For verified customers in Nigeria, using the Bank transfer with Paystack deposit method ensures that funds reflect in your local currency wallet in just a few minutes. It allows you to make a deposit via any of your bank’s transfer channels, like the mobile app, internet banking or USSD - as long as it’s from a bank account in your own personal name and not from an e-wallet or payment app.

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 Bank transfer with Paystack
  2. Enter the amount that you’d like to deposit within the limits displayed, and select NEXT
  3. Confirm the amount and deposit fee, and then select CONTINUE TO PAYSTACK
  4. Once you're redirected to Paystack, a virtual account number, bank name and beneficiary name will be displayed to you


    This virtual account number is only valid for 30 minutes for one single transaction. Your bank transfer will have to be made within those 30 minutes. Any transfers done after 30 minutes will automatically be refunded back to your bank account. Also, if the amount is different from the amount you entered in step 2, it will be refunded.

  5. Go to your banking app and use the virtual account details to make your transfer
  6. And lastly, if your bank transfer was successful, come back to Luno and select I’ve sent the money

Frequently asked questions

Will I be charged a deposit fee?

Yes, a flat fee of NGN 300 per deposit is charged. The fee is automatically deducted from the successfully transferred amount and will display on your Luno NGN balance history.

Are there any deposit limits?

Yes. You can deposit a maximum of NGN 10 million per bank transfer. The minimum deposit amount is 1000 NGN.

How long does it take to reflect?

Deposits using Bank transfer with Paystack will reflect in your NGN wallet in a few minutes.

Which banks are supported?

All Nigerian banks are supported, except for Stanbic, WEMA bank (both of them, unfortunately, don’t recognise virtual accounts) and also Standard Chartered bank.

Can I fund from a bank account that's not in my name?

No, we don't support third-party deposits. Deposits made from a bank account that's not in your name won't be allocated to your NGN wallet. If the funding account is debited, a refund will be made between 2-5 business days.


Third-party deposits also apply to e-wallets, which are non-banking payment platforms that you can use for transactions such as transfers and bill payments. When deposits are attempted from these apps, the depositor name is the third-party app, and not your own personal name. Therefore, they are treated as third-party deposits. Refunds on deposits made via third-party apps take longer than 5 days to process.

What happens if I transfer the wrong amount to the virtual account generated?

A refund is immediately done to the sender's account.

What could cause failures?

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

  • Insufficient funds

  • Processing delays on the bank’s side

  • Incorrect details specified during the deposit

Who can use this deposit method?

At the moment, this deposit method is only available to Nigerian customers verified on level 3 and 4. If you do not have this deposit method available to you, we'd suggest using one of the others, like PayU or Flutterwave, or Instant Transfer with Paystack.