Bybit adds direct NGN deposit support for Nigerian users, expanding local fiat onramp coverage.
Ecosystem ·
Bybit now enables direct Nigerian naira (NGN) deposits for purchasing stablecoins, allowing users to buy USDT and USDC via bank transfer from any Nigerian bank account, including mobile money providers OPay and PalmPay. The process requires three steps: selecting the stablecoin and amount in NGN through the Bybit app, confirming the bank transfer, and receiving crypto within minutes.
The move expands local fiat onramp accessibility in Nigeria's crypto market by eliminating intermediary steps traditionally required to convert naira into dollar-denominated stablecoins. Transactions are processed through a licensed, regulated partner, according to Bybit's announcement.
The initiative underscores growing exchange attention to emerging markets with high remittance and informal finance activity. The extent to which this feature drives adoption or volumes in Nigeria, and whether competing exchanges will expand similar offerings, remains to be observed.