirming purchases with just their wallets, making crypto payments as convenient as traditional cash transactions.

AEON's commitment to creating a truly global payment network that reflects the habits and needs of real-world users is evident in its expansion to Nigeria. By emphasizing local banking options, AEON is pioneering a bridge connecting decentralized finance with everyday commercial activities. This initiative not only opens new market opportunities but also highlights AEON's dedication to making cryptocurrency practical and usable for everyone. From Asia to Africa and soon Latin America, AEON is setting the pace towards a future where crypto payments mirror the ease of traditional payment methods.