Topic: banks in 9ja that are most p2p crypto-friendly bank with fast transaction speed (Read 272 times)

People dey talk say Kuda Bank na one of di bank wey get beta speed for transaction, especially when e come to P2P wey involve cryptocurrency for Nigeria. Many pipo dey like how e waka well with platforms like Binance P2P, and how e quick for dem transaction matter. But abeg, make you sabi say bank policies fit change, so make you dey updated.

In other words, no bank for Naija dey crypto friendly.

Your account will be block if you use crypto related terms in your narration. What we are talking about here is bank transaction speed. So even when you do p2p transactions the  sending and receiving banks do not know if it is cryto related or not. On their end, they see it just as a regular transactions.

Before I used to be scared of Access Bank, Zenith and infact other banks for receiving payments from p2p merchants. We all used to use OPAY but now, I think all of them are good. Although I once had a 48 hour delay when the merchant paid with Kuda bank and the receiving bank was OPAY.

I reported the issue to Binance support because I think the guy wanted to scam me. But when I received the money, we resolved it outside the binance support.

Abeg, nor vex oh. So, we still get people wey dey use dat bank? Bank wey d customers nor even reach 20 people. Make I take cover first 🏃 b4 im show wit dagger.

Wiwo, those things nor mean sey any bank dey crypto friendly. Na just dem regular business dem dey do and account limitations once you meet up with KYC to stretch your account. If anyone step up d tier level, dem go expand your transaction limits. If you wan know whether dem dey crypto friendly or not, just add a crypto related word for your transaction description and watch how dem go plank you sharp sharp. Bros, no bank for Naija dey crypto friendly oh. Make una dey guarded. Even if FGN talk tomorrow sey dey are encouraging cryptos in Naija, I nor go still use crypto related words for my transactions oh.

I have updated the list of cryptocurrency-friendly banks in Nigeria with current thriving banks most especially digital payment systems and also I have to make this out to help our new members to know which banks are best for them as a cryptocurrency enthusiasm in Nigeria because the space is getting bigger and more Nigerians and getting to know and involve with cryptocurrency.

So let keep the discussion alive again,  and also what makes up for the best cryptocurrency friendly banks involves the ease of account creation and how easy it is to increase your account limits to at least a tier 3 standard where can be able to send and receive 7 figures and above

Commercial banks too have full control over your money.

In case of safety and ability to be able to refund your money or part of your money during bank collapse, you need to know more about the bank that you want to register with. I am not that certain, but I do not think it is all commercial banks that can do that.

Why using banks for high amount of money after significant naira devaluation and manipulation from the CBN and the government. Among the commercial banks, you also need to investigate them if they will be able to refund or partly refund you if they are no longer able to further providing banking services.

I don't use any of these banks for my crypto transactions, but I can tell you that most commercial banks don't just block your account when they're not even sure if you just performed a crypto transaction. Most exchanges allow you to add more than one account, allowing you to easily switch between banks to receive money from.

To avoid fear of uncertainty, receive the funds from an online bank and then transfer to your commercial bank. Leaving funds in an online bank is risky, as is receiving cryptocurrency transaction money directly into your commercial bank account.

I agree with you some of the online banks came to gain ground now dey very new and have a lot of reputation to build and coupled with the fact that some of them get some bad eggs within their network were dey give their company a bad name, this has made many Nigerians become sceptical about them, and some of the true get some kind magu magu were dem the do and even today one of the updates where I dey get from social media about opay no too sweet although I never verify amm so at that I can make it as a warning.

But just say we know and also observe some people the warn say make a person not to update their pay app to the latest version because the upgrade contain some malware and google play store warn about it, I don't know how true that is but is advised we just take caution.

From my own experience, All local banks dey crypto unfriendly and no be just because federal government warm them but they also have very poor network especially on weekends but you dey see all this online banks wey no get physical location, na dem sure pass for cryptocurency transactions. Obviously you no go indicate say na crypto wey you dey transaction so dem no go block your account.

Before na Kuda sure pass but as of recent na Opay they reign, we also get Carbon wey just dey come up like their name never too sound but dem dey alright. We get palmpay too but I go advise make we avoid them for the main time because dem dey get very negative reputation online and with all those negative reputation dem fit lose their ground especially as new ones they come up steadily.

I understand people too dey fear all this online banks but as a crypto guy you no supposed they fear dem. Use dem received your transaction so Incase wahala come e no go affect you heavily and before anything go reach your main bank account, you go dun do something about am. Avoid keeping too much money online

Wait chairman
You mean am day my Almighty Polaris bank no dey your list?
Tahhh you no try, I believe say the banks you listed na because say you get accounts with them and I no know if you don do your survey properly on I go also like know the basis on which you take dey list this your union bank but na this same union bank my elder bro dey para for on on a steady and I even shock say you dey boldly list am for here.
Nevertheless I go like  ake you also try opay as na one bank wey dey easily available for usage just like every other virtual bank and one other sweet thing about opay be say, them don make getting an account number very easy as I dey always dey people say if you remove the first zero(0) from my Whatsapp number, then na My opay account be that.
Just know say the network issue na general sickness fr our local banks and the worst part be say, them no dey even feel any remorse with all this their actions.

I understand what you meant now, banks are frustrating. It is today that I read this: https://fij.ng/article/n63000-deducted-from-union-bank-account-didnt-get-to-its-destination/

This has happened to me before twice, in a way your fiat will hang somewhere and no recovery. While failed transaction has happened many times to me before, although reversing it is getting better day by day. Generally, banks can be very disappointing, even before they solve customers issue while not all would be solved. But as Nigeria is for now, we have to depend on bank even if we are bitcoin or crypto enthusiasts. There are times I just do not want to first convert bitcoin to fiat but prefer to send it straight as bitcoin to someone like my family or friend, but I got no option than to convert to fiat first. No store or supermarket or business around me that is accepting bitcoin which is like that everywhere in Nigeria, only few accept crypto payment, even few is still an understatement about this.

All I know is that slow transaction is common to some banks, while at times a bank can have network issue. I have used Opay since some months ago now, no issue most times. I use many banks which have fast transaction time, if one is having problem, I use the other. Even while I am exchanging bitcoin for naira, there has been times that the buyer will ask for another bank details because the one I saw is having network issue at the time.

Thanks for pointing that out.
I actually wanted to say that , at first, I been think say as OPAY dey fast for our regular transactions, I think say na so e go dey for P2P ... E nor they before I realize say na bicycle thinking be that one. One time, na so I spend almost 24 hours dey wait make money drop after selling off my Bitcoins. Omo I wan cry. Na when I come chat the customer service agent for the platform, dem come tell me say, OPAY no dey supported for fast transactions. I Sha since don dey use Access bank and no issues at all. But why e be say some banks fast and some slow?

OP I must say that this topic is a very sensitive one as it relates to p2p Crypto - bank transaction. I think we should not delve into this aspect exposing this bank as they are likely Crypto friendly and aids fast transaction for Crypto enthusiast. So far, amongst all the banks in Nigeria, after the recent naira note swap one of the two banks you mentioned was very active and that led to the increase in their app download and mostly from Crypto enthusiast as well since then the bank has been the hub of  Crypto enthusiast for fast and speedy transaction. Believe you me user's of the bank app are mostly Crypto lovers and it has been like a wave now in that direction.  
I think we should try as much not get these banks into conversation here.

I thought as much when I read the comment through my telegram app, I know it was a mistake from Davidvictorson as the comment is completely off-topic unless David gives us more information and can connect possible nodes to comment fit into this discussion.

But then we need to wait for Davidvictorson to come back to make the next comment for us to know if it was truly a mistake or deliberate but there is a high chance that this is a mistake and the comment was not meant for thos topic.

Opay, Gt bank and palmpay are also fast but I still stick with kuda because there was a time when I did try to buy from binance through p2p, send the vendor the amount but He did not reply early and the time elapsed, luckily the account number was also kuda and so I just reported that I bought something (ensuring it was nothing related to cryptocurrency) and some days later he message me and said I shouldn't be angry that he usually have too many transactions that he didn't notice mine earlier but not until his account was frozen by Kuda, then he sent me the coin and pleaded with me to make request to kuda to unfreeze his account and which they did after the request.
After that experience, anytime am using p2p I ensure that I and the vendor uses the same bank or we just use kuda

At first when I saw the topic head I was like thinking to myself if actually the CBN has lifted the ban on crypto but after thorough reading, I just found out that the op is simply implying that the mobile internet bank like kuda, opay and palmpay are more preferable when transacting through peer to peer transaction because the poor network other commercial banks were facing during this transition in the Nigerian banking system.

I might be wrong but what the OP is clear saying here or maybe the aim of post is to discuss about the commercial banks that currently has the fastest transaction speed. Although the title was a little bit misleading but reading through it would give one an insight.

As for transactions speed I would say this brief cashless policy has expose many of this banks. Prior to this cashless policy I used first bank for P2P transactions then although it wasn’t that fast as I will have wanted but was better. Banks like Access and Guarantee Trust have also done better in terms of transaction speed but currently the best and most reliable recently is the fintechs like Opay and Palm pay. Kuda also had it hitches sometime ago and as made me to have doubts about it.

So In summary my best bank for transactions is Opay while First Bank and Zenith are my pick for the frustrating ones currently

No direct bank cryptocurrency transactions are banned by the CBN and what we have is a cohesion of terms and the none usage of crypto keywords in our trx reference when trading in P2P, what the thread is mean to convey is the fastest bank that is most suitable for cryptocurrency traders, most especially the p2p traders who need faster transaction confirmations.

This is basically what I mean, with the term usage being crypto-friendly just to caption our attention and trigger some level of discussion in here.

Hope you are more clear now, I don't mean to mislead you or anyone in any way.

But you did mentioned Kuda bank and Union bank as crypto-friendly banks and i said such thing does not exist, both banks being the most used banks because of transaction speed does not make them crypto friendly. Can we say these banks are chicken-friendly too? yeah why not because we also use it to purchase chicken fast at low fees eh?


This is what i was talking about, the topic is misleading please.

No bank accept direct crypto buying, your account will get locked the moment you try.

I think both of you are contradicting things in this discussion and I think I will need to step in to clear your misconceptions.

1: I never say any bank in 9ja is accepting cryptocurrency directly and if you guys take the time to truly read the thread and digest it to get the right intellectual massage that the thread is about.

2: for sure I am well informed about the CNB anti-crypto policy and I properly convey that on the thread.

3; for the fact that I also mention cryptocurrency traders and p2p should also serve as a guide to take the message with the right mindset without any misconception of the terms in the messages because I can sense that with the both comments

When I say cryptocurrency -friendly I have my facts and data to support my claims in the sense that it is provable and what most members have experienced with both P2P and another form of cryptocurrency trading.

One of the areas I expected you guys to comment on is in transactions speeds and transactions fees that Aid easy p2p transactions and how fast they confirm transactions, this is the major things the 9ja cryptocurrency traders are dealing with right now and again as being cryptocurrency friendly have to do with every other aspect quality and fast financial service that save the user from the hustle of visiting a physical bank to get issues resolved.

To add to what Agbe has already stated, the topic is misleading because there is no such thing as a crypto-friendly bank in Nigeria and most parts of the world. The only thing we have in Nigeria is smart citizens doing P2P, which the bank cannot control or detect as long as you are not using your debit card or inserting any crypto-related keywords in your transactions..

All Bank transactions are inline with the CBN crypto transaction policy and it programed in a way that the moment you insert any crypto related keywords it triggers auto block for the sender and the receiver account

Wiwo, you know very well that no bank in Nigeria accept Cryptocurrency (Bitcoin). So no one is crypto friendly. Except p2p. If banks are crypto friendly they have to create platform in which Cryptocurrencies will be received and probably converted to Fiat if you don't want to sell it. Just like ramotatano app. There must be an app in the bank for Cryptocurrencies transaction.

You are contradicting the whole issue, all the transactions you made mentioned is not inline with the question Wiwo ask. Re-read it again. You are talking about Fiat Bank to Bank transaction and not crypto transaction. The exchange platforms, the vendor accept crypto to their Binance wallet and not to bank and send you Fiat money through their local banks. Crypto transaction is between your wallet and and vendor wallet. If what you are saying is the Cryptocurrency friendly transaction process then I will say all Banks are good probably it because of the network at the time transfer. But I don't think that what he means.

No bank be a mobile, online and offline banking is crypto friendly. It is only exchange platforms are crypto friendly. Op if I would restructured the topic, it should be "Which of the Crypto Exchange platforms in Nigeria is Good"?

I missed to add this to the first thread, that no bank is crypto-friendly when the head of the banks, the CBN do not support bitcoin and other cryptocurrencies. What should be regarded as crypto-friendly banks are banks that go into crypto businesses, but we have none. I remember when my friend in UK wanted to buy bitcoin, he bought it using his bank and kept by the bank which he is using. There is nothing like that in Nigeria for now and CBN is making it more impossible. Although, I do encourage noncustodial, not custodial means. But just trying to point out how banks are crypto-friendly.

As for Opay, Palmpay, Kuda and other Fintech, they have fast transaction time and they alert very fast, but there are many commercial banks like that as well.

I don't know which of the Nigeria banks that are crypto friendly,since we are to change our coins in an exchange before sending fiat currency into our local bank accounts. I was using union bank late last year and they performed well,in terms of fast payments and alerts. Another bank which I have used is Zenith bank. This bank are very poor in sending sms,which is the alert for confirmation of your transaction. There was a time after two hours of trade,I was waiting to receive alert but not didn't. I had to lay complain on the exchange and the merchant showed me prove of payment. It was then I had to check my account balance with my ATM card and behold my funds was in my account. I prefer the online banking platforms like Kuda,Opay,Palm pay since they are more crypto friendly than these other ancient banks.

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My advice is to never have just one bank account when you can open as many possible bank accounts. With this, you will be able to see the better ones for yourself which would even be more than one.

Also it is good to know that banks are centralized services, we should expect disappointments at times. This is one of the reasons we need more than one bank so that if one is having network problem, we can use the other one.

I do not know which banks I can suggest because I have not before read the complete terms and conditions of all banks that I am using, not to talk if all banks in Nigeria. I am only using them to keep little amount of money. But according to someone that have experience about banks, he told me sometimes ago that First Bank and Union Banks are better because they will be able to refund back your money if they lost customers money, this can be very wrong and I do not think it is correct and not based on my own understanding.

If I should suggest you a bank, Guarantee Trust Bank is good in fast transaction update.

Among the OPay Digital Services Limited, Palmpay and Kuda Microfinance Bank, these are young Nigerians favorites. Young Nigerians are the ones mostly in crypto, which would not be a surprise if they are choosing these three Fintech. According to what I have noticed about people around me, they prefer Opay, Palmpay is not bad to them at all, while Kuda being the third which they fear of the Fintech company no to go down at anytime because of the rumours heard. I consider Fintech as organizations that you should not have only the amount of money that you can afford to lose with.

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It is worth knowing that fiat receiver should not depend on alert for transactions, they should check the bank app or login through the web.

Note: cryptocurrency transaction what I mean is not direct bank involvement but their services in adding faster p2p transactions without crypto related key words as those are red flagged offense by the CBN

Why I think this topic is necessary, is because of the recent events in the Nigerian banking system and how the central bank is putting more attention to e-transactions and monitoring citizens' banking transactions.

Secondly why I created this thread is to also equip us with the necessary information as related to 9Ja bank vs cryptocurrency transactions, as we all are aware of the fact that the CBN have a blanket ban on the bank - cryptocurrency interactions and any account found guilty may get banned or blocked.

To this challenge, a lot of cryptocurrency traders and ordinary users have become sceptical about the on most of the banks we have in our financial system because we all know the attack from the bank of cryptocurrency most especially decentralized coins such as Bitcoin since they see it as a threat to their own existence.

So the ultimate question is.

Which bank in Nigeria do you think is the most cryptocurrency-friendly and you have used it for your transactions without any issues, in terms of network speed, availability of bank on P2p platform and what is the extent of your trust in them to not link your accounts to crypto and leaking your data to governments agency.
 
From my own experiences, I think the most cryptocurrency-friendly bank at the moment are

1: Kuda Microfinance bank
2: palmpay
3: Opay

The most crypto-unfriendly bank is.

1: standard chartered bank plc, from history this bank and is known for easily flagging customers' account so cryptocurrency users are advised to avoid using the bank for cryptocurrency transactions.

Ehe