In this post, I shared 4 crypto friendly banks that will make crypto traders smile.
Banks have never been the institutions to support cryptocurrencies. And this has been a challenge to many crypto traders.
However, the situation is better these days as more banks have included services that will favor crypto traders.
With these crypto friendly banks, crypto transactions have become easier, faster, and cheaper.
If you are ready to find the banks, grab your writing pad and let’s get started!
Post Summary
This post is divided into the following subheadings:
- 4 Crypto Friendly Banks In Nigeria
- Which Is The Best Of The Best?
- Conclusion
A click on any subheading above will reveal its details.
Happy reading!
4 Crypto Friendly Banks In Nigeria
Following the circular published by the Central Bank of Nigeria (CBN) on 5th February 2021, prohibiting financial institutions from facilitating payments for cryptocurrency exchanges;
these banks do not support crypto transactions any longer.
https://www.nigeriabitcoincommunity.com/cbn-crypto-ban/
- KUDA
- Providus Bank
- Rubies Bank
- ALAT
1. Kuda Bank
The first bank on my list of Crypto friendly banks is Kuda, the first digital-only bank in Nigeria.
Kuda was founded by Babs Ogundeyi and Musty Mustapha in 2018. It was designed to be used on smartphones.
The beautiful thing about this bank is that its services are free: deposit, withdrawals, account/card maintenance, bank transfer, and messaging.
Also, Kuda allows its users to make unlimited transfers daily. This is one feature that makes it a crypto friendly bank.
However, you have to verify your account with a government-issued ID and your BVNto enjoy this feature.
Furthermore, Kuda partnered with Access bank hence, Kuda bank users can make withdrawals from any Access bank ATM using their Kuda card.
Kuda bank also makes it easy for users to transfer funds from their wallets to their bank accounts and vice versa.
For example, Binance P2P recently added Kuda Bank as a payment option. Luno, Paxful, Remitano, and Cryptofully also have Kuda bank on their list.
To get started on KUDA bank, download the app on your device and register with this code: QJQNSUOG
2. Providus Bank
Here’s another crypto friendly bank you can open an account with.
Providus bank was founded by Walter Akpani on the 15th of June, 2006.
It has its headquarters at 724 Adetokunbo Ademola Street, Victoria Island, Lagos, Nigeria.
There is a savings account in Providus bank that allows for huge deposits/withdrawals, the type that a crypto trader needs.
It is called the Affluent Savings Account. The minimum amount required to open the account is N100, 000. And you can make unlimited withdrawals daily.
Additionally, you get to enjoy hitch-free internet banking, mobile banking, SMS alerts (at N4), and free e-alerts/e-statements.
Furthermore, users of Quidax and YellowCard exchanges are given virtual Providus bank accounts by these exchanges.
This makes bank-crypto transactions easier and faster for users.
Other exchanges that have Providus bank on their list are Pursa, BuyCoins, Bitstamp, NairaEx, and Cryptofully.
3. Rubies
Rubies bank is a digital bank that was launched by Highstreet Micro-finance Bank in 2019.
There is a unique feature in Rubies bank known as “independent banker”.
It enables users to earn when people they referred to the bank perform any transactions.
Rubies bank does not charge high fees. For example, the inter-bank transfer fee is N21 while traditional banks charge N52.
Other cool services users enjoy are customizable account number, proximity transfer, free customizable debit cards, and money request.
The maximum transfer you can make daily is N1,000,000.
The bank also has an excellent customer support.
Furthermore, users of Patricia exchange are given virtual Rubies bank accounts by the exchange.
This makes bank-crypto transactions easier and faster for users.
Rubies bank is also found in NairaEx, Paxful, and Cryptofully exchanges.
4. ALAT
We have here another digital bank that is crypto-friendly.
ALAT was created by WEMA bank in 2017. This bank has Android and iOS Apps.
To enjoy the services of this bank, simply download the app on your devices and follow the given instructions to register.
ALAT customers are able to carry out several functions using the app including sending and receiving money, payments of bills, purchase of airtime/data, save and invest, buy insurance policies, etc.
The bank also issues a debit card with which crypto users can make payments in exchanges like Luno, NaijaCrypto, and Paxful.
This card has a daily transaction limit of N30, 000.
Sadly, this bank’s app responds slowly to commands. The customer support here is also poor.
Which Is The Best Of The Best?
All the banks listed above are licensed and therefore safe to use.
The best bank for a crypto trader will depend on what he intends to achieve at a particular time (withdrawal, deposit, transfer, etc.)
Considering that crypto transactions involve the transfer of huge funds from bank accounts to wallets, back and forth, I will choose Kuda bank as the best option.
It has the best offers and user interface.
Plus, Kuda bank allows you to make unlimited bank transfers daily. And this is what crypto traders love to hear.
Conclusion
We have come to the end of our discussion on crypto friendly banks in Nigeria.
These banks are safe to use and have different features that will benefit crypto traders.
Now, I’d love to hear from you:
Do you have an account with any of the banks listed above?
If yes, which one of them? And, has it been easy trading crypto using the bank’s services?
If no, which one do you wish to open an account with?
Let’s hear your thoughts in the comments section right now.
Also, share this post with other crypto traders on your list, thank you!
Interesting Posts You Shouldn’t Miss:
- Top 7 Bitcoin Wallets for All Cryptos Available in Nigeria
- How to Buy Bitcoin With Credit/Debit Card in Nigeria (2020 Update)
PS:If you want to learn how to trade cryptocurrencies profitably, then enroll for our Crypto Trading Mastery Course by going towww.ctmastery.com. You can also join our Telegram community athttps://t.me/ctmastery
