Luno: How To Deposit and Withdraw To Your Bank Account in Nigeria

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Luno: A brief overview

Luno is an international cryptocurrency exchange platform that was founded in 2013. Its first headquarters were located in Singapore before being relocated to London. The company runs its operational hub from Cape Town, with main hubs located in London, Singapore and Johannesburg. The company’s international credentials are outlined by the more than 2 million clients they serve in 40 countries.

What makes Luno stand out of the (increasingly crowded) crypto marketplace is its focus towards developing and middle-income countries. Nigeria, South Africa, Malaysia and Indonesia are some of the markets that Luno operates in, in addition to 36 European countries. The service does not cover Australia, North America or South America.

The fiat (traditional) currencies that clients can use to purchase Bitcoin on the Luno platform are the Euro, the South African Rand, the Malaysian Ringgit, the Indonesian Rupiah and the Nigerian Naira. The cryptocurrencies on offer are Bitcoin and Ethereum.

Luno services

Trading Platform: Here, registered users can trade cryptocurrency with each other, with the company charging a commission on all sales.

Brokerage service: Users can engage with the instant buy or sell feature. This feature allows you to instantly buy cryptocurrency at a quoted exchange rate which includes a fee. The fee percentage varies depending on market conditions.

Cryptocurrency e-wallet: Luno provides a crypto wallet that its users can use to trade in cryptocurrency or to send and receive cryptocurrency payments. The Luno e-wallet can be accessed on Android and iOS mobile devices and via the website.

Luno accepts payments through a handful of payment methods such as credit/debit cards, bank transfer and local payment methods in the countries it serves. There are three tiers of verification: phone, ID and proof of residence with limits placed depending on your location

Click Here To Create A Free Luno Account And Get Free Bitcoin

Important information

Before attempting to withdraw or deposit on LUNO, please ensure you have VERIFIED your account up to your chosen level.

  • Level 1: verification is with your phone number usually during registration. Limit is N200,000. Meaning, you cannot at any point have more than N200,000 in that account.
  • Level 2: verification is with any of your ID card (National ID, voters card, driving license or international passport). Limit is N500,000 monthly. You cannot withdraw nor deposit more than N500k in a month. You can have any amount of Bitcoin in your Wallet.
  • Level 3: verification is with any of these: Utility bill, Bank statement. Limit is N10m monthly withdrawal and deposit. You cannot withdraw or deposit more than that in a month. You can have any amount of Bitcoin in your Wallet.

To see your level of verification and to upgrade, go to Settings.


To deposit money to your LUNO account (NGN wallet) from your bank, you need to have an ATM card that can perform online transaction. Follow the steps below to deposit:

1. Go to menu, and click on wallets.
2. Select NGN wallet
3. Click on “Debit or credit card with PayU”.
4. Enter the amount, click next. Then click continue.
5. You will be redirected to PayU website. Click on Card payment, then enter your ATM card details (Card number, holder’s name, expiration date), click on Pay.
6. Cross check the details.  Safe token (OTP- one time password)  will be sent to your phone number as SMS for verification. Enter the code in the space provided on the website to complete the transaction.
7. The money will be deducted from your account and your LUNO NGN wallet will be funded with the amount (minus the fee).


Note: your money on LUNO will still be in Naira not in Bitcoin. To convert it to Bitcoin, you have to click on wallets, click on BTC wallet. Under it click on Buy. Click on ” with NGN”(you can also buy with Ethereum). Enter the amount of BTC you want to buy in naira or in btc and click continue, then confirm the transaction. The money will be deducted from you NGN wallet and your BTC wallet will be credit with the equivalent amount in Bitcoin.


To withdraw Bitcoin into your bank account, you first need to convert the Bitcoin into Naira(from BTC wallet to NGN wallet). Follow the steps below:

1. Go to BTC wallet, under it, click on sell.
2. Click on “for NGN”.
3. Enter the amount of Bitcoin in Naira or BTC you wish to sell. Click continue.
4. Confirm the transaction. The Bitcoin will be deducted from your BTC wallet and it’s equivalent in Naira will be credited into your NGN wallet.
5. Go to NGN wallet, click on withdraw.
6. Select your bank(you must have entered your bank details during registration). Enter the amount in Naira you wish to withdraw. Click on Withdraw.
7. Confirm the transaction.
The money will be deducted from your NGN wallet and your bank account will be credited in couple of hours.

Note, for each transaction, a certain transaction fee applies.
You can also withdraw and deposit Ethereum by following the same procedures.

Create Your Free LUNO Account Here And Get Free Bitcoin

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A trained Diplomat turned online entrepreneur since 2009. Founder of Invest Online Africa Inc: A social enterprise connecting Africans to legitimate income opportunities online. A great believer in passive income and advocate of Entrepreneurship. Aside online stuff, I am a caring father, Humanitarian and soccer fan... Oh! And I cry when I see a child cry😖

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