The instant transfer with Paystack method makes it really easy to make deposits in Nigeria, especially for customers who can’t pay with a card for any reason. This is also a great option for customers with business accounts who can only pay from corporate bank accounts.

Here's how

Sign in to the Luno app, select Wallets, and then DEPOSIT on your NGN wallet. Then follow these steps:

  1. From the selection choose Instant transfer with Paystack
  2. Enter the amount you wish to deposit according to your limits
  3. Confirm the amount and deposit fee, then select Continue to Paystack
  4. Once redirected to Paystack, choose your bank from the dropdown menu, fill in your account number and hit Pay with Bank Account
  5. You'll receive a one-time pin (OTP) to your phone, enter it in the Enter Token field and then hit the Pay option (see FAQ for first-time Paystack users below)
  6. Once the deposit is successful, you'll receive a confirmation screen in Paystack
  7. Finally, go back to Luno and hit Done

Frequently asked questions

Which banks are supported?

As a Luno customer, you're able to transfer funds using Paystack if you have a bank account with any of the following banks:

  • First Bank of Nigeria

  • Zenith Bank

  • Kuda Bank

  • Sterling Bank

  • ALAT by WEMA

Will I be charged a deposit fee?

Yes, we charge a fee of 1.3% of your deposit amount.

Are there any deposit limits?

  • When using Paystack, the maximum amount that you can pay directly from your bank account is NGN 100,000 per transaction (if your bank limit allows).

  • For transactions over NGN 20,000 you will be asked to provide your BVN number and date of birth. 

What if I haven’t used Paystack before?

When using the Paystack option for the first time, you will receive two different OTPs. 

  • The first OTP is to register your bank account for the service. This is a once-off process for registering your bank account. Subsequently, you will need just one OTP to authorise your transactions. 

  • Once the OTP is entered and validated, you'll receive the second OTP to authenticate the particular transaction. 

How long does it take to reflect?

Deposits using Paystack typically take around 5-10 minutes to reflect in your Luno wallet. Please note that in rare instances it could take up to 30 minutes.

What could cause delays?

A delay in the deposit process could be caused by the following factors:

  • Not completing the process

  • An insufficient balance in your account

  • Failure to enter the OTP

  • Bank processing delays (potentially a pending investigation or an error on the bank’s side)


When depositing funds into your Luno wallet using Paystack, and your bank is unavailable, please try making your deposit using PayU or an alternative bank account.