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How to Buy Crypto with Jaiz Bank in Nigeria

Last updated on November 12, 2023

Quick Summary: While Jaiz Bank does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of Nigeria cryptocurrency exchanges to pick from, but we suggest using the Binance.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

Jaiz Bank Homepage

As mentioned in my quick summary, like most Nigeria banks, Jaiz Bank doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a cryptocurrency exchange and comes with regulations and extra work for the banks.

Thankfully there are many crypto exchanges to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Once you’ve signed up to a crypto exchange (in our example I’ll be using Binance as it’s a highly trusted and global exchange), you can easily move money from your bank account to the trading platform., and exchange it for a variety of cryptocurrencies.

How to buy crypto or bitcoin with Jaiz Bank

Let’s get started! Just follow our 4 quick steps.

1. Pick a crypto exchange

As mentioned above, I’ll be using Binance for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With Binance

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For Binance there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy cryptocurrency

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Jaiz Bank.

Buy Crypto With Binance

About Jaiz Bank

Jaiz Bank Plc, is an institution located in Nigeria that operates according to Islamic banking principles. It is a non-interest banking institution. It was the first non-interest bank in Nigeria and has its headquarters in Abuja which is the capital of the country.

In December 2012, it was classified as a mid-sized financial services company in Nigeria. At the time the total assets of the bank were worth US$88.8 millions (NGN:14.1 billion) and shareholders’ equity at around US$63.6 millions (NGN:10.1 billion). The Bank has 27 branches and offers regular ATM service, as well as mobile, online and SMS banking services.

The company was established in 2003 under the name Jaiz International Plc. On November 11, 2011 Jaiz International received a licence by the Central Bank of Nigeria, the regulator of Nigeria’s banking system and an ‘interregional’ bank. On January 6, 2012, the institution began trading under the name Jaiz Bank Plc in offices and branches in Abuja, Kaduna and Kano.

As of 2013, Jaiz Bank was in the process of expanding into urban centers across each state in Nigeria. Federal Republic of Nigeria In the pursuit of this goal the bank was granted approval to increase the capital of shareholders from its then-current value to US$92.3 millions (NGN:14.3 billion).

The month of January 2013 media reports stated that at the time, shareholders’ capital in the bank was the sum of US$71 million (NGN:11 billion). The bank was granted the national banking license after it had met the capital goals of its shareholders and was granted the license in.