Once you’ve fully verified your Luno account, you can use vouchers to make Naira deposits or withdrawals.
When you want to make a deposit, you’ll first buy a voucher and then redeem it on Luno. Once redeemed, we’ll add the funds to your NGN wallet.
The same goes for withdrawals. When you make a withdrawal, we’ll create and fund a voucher for you. Once you’ve redeemed the voucher, the funds will be sent to your specified bank account.
Keep in mind
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You can only make deposits from a bank account registered in your own name. Deposits from anyone else's bank account will be automatically reversed
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Your voucher details will be sent to the email address and mobile number linked to your Luno account, so check that those details are correct
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You’ll need to use a Nigerian phone number to redeem your voucher. Here's how to update your mobile number
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Before redeeming a voucher, make sure that your bank account is active and that the transaction limits set by your bank are high enough to support your voucher amount
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If you're having trouble with your voucher, you’ll find the help you need in this article: I have an issue with my voucher for a deposit or withdrawal in Nigeria
How to deposit
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Go to your NGN wallet then select DEPOSIT
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Select the CREATE VOUCHER button
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If you haven’t used vouchers with Luno before, you’ll see some screens introducing you to voucher payments. Press NEXT to continue
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Enter the amount you’d like to deposit, then select NEXT
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You’ll see a screen confirming the amount and fee. Select PAY FOR MY VOUCHER
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On the webpage that opens up, you can make a card payment or a bank transfer. Once the payment is successful, your voucher details will be sent to your Luno email address and phone number
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On the 'Redeem your voucher' screen, enter the voucher details you received, then select NEXT
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Lastly, enter the six-digit code sent to you via SMS and email
Success! The funds will be added to your NGN wallet within a few hours so you can buy crypto.
How to withdraw
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Go to your NGN wallet and select WITHDRAW
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On the next screen, select CREATE VOUCHER
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Enter the amount of Naira you’d like to withdraw, then select NEXT
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You’ll see your withdrawal amount and the withdrawal fee. Select CONFIRM
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If you’re using the mobile app, enter your Luno PIN. Your voucher details will be sent to your Luno email and phone number
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Select the REDEEM NOW button
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Choose the bank account you’d like to withdraw to
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Enter the voucher number you received earlier, then select REDEEM VOUCHER
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Enter the six-digit code sent via email and SMS
Success! The funds will reflect within 48 hours (longer over weekends or public holidays).
Note
The withdrawal amount will be removed from your NGN wallet, but it won’t reflect in your bank account until you’ve redeemed your voucher. Be sure to follow all of the steps above to successfully complete your withdrawal.
Tip
Having trouble with your voucher? Check out: I have an issue with my voucher for a deposit or withdrawal in Nigeria for some more help.
Frequently asked questions
You’ll pay a 2% fee for deposits and withdrawals.
This fee is capped at ₦ 2,000 for deposits or withdrawals below ₦ 5 million. For deposits or withdrawals greater than ₦ 5 million, the fee is ₦ 3,000.
The deposit fee is deducted from the amount you’re depositing. The withdrawal fee is deducted from your NGN wallet if it has a sufficient balance. If there aren’t enough funds in your NGN wallet to cover the withdrawal fee, the fee will be deducted from the withdrawn amount instead.
Your maximum limit will vary between ₦ 200,000 and ₦ 10 million per voucher, depending on your verification level. You’ll see your limit when entering the amount you want to deposit or withdraw.
To increase your limit to ₦ 5 million, go to Profile, select Settings, then Verification to complete your profile by providing more info about yourself.
If your limit is already at ₦ 5 million and you want to increase it to ₦ 10 million, you’ll need to undergo an enhanced due diligence process to upgrade your verification to Level 4. Contact us to get started.
Vouchers expire after one year. If you haven’t redeemed a voucher after one year, it’ll be refunded to your account.
No. Once you confirm a withdrawal, your requested withdrawal amount is used to pay for your withdrawal voucher. You’ll need to complete your withdrawal by redeeming your voucher.
We investigated various options to restore deposits and withdrawals in Nigeria. It was important for us to find a trusted payments provider who takes customer protection and compliance regulations as seriously as we do, and we’re confident that we’ve found this with our current solution. We believe that this is the safest and easiest-to-use solution we can offer to you at this time.
No. If you’ve made a bank transfer or a card payment to buy a voucher from your DEPOSITS screen, you need to redeem that voucher to deposit funds only.
If you paid for a voucher using funds from your Luno wallet in the WITHDRAW screen, you need to redeem that voucher to withdraw funds only.
Basically, don’t deposit with a withdrawal voucher or withdraw with a deposit voucher.
No, only vouchers created using your Luno account will work with Luno.