Banks that allow cryptocurrency transactions in Nigeria.
Table of Contents
Banks that allow cryptocurrency transactions in Nigeria.
Read all about the banks that allow cryptocurrency transactions in Nigeria.
The central bank of Nigeria issued a circular on the 5th of February 2021 prohibiting banks from engaging or facilitating in cryptocurrency transactions. According to the circular, cryptocurrency posed a great threat to the Nigerian financial system.
This has led to banks blocking the accounts of customers who use their bank accounts to carry out any form of crypto transaction.
However, even if most of the banks in Nigeria are strict towards customers found to trade cryptocurrency, there are some banks that are more lenient towards cryptocurrency users.
In this post, I am going to be writing on crypto friendly banks in Nigeria and more. Remember to leave us a comment after you finish reading and also share with your friends on social media.
Let’s get into it then…
Read my post on the best digital banks in Nigeria
Rubies bank
Rubies is a fully digital banking platform, offering zero fee banking targeted at millennials, young professionals, SMEs, quasi-financial institutions and FINTECH companies. Rubies brings new concepts to Banking Technology, Marketing and Engagements powered by Cloud Technology, AI and analytics.
How to open a Rubies bank account?
- Download the Rubies app from either the play store or Apple App store
- Having launched the app, you’ll get to the enrolment page
- Input your phone number and email address to register
- In the next page, you’ll be informed that your phone number is your username and can change it if you prefer, you’ll also have to fill in your first and last name in the form displayed.
- In the next slide, you will set up your 6-digit pin and also confirm it.
- They will send you an OTP to your registered number
- You’ll be asked to either choose your account or have one generated for you. Step 8: Your account has been created successfully.
Providus bank
Providus Bank is a Nigerian financial services provider, licensed as a commercial bank, by the Central Bank of Nigeria, the central bank and national banking regulator.
Founded in 2016, the bank provides debt financing facilities to small and medium-sized companies. The bank caters to industries such as agriculture, mining, hospitality, e-commerce, and art & entertainment.
How to open Providus bank account?
Click on the internet banking /request for a form.
- A form will appear/or start to.
- Fill the form with all the necessary requirement.
- Scanned your passport /place your passport.
- Scanned your ID card.
- After filling the form.
- Click on submit/submit to them.
ALAT
ALAT by Wema is Wema Bank’s fully Digital Banking Platform that allows you conduct all your banking transactions without ever having to visit any physical branch.
How to create ALAT account?
- Open app to landing page.
- Click get started
- Click Continue on value proposition page
- Enter BVN
- Take photo of face
- Take photo of signature
- If BVN facial match fails,
- OTP would be sent to a new customer’s BVN phone number and used as an alternative for validating BVN.
- OTP would be sent to existing WEMA Bank customer’s BVN phone number and used as an alternative for validating BVN.
- Enter email
- Enter password
- Confirm password
Kuda bank
Kuda bank is Nigeria’s first mobile only bank that is licensed by the central bank of Nigeria. Kuda bank comes in with many amazing features, like zero card maintenance fees, free transfers, automatic savings and more.
Kuda bank started some few years back as Kudimoney, their aim was to solve the numerous problems that users had with traditional banks.
They later changed their name to Kudabank, and grew their team to help them achieve their goal.
Kuda bank is registered and licensed by the Central bank of Nigeria (CBN) and their registration number RC796975. It is headed by CEO Babs Ogundeyi.
How to open Kuda bank account?
You can easily open a Kuda bank account easily in Minutes, after filling the KYC form on the app. The following are different account levels:
- Lite: All you need for this account type is your name and phone number.
- Basic: All you need is your name, phone number and bank verification number (BVN).
- Premium: All you need is your Name, phone number, Bank verification number and Valid ID card.
Summary
You should know that the above banks still have restrictions when it comes to dealing on crypto, so make sure you know the limits you cannot go past.
If you have any questions or you have something to add to this post, you can leave us a comment below or shoot us an email and we will get back to you as soon as possible.
Conclusion
Thank you for reading my post on Banks that allow cryptocurrency transactions in Nigeria. If you have any question or comment, you can leave it below in the comment section below.
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