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How to Buy Crypto with Zenith Bank

How to Buy Crypto with Zenith Bank

Adrian Graham
Fact Checked
Jan 5, 2023

Summary: Zenith Bank does not directly offer cryptocurrency investing services through its internet banking platform. That said, they do allow customers to withdraw Nigerian Naira (NGN) to licensed and regulated crypto exchanges to buy and sell digital assets.

Our top pick for investors in Nigeria is Bybit. Their platform offers fast and cheap NGN deposits via bank transfer to trade and stake over 300 crypto assets. The exchange is one of the largest in the world with over 10 million users across the globe and in Nigeria.

Table of Contents

Best Crypto Exchange in Nigeria

Platform Highlights

  • Fast and cheap Nigerian Naira (NGN) deposits from any Nigerian Bank or Payment Method.
  • Trade 300+ Cryptocurrencies with low fees starting at 0.1% for Spot and 0.075% for Futures.
  • Non-KYC exchange with proof-of-reserves that show customer funds are backed 1:1.
Bybit - Nigeria
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Audited Proof of Reserves
Audited Proof of Reserves

Is Zenith Bank Crypto-Friendly?

While Zenith Bank does not directly support crypto purchases, they do allow customers to withdraw NGN and transfer to a licensed crypto exchange. This means that they are a crypto-friendly bank and customers do not need to worry about their withdrawals being seized or blocked.

How to Buy Crypto with Zenith Bank

The process of buying cryptocurrency with Zenith Bank is relatively straightforward. The first step is to have an account at a licensed and regulated crypto exchange, such as Bybit.

You can follow this simple guide to get started:

  1. ‍Create a free account on Bybit with your email address and create a password.
  2. Tap 'Buy Crypto', then 'One-Click Buy' and select 'NGN' as your fiat currency.
  3. Select a deposit method and the cryptocurrency you want to invest in.
  4. Input the amount of NGN you want to spend on your token and tap the 'Buy' button.
Deposit NGN from Zenith on Bybit.
Deposit NGN from Zenith on Bybit.

Is Crypto Investing Legal in Nigeria?

In Nigeria, the Central Bank of Nigeria (CBN) has issued a statement cautioning the public about the risks of investing in cryptocurrencies, including the lack of regulation and potential for loss of funds. However, the CBN has not outrightly banned the use of cryptocurrencies in Nigeria. As such, it is not illegal to invest in cryptocurrencies in Nigeria, although it is important to be aware of the risks involved.

It is also worth noting that the legal status of cryptocurrencies can vary from country to country, so it is always a good idea to check the specific laws and regulations in your own country before investing in cryptocurrencies.

What is Zenith Bank?

Zenith Bank is a large financial services institution based in Nigeria. It was established in 1990 and has grown to become one of the largest banks in the country. Zenith Bank offers a range of banking and financial services to individuals, small and medium-sized enterprises, and corporate customers, including deposit accounts, loans, credit cards, foreign exchange, and investment products. The bank has a network of branches and ATMs across Nigeria, as well as a presence in other countries in Africa, Europe, and Asia.

Zenith Internet Banking.
Zenith Internet Banking.

Final Thoughts

Zenith Bank does not directly offer purchasable cryptocurrencies, but customers are able to withdraw Nigerian Naira and transfer them to a licensed crypto exchange. This makes Zenith Bank a crypto-friendly bank that allows investors in Nigeria to access the world of cryptocurrency investing.

It is worth noting, however, that the legal status of cryptocurrency investments can vary from country to country and investors should always check the laws and regulations in their jurisdiction before investing. Bybit is currently our top pick for crypto traders in Nigeria, offering fast and cheap NGN deposits via bank transfer. With over 10 million users worldwide, it is one of the largest and most secure exchanges available today.

Adrian Graham

Co-Founder & former banker turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

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