AEON Pay has announced support for local bank transfers in Nigeria on its Telegram miniapp and dApps, enabling Web3-powered crypto payments through direct merchant bank transfers.
Within this integration, Nigerian users can shop at participating merchants, enter an amount in Naira (NGN), and select their preferred crypto and wallet to complete the payment. AEON Pay automatically manages asset conversion and initiates a local bank transfer to the merchant, providing a user experience that combines cryptocurrency with the familiarity of mobile banking.
This feature is compatible with all banks supported by the Nigeria Inter-Bank Settlement System (NIBSS), a central financial infrastructure that facilitates interbank settlements and digital payments nationwide, ensuring reliable local settlement. This marks an essential step in enabling real-world crypto utilities through local payment infrastructure.
Bank transfers in Nigeria
According to NIBSS, bank transfers accounted for over 70% of all digital payments in the country in 2023, overtaking card payments and mobile money. With millions of Nigerians relying on bank accounts as their primary payment rail, integrating this system was essential to meet local user behavior and expectations.
By leveraging the existing bank infrastructure through NIBSS, AEON Pay makes cryptocurrency as intuitive as cash. Whether shopping, dining, or accessing local services, users can experience practical crypto use in a familiar and accessible way.
According to Chainalysis, Nigeria is one of the top countries for crypto usage worldwide. The country’s mix of digital-savvy youth, mobile-first infrastructure, and underbanked populations makes it a key entry point for an important Web3 utility.
An optimal Web3 mobile payment experience
AEON Pay, the Web3 mobile payment product by AEON, is accessible through Telegram MiniApps, wallet dApps, and crypto exchange platforms. Already available at 20 million merchants and 10.000 global brands in Southeast Asia, including McDonald’s, Pizza Hut, and UNIQLO, AEON Pay offers scan-to-pay and bank transfer payment options to crypto users.
The new bank payment option is optimally incorporated into this process, allowing to:
- Spend crypto directly in NGN: real-time NGN price input, with no need to cash out manually or use centralised exchanges;
- Support local merchants: from small shops to large businesses, payments are sent directly and instantly to Nigerian bank accounts;
- Familiar UX, powered by Web3: users can optimally access crypto by entering a local amount and confirming with a wallet;
- Access through Telegram, wallets, and exchanges: AEON Pay is accessible where users already are.
By integrating local payment methods such as bank transfers in Nigeria, AEON bridges the gap between decentralised finance and everyday commerce. This launch marks a significant entry into a new market and reflects AEON’s mission to make cryptocurrency practical, accessible, and usable in people's daily lives worldwide.
