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BuyCoins Africa To Introduce New Deposit Option After CBN Ban

Last updated on February 7th, 2021 at 08:50 pm


One of the major cryptocurrency platforms operating in Nigeria BuyCoins Africa has disclosed that it’s working on how to introduce a new deposit option in BuyCoins wallet.

The announcement was made by the company’s Chief Executive Office Timi Ajiboye in a communique sent to InfomediaNG.

This followed the directive of the Central Bank of Nigeria (CBN) Friday banning any transactions in crypto or facilitating payments for crypto exchanges.


The new anti-crypto policy means traders can no longer fund their crypto wallet through Naira deposits.

The apex bank also notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.

READ ALSO: Nigeria’s Crypto Ban: Binance, Luno, Quidax, Others Suspend Naira Deposits

Nigeria has the highest number of crypto traders in Africa and one of the largest destinations for crypto-related assets in the World, making the country a destination point for crypto trading platforms.

Some of the known trading platforms include quidax, luno, binance, and BuyCoins Africa among others. They all issued statements to update their customers about the new development, some of them promising to find an alternative.

BuyCoins Africa to introduce another deposit option

In a statement, BuyCoins Africa says it would not be discouraged by the CBN’s anti-crypto directive even as financial institutions could no longer facilitate payments for crypto-affiliated companies.

Also Read:  5 Reasons Bitcoin Adoption By Central African Republic May Fail

The firm stated that it disabled Naira deposits immediately while buying and selling crypto continues to work.

It assured its customers that their funds are safe.

READ ALSO: Meet Tomiwa Lasebikan, Co-Founder of BuyCoins Africa

“We are currently working to ensure a replacement of the deposit and withdrawal flow.

“We are working towards something that we think will serve as a good stop gap in the interim,” Ajiboye said in a statement.

It stated that the new deposit option might be available for use customers by next week, “We expect to have this ready for you early next week. ”

The company promised to be transparent and honest with its customers “and will continue to put you – the user – first as we keep building our products.”

At the time of publication, Nigerian crypto traders were lamenting on social media about the new CBN’s crypto policy.

READ ALSO: CBN Cannot Kill Bitcoin – Ex-Microsoft Engineer, Says Nigerian Abroad Send Remittances In BTC

You can buy cryptocurrencies either pay with a cryptocurrency or pay in dollars using your bank account, which has been disabled.

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