This new deposit 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 to make your deposit using Paystack
Follow the usual deposit method by choosing Deposit Money from the More menu on your home screen. Then follow these steps:
Step 1: From the selection choose Bank transfer with Paystack.
Step 2: Enter the amount you wish to deposit according to your limits.
Step 3: Confirm the amount and deposit fee, then select Continue to Paystack.
Step 4: Once redirected to Paystack, choose your bank from the dropdown menu, fill in your account number and hit Pay with Bank Account.
Step 5: You will 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).
Step 6: Once the deposit is successful, you will receive a confirmation screen in Paystack.
Step 7: Finally, go back to Luno and hit Done.
Frequently asked questions
Which banks are supported?
As a Luno customer, you are able to transfer funds using Paystack if you have a bank account with any of the following banks:
ALAT by WEMA
First City Monument Bank
Will I be charged a deposit fee?
Yes, we charge a fee of 1.5% of your deposit amount, capped at NGN 2,000 per transaction. This means that payments of NGN 133,333 or higher will have a fee of NGN 2,000, while deposits below NGN 133,333 will have a 1.5% fee.
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.
If you bank with GT Bank, a deposit limit of NGN 9.9 million applies.
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 will 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)