In this article, we will talk about how to deposit and withdraw Naira on Luno.
Luno is one of the few trusted exchanges available to Nigerians. It has a very easy user interface that even a newbie investor can understand.
Users make use of Luno deposits and withdraw naira directly to their bank account. Unfortunately, the Nigerian government ruling states not to trade crypto from bank accounts. Hence, the normal bank deposit for exchanging crypto is no more available.
Somehow, Luno found a way out of this without making use of P2P which other top exchanges use.
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Luno’s Solution For Naira Transactions
Luno is a cryptocurrency exchange available to more than 100 countries around the world. It offers services such as exchange, wallet, buy/sell of crypto and most importantly secure crypto transactions. It was established in Singapore and has its major users from South Africa and Nigeria.
Perhaps after the federal government ruling, they suffered from a massive drop in their users and it is important to find a way to bring them back. So, they found a solution in conjunction with a third-party company called Afrivoucher.
Afrivoucher is a company that sells vouchers. These vouchers can be redeemed on Luno and exchanged for Crypto. Using Afrivoucher is quite easy as well. It requires just 2 steps KYC and then you can use your debit card or wire transfer to withdraw the money to your bank account.
In the next heading, you will learn the step by step process to withdraw and deposit naira on Luno.
How To Deposit Naira On Luno
Even though there are no ways to deposit naira on Luno from the Primary bank accounts. There is an easy way to do that.
For those that don’t have a Luno account before, We will satisfy your quest by starting from the registration level.
- Download Luno and register with your personal information
- Input the confirmation code sent to you and you have a Luno account.
- Tap on the profile icon on your dashboard.
- Tap on “Continue”, fill in your information from the first KYC verification process. Make sure you submit after completing all three forms.
- Then you upload your ID and selfie. Within a few moments, you should receive an email confirming that you have your KYC 2 successful.
- This means you are now eligible to deposit and withdraw naira.
- Go to wallets and Select ‘NGN’ > ‘Deposit’ (that would be your primary deposit)
- Tap on ‘Next’ so that you can skip the voucher ads and then input the voucher amount you need.
- Input your payment method (usually bank deposit) and necessary information. Then confirm the payment.
- Then, you must receive a notification SMS from Afrivoucher confirming your payments. This will show you the redeeming code as well
- Input the redeeming code on the next step to confirm your transaction. With this, you have successfully funded your account.
- Finally, users can go back to ‘Wallets’ and buy their desired crypto.
How To Withdraw Naira From Luno
These are the steps required for withdrawing Naira from Luno:
- Sign in to your Luno account and go to ‘Wallets’
- Tap on ‘NGN’ and request withdrawal.
- Tap on ‘Next’ so that you can skip the voucher ads and then input the voucher amount you need to withdraw.
- Confirm the amount and then tap on ‘Redeem Now’. After which you can add your bank details to receive the withdrawal payments.
- You will receive an SMS where you will have to input the voucher code on that page you currently are on.
- Within a few minutes, you should receive your bank alert. However, due to unforeseen circumstances, there might be a little bit of delay which you can maintain like that.
What are the minimum and maximum amounts for this service?
As a Nigerian, you can deposit and withdraw between #100 naira to #55000 naira.
How long before my withdrawal is received from my bank account?
Normally, it takes 2 hours but due to bank issues or network, you might not get your alert immediately.
What do I need to get verified?
Your clear selfie and Govermentbisued ID (or your original National identification card).
Does using the voucher attract extra cost?
Yes, Afrivoucher is a third party company with its services. Just that it has been discounted for users of Luno. For every 1000 naira transactions, just 20 naira is the voucher extra fee.