In this article, we’ll highlight what banks are crypto friendly in Nigeria and also curate the 15 best crypto-friendly banks in Nigeria, providing in-depth insights into their offerings, user experiences, and supported cryptocurrencies.
But, before we delve into this amazing topic, let’s run a quick view on cryptocurrency and its influence in Nigeria with banks.
Cryptocurrencies have taken the world by storm and have become a popular way for individuals and businesses to make transactions.
While some countries have been hesitant to embrace this new form of currency, Nigeria has emerged as a leader in the crypto space. With a growing number of people turning to digital currencies, many are wondering what banks are crypto-friendly in Nigeria.
We will explore the 15 best banks in Nigeria that have embraced cryptocurrencies and are leading the way in the country’s digital economy.
So whether you are a crypto enthusiast or just looking to explore new financial opportunities, read on to discover which are the most crypto-friendly banks in Nigeria.
TransferXO is one of the top cryptocurrency platforms that accept different banks as one of their payment methods. You can easily sign up on the platform.
An Overview of Cryptocurrency Regulations in Nigeria
As of 2023, cryptocurrency regulations in Nigeria are constantly evolving, in tandem with global trends. Nigeria has long been an active player in the cryptocurrency space, with a high percentage of the population actively trading cryptocurrencies.
It’s unsurprising, then, that the country is prioritizing regulations for this sector to provide greater clarity and certainty for market participants.
One of the significant changes that has been introduced is the establishment of a regulatory sandbox, which is an experimental platform for cryptocurrency firms to test innovative products and services.
This sandbox aims to allow businesses to operate in a secure and regulated environment and, eventually, enable the growth of the country’s cryptocurrency industry.
In addition, the Securities and Exchange Commission (SEC) has defined cryptocurrencies as securities. This move aligns with global standards and provides much-needed clarity for investors in the cryptocurrency market.
Overall, these new regulations demonstrate Nigeria’s commitment to promoting innovation and growth in the cryptocurrency sector while safeguarding consumers’ and investors’ interests.
As the sector continues to grow and evolve, Nigeria’s regulators will undoubtedly need to continue to adapt and stay on top of trends to ensure the best outcomes for all stakeholders.
If you want to use a wallet instead of using a crypto-friendly bank, you can read this article: 15 Best Crypto Wallets in Nigeria in 2023
Why is it Important to Find Crypto-Friendly Banks in Nigeria?
In the world of digital currencies, finding a bank that supports and accommodates cryptocurrency transactions is imperative. In Nigeria, a country that has experienced its fair share of crypto skepticism, it is even more important.
For starters, being crypto-friendly opens up the financial industry to innovation and helps Nigeria join the league of technologically advanced countries.
Secondly, finding crypto-friendly banks in Nigeria creates an avenue for individuals and businesses to access crypto trading and transactions conveniently. It would also provide regulatory guidance and legitimacy to cryptocurrency activities, eliminating the fear of engaging in illegal financial activities.
Ultimately, the search for crypto-friendly banks in Nigeria signifies the recognition of digital currencies as a valid financial instrument that requires legitimate infrastructure and backing.
Nigeria, with its vast potential and need for digital innovation, stands to benefit immensely from embracing crypto transactions through crypto-friendly banks.
If you’re new to crypto trading, then you can read this article: How Much Do I Need to Start Trading Cryptocurrency?
How These Banks Facilitate Payments on TransferXO
Transferring funds through crypto-friendly banks is not just about making transfers fast, secure, and cost-effective.
It is about keeping up with the current technological advancements and understanding the growing demands and needs of global customers.
If you are interested in using these crypto-friendly banks as a payment method on TransferXO, then here’s how it works.
1. Registration and Verification
First and foremost, you need to open an account in any of these crypto-friendly banks that accept digital currencies as a legitimate form of payment.
The account opening process typically involves undergoing a registration and identity verification procedure. Make sure you choose a reliable bank that uses state-of-the-art security features.
2. Connect to TransferXO
Once your bank account is ready, connect it to your TransferXO account. To do this, simply enter the required bank account information into the designated field in the TransferXO app or website.
3. Crypto Purchase
If you haven’t purchased your desired cryptocurrencies, go ahead and do so through your chosen bank. Most crypto-friendly banks allow customers to buy various digital currencies such as Bitcoin, Ethereum, and Litecoin directly.
4. Fund your TransferXO Account
After purchasing the cryptocurrencies, fund your TransferXO account with the bought cryptos. The bank will automatically convert your digital currency into the traditional currency that the receiver can withdraw.
5. Send Money
Once your TransferXO account has the necessary funds, you can use the platform to send money overseas. The platform has a seamless and user-friendly interface that enables users to initiate transfers quickly and efficiently.
6. Convert to Local Currency
Depending on the recipient’s preference, TransferXO will then convert the transferred amount into the receiver’s local currency. The converted funds will then be credited to the receiver’s bank account.
7. Confirm Transaction
Lastly, ensure you confirm your transaction before closing your TransferXO account or switching off your device. This final step ensures that the funds have been transferred securely.
Crypto-friendly banks provide a seamless and secure alternative for users to transfer funds globally using digital currencies.
Always choose a trusted bank that understands your needs and protects your interest while you engage in international transfers. It’s not only about using technology, it’s about making your transfers fast, secure, and convenient.
Take Time to Read – 17 Best P2P Crypto Exchanges Without KYC Verification in 2023
What Criteria Determine a Bank’s Crypto-Friendliness in Nigeria?
As cryptocurrencies continue to grow in popularity and importance, many banks around the world are embracing the digital asset and the technology behind it.
However, in Nigeria, the decision of which banks to partner with or trust when it comes to cryptocurrencies can be a tricky one.
To determine a bank’s crypto-friendliness in Nigeria, there are several criteria to consider:
1. Regulatory Compliance
A bank must comply with Nigeria’s regulations on cryptocurrency. Any bank that has obtained a license to operate from the Central Bank of Nigeria is usually more trustworthy.
This ensures that the bank is held accountable for any legal or regulatory breach.
2. Customer Support
Another criterion to consider is the level of customer support the bank provides. The world of cryptocurrency can be complicated, and customers often have many questions and concerns.
Therefore, a bank needs to have dedicated support staff trained in cryptocurrency and available to answer customer questions.
3. User Experience
A bank’s user experience, especially with its mobile application and website, plays a crucial role in determining its crypto-friendliness.
Users must be able to purchase, hold, and trade cryptocurrencies with ease, and this process should be integrated seamlessly into the bank’s existing services.
4. Security Measures
A crypto-friendly bank should have adequate security measures in place to protect its customers’ digital assets.
This includes measures such as two-factor authentication, biometric authentication, and secure wallets for storing digital assets.
5. Exchange and Liquidity
In addition to the above criteria, a bank’s partnership with exchanges and liquidity providers plays a significant role in determining its crypto-friendliness.
A bank that partners with trusted and reliable cryptocurrency exchanges makes it easier for customers to purchase and trade digital assets.
Additionally, liquidity providers allow the bank to offer competitive rates on cryptocurrency trading and support the conversion of digital assets to fiat currency.
Learn more about TransferXO using another payment method instead of banks: Can TransferXO P2P Trading Use PayPal for Deposits & Withdrawal?
Top 15 Best Banks That Are Crypto Friendly in Nigeria
Are you a crypto enthusiast living in Nigeria? Do you want to keep your digital assets safe and secure while enjoying the perks of traditional banking?
Look no further, we’ve got you covered with our top 15 best banks that are crypto-friendly in Nigeria!
1. Zenith Bank
Nigeria is a country where the demand for cryptocurrency has grown over the years. Among the Nigerian banks, Zenith Bank stands out for its crypto-friendly approach. Zenith Bank’s mobile banking platform supports transactions of Bitcoin, Litecoin, Ethereum, and other digital currencies.
Moreover, Zenith Bank has made crypto payments more accessible to its customers by allowing direct debit from customers’ crypto wallets. Zenith Bank has taken this step in response to the growing popularity of cryptocurrencies among young Nigerians.
Overall, Zenith Bank has taken a step towards adapting to the future and a time when cryptocurrency might become mainstream, demonstrating that they have the foresight and innovation needed to adapt and thrive in the changing landscape of the banking industry.
Don’t miss out to read – 15 Best Cryptocurrency Crowdfunding Platform: The Future of Crypto Fundraising
2. Providus Bank
Here’s another cryptocurrency-friendly bank where you may open an account. Walter Akpani established Providus Bank on June 15, 2006.
Its headquarters are located at 724 Adetokunbo Ademola Street in Victoria Island, Lagos, Nigeria.
Providus Bank offers a savings account that enables large deposits and withdrawals, exactly what a crypto trader requires. It’s known as the Affluent Savings Account. The account must be opened with a minimum of N100,000 to be opened. You can also withdraw an infinite number of times per day.
You also get uninterrupted internet banking, mobile banking, SMS alerts (at N4), and free e-alerts/e-statements.
Furthermore, the Quidax and YellowCard exchanges provide users with virtual Providus bank accounts. This simplifies and expedites bank-crypto transfers for users. Pursa, BuyCoins, Bitstamp, NairaEx, and Cryptofully are more exchanges that list Providus Bank.
3. KUDA
Kuda Bank, a digital-only bank, has proven to be a favorite among young people looking for a bank that aligns with their values. Kuda allows users to buy and sell Bitcoin and other cryptocurrencies through its platform, with zero transaction fees.
The bank also offers features like budgeting tools and cashback rewards, making it a one-stop-shop for digital banking.
Kuda Bank offers users the ability to buy and sell cryptocurrencies on its mobile app, which is widely recognized as one of the most user-friendly apps in the Nigerian market.
They have integrated with several crypto platforms and are working on introducing a feature that allows for P2P transfers using cryptocurrency. Kuda Bank is a progressive and reliable institution that ensures a seamless crypto experience.
Don’t fail to read: 10 Best Crypto Day Trading Strategies in 2023
4. Rubies Bank
Another bank that is gaining a reputation for its crypto-friendliness is Rubies Bank. This bank has positioned itself as a key player in the fintech space and has integrated crypto services into its platform.
The bank has developed a user-friendly interface that allows customers to easily manage their cryptocurrency portfolio. Moreover, Rubies Bank has established strategic partnerships with reputable cryptocurrency exchanges, providing customers with a range of options to choose from.
With Rubies Bank, crypto enthusiasts can buy and sell their preferred digital assets without having to go through the hassles associated with traditional banks.
5. ALAT( Wema Bank )
As cryptocurrency gains momentum worldwide, Nigerian banks are not left out of this fintech revolution. ALAT by Wema Bank is one of the leading Nigerian banks with crypto-friendly features.
This bank has proven to be forward-thinking by creating an ecosystem that enables the buying and selling of Bitcoin and other digital assets within its platform. With the help of these features, customers can easily convert their cryptocurrencies to Naira and vice versa.
Apart from the standard features of a bank account such as mobile banking and internet banking, ALAT goes a step further to offer innovative solutions that enhance user experience, which includes no monthly maintenance fee, instant account opening, and the issuance of a free debit card.
The emergence of ALAT has disrupted traditional banking in Nigeria by providing excellent crypto-friendly services and bringing an end to unnecessary bureaucracy.
You can also take time to read; Can You Trade Crypto All Day on TransferXO?
6. GTBank
When it comes to banking in Nigeria, GTBank has undoubtedly become a household name. This leading bank offers a seamless cryptocurrency-friendly service through its app.
The GTBank mobile app is designed to give customers full control of their crypto assets and Naira, making transactions convenient and efficient. With this app, users can quickly sell, buy, and store their digital currencies in a safe and secure environment.
One significant feature of the GTBank app is the ability to generate virtual dollar debit cards for cryptocurrency purchases online. This feature enables customers to make payments for goods and services on international websites without restrictions or having to deal with unfavorable exchange rates.
Additionally, the GTBank mobile app offers other exceptional features such as zero minimum balance requirements, account statement access, bill payments, and 24/7 customer service support. GTBank has become a popular choice for individuals who are seeking a seamless cryptocurrency-friendly banking experience in Nigeria.
7. Fidelity Bank
Fidelity Bank is one of the leading banks in Nigeria that has welcomed cryptocurrencies. The bank has integrated blockchain technology into its system to provide an efficient platform for users to transact using digital currencies. Fidelity Bank’s decision to adopt cryptocurrencies is due to the growing popularity of digital assets among Nigerians.
Fidelity Bank provides an online platform that enables customers to buy and sell cryptocurrencies with ease. The bank also offers a cryptocurrency wallet that allows customers to securely store their digital assets. Fidelity Bank is committed to ensuring the safety and security of customers’ transactions.
The bank’s move to integrate cryptocurrencies into its system has enabled it to attract new customers who were previously reluctant to transact with traditional banks. With the rise of cryptocurrencies in Nigeria, Fidelity Bank has positioned itself as one of the go-to banks for crypto enthusiasts.
8. First Bank
First Bank is one of the oldest and largest banks in Nigeria, and it has been quick to embrace the digital revolution by supporting cryptocurrencies. First Bank has integrated cryptocurrencies into its platform to cater to the needs of the growing number of crypto enthusiasts in Nigeria.
First Bank offers a user-friendly online platform that allows customers to buy, sell, and hold digital assets. The bank has also developed a cryptocurrency wallet that enables users to store their digital assets safely and securely.
One of the major advantages of using First Bank for cryptocurrency transactions is the ease of access to funds. The bank’s integration of cryptocurrencies has eliminated the need for customers to use third-party exchanges to access their digital assets.
9. Access Bank
As the world evolves into a cashless society, Access Bank has become a trailblazer in crypto adoption, becoming one of the most crypto-friendly banks in Nigeria. With the ever-increasing interest in cryptocurrencies, Access Bank has embraced blockchain technology to make transactions seamless for its customers.
By collaborating with blockchain start-ups, the bank has introduced various digital currency solutions that are customer-friendly and offer faster transaction processing time. For example, customers can easily buy and sell cryptocurrencies using their mobile phones via the bank’s digital platform, AccessMore.
Furthermore, the bank is leading in crypto education by offering its customers workshops and webinars that inform them about the cryptocurrency market, risks, and benefits of investing in cryptocurrencies. Overall, Access Bank is at the forefront of the crypto wave in Nigeria and is undoubtedly a top pick for anyone looking to do business in the crypto world.
10. Stanbic IBTC Bank
In Nigeria, Stanbic IBTC Bank is known for its exceptional banking services and innovative financial products. The bank’s crypto-friendly services have made it a top choice for individuals and businesses looking to invest in cryptocurrencies.
One of the significant ways Stanbic IBTC Bank has shown its support for cryptocurrencies is through its strategic partnership with leading crypto exchanges such as Binance and Luno. The partnership ensures that customers can easily trade digital assets within the bank’s platforms.
Stanbic IBTC Bank is also proactive in educating its customers on the importance of security measures when investing in cryptocurrencies. Through its security education programs, customers are trained on best practices for safe trading and managing of crypto assets.
Additionally, the bank’s top-notch technology makes it easy for customers to monitor their crypto portfolio, analyze trading charts and history, and manage their investments. Stanbic IBTC Bank has proven that it is committed to serving customers with its excellent financial services, backed by innovative technology and unwavering trust.
11. Union Bank
Union Bank, one of Nigeria’s oldest banks, is quickly positioning itself as a crypto-friendly financial institution. The bank has been taking strategic steps to incorporate digital currencies into its banking services.
In 2018, Union Bank was one of the first banks in the country to partner with a cryptocurrency exchange. Since then, it has taken bold steps to make cryptocurrency transactions easier for its customers. It has launched its digital currency called UnionX, which can be used to pay bills, buy airtime, and transfer funds.
The bank has also made it easier for customers to link their cryptocurrency accounts with their Union Bank accounts. With its robust technology infrastructure and excellent customer service, Union Bank is undoubtedly a bank to watch in the crypto space.
12. UBA
UBA is a well-established bank in Nigeria with a reputation for providing innovative banking solutions. UBA has been one of the most supportive banks of cryptocurrencies in Nigeria, having hosted the first-ever blockchain conference in the country.
UBA has since been building up its blockchain division and is constantly looking to collaborate with other companies to bring blockchain and cryptocurrencies to its customers. The bank has made it possible for customers to buy and sell cryptocurrencies directly from their UBA bank account, with the use of their mobile banking application.
UBA is always pushing boundaries and exploring new technologies. It is evident that UBA is at the forefront of digital banking and is one of the best crypto-friendly banks in Nigeria.
13. Sterling Bank
Sterling Bank is renowned for its innovative approach to banking, and it is not surprising that they have joined the league of crypto-friendly banks. The bank has gone as far as collaborating with several blockchain companies, and they even launched their cryptocurrency known as Sterling Coin.
Customers of Sterling Bank can easily buy, sell, and exchange various cryptocurrencies through their mobile application. This makes Sterling Bank a go-to destination for all crypto enthusiasts.
Sterling Bank’s innovation in crypto-friendly services includes their partnership with popular crypto exchanges to enable customers to purchase crypto using their Sterling Bank debit cards. They also provide guidance and support for blockchain-based startups through the Sterling Bank Blockchain Community. This demonstrates Sterling Bank’s forward-thinking approach to embracing blockchain technology.
14. Heritage Bank
Another crypto-friendly bank that has caught the eye of Nigerians is Heritage Bank. This financial institution has a rich history of supporting technology-driven solutions. Heritage Bank has a highly customer-centric approach, enabling seamless access to digital asset investment opportunities.
Heritage Bank has proven its worth as one of the best crypto-friendly banks in Nigeria. The bank allows customers to buy and sell cryptocurrencies on its platform HB LITX without any hassles.
Additionally, Heritage Bank offers advisory services to customers on the latest trends in the crypto market. This puts the bank ahead of its competitors as it positions itself as a hub for crypto investments.
15. Polaris Bank
Polaris Bank is one of the best banks in Nigeria that is crypto-friendly. With the growing demand for digital currencies, the bank has adapted its services to accommodate the crypto market.
One of the significant benefits of using Polaris Bank for your crypto transactions is the security that comes with their service. Polaris Bank uses a multi-layered approach to ensure that your transactions are safe and secure.
Another significant advantage of Polaris Bank is its ease of use. The bank offers a seamless platform that is user-friendly and easy to navigate, making it easy for users to access their accounts and carry out transactions.
Polaris Bank is also committed to innovation and technology. The bank continuously updates its services to keep up with the latest trends in the crypto market. They offer various services such as buying and selling cryptocurrencies, fiat currency exchanges, and crypto wallets.
Also, check out – How To Take Profits in Crypto and Reinvest on TransferXO
Risks and Drawbacks of Using Crypto-Friendly Banks in Nigeria?
With the rise of cryptocurrency as a popular means of transaction, many Nigerians have opted for crypto-friendly banks. While these banks have made it easier to transact using cryptocurrencies, they also come with their risks and drawbacks. In this blog post, we’ll explore some of the risks and drawbacks of using crypto-friendly banks in Nigeria.
1. Lack of Regulatory Oversight
One of the biggest risks of using crypto-friendly banks is the lack of regulatory oversight. As cryptocurrencies are relatively new, the regulatory framework around them is still evolving.
This means that crypto-friendly banks may not be subject to the same regulations as traditional banks. As a result, customers may not have the same protections that they would have with traditional banks.
2. Security Risks
Cryptocurrencies are often associated with high levels of security, but that is not always the case. In some cases, crypto-friendly banks may be vulnerable to hacking attacks, which can result in customers losing their digital assets. This is particularly concerning as cryptocurrency transactions are irreversible.
3. Volatility
Cryptocurrencies are notoriously volatile. The value of cryptocurrencies can fluctuate rapidly, sometimes by significant margins.
This means that customers who store their digital assets with crypto-friendly banks may be exposed to the risks associated with price volatility. This can lead to significant losses if the value of their digital assets decreases.
4. Limited Access
Not all crypto-friendly banks are accessible to everyone. Some banks require customers to have a minimum level of digital assets before they can open an account. This means that those who are just starting in the world of cryptocurrency may not have access to these banks.
5. Legal Concerns
Finally, there are also legal concerns associated with using crypto-friendly banks. In Nigeria, the legal framework around cryptocurrencies is still evolving. As a result, using these banks may expose customers to legal risks.
Customers should be aware of these risks before entrusting their digital assets to these banks. It is essential to conduct thorough research and exercise caution when dealing with cryptocurrencies to avoid significant losses.
Also read – 10 Best P2P Crypto Exchange Platforms in Nigeria Like Paxful
Frequently Asked Questions
What makes a bank crypto-friendly?
A bank is considered crypto-friendly when it offers products or services that make it easier for customers to purchase, sell, or hold cryptocurrencies. This can include partnerships with crypto exchanges, allowing transactions with crypto-related businesses, and offering educational resources on cryptocurrencies.
Are these banks regulated by the Central Bank of Nigeria (CBN)?
Yes, all the mentioned banks are regulated by the Central Bank of Nigeria. They are licensed to operate as commercial banks and they comply with the laws and regulations of the country.
Can I trade cryptocurrencies directly with these banks?
No, these banks do not offer direct cryptocurrency trading services. However, they allow transactions to and from cryptocurrency exchanges, making it possible for their customers to trade cryptocurrencies on platforms like TransferXO through these exchanges.
Conclusion
Nigerian banks are slowly but surely embracing cryptocurrencies. Some, like First Bank and Access Bank, already support blockchain transactions.
By offering direct crypto payment options, these institutions streamline crypto transactions for users and businesses, providing a secure and efficient method for global money transfers.
As more banks adopt crypto, the overall process of using platforms like TransferXO becomes simpler, more reliable, and quicker.
Ultimately, crypto-friendly banks are integral to harnessing the full potential of cryptocurrencies and enhancing Nigeria’s digital economy. It is indeed an exciting time for crypto adopters and users of TransferXO.