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How to Buy Crypto with United Bank for Africa in Nigeria

Last updated on November 12, 2023

Quick Summary: While United Bank for Africa 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.

United Bank for Africa Homepage

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

There are a large number of cryptocurrency trading platforms that you can use 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 UBA

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

1. Pick a crypto trading platform

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 crypto

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 United Bank for Africa.

Buy Crypto With Binance

About United Bank for Africa

United Bank for Africa Plc (UBA) is a Multinational pan-African financial services company located in Lagos and referred to as the Africa’s Global Bank. It has subsidiaries across 20 African countries, as well as branches situated in London, Paris and New York.

As of December 20, 2021 UBA was granted its bank licence to start activities in UAE. It is classified as a commercial banks with the Central Bank of Nigeria. The shares of stock owned by the group are traded in the Nigerian Stock Exchange, where they trade under the symbol UBA. The Chairman of the group Bank is Tony Elumelu and the GMD/CEO is Oliver Alawuba.

United Bank For Africa is a major financial services firm that operates in Nigeria as well as on the African continent. As of December 20, 2021 the bank’s assets in financial terms were worth N8.5 trillion (US$20.1 billion) with shareholders shares at N724.1 billion (US$1.8 billion).

The group at the time employed over 20,000 employees. It has subsidiary companies with subsidiaries in Nigeria, Ghana, Benin, Ivory Coast, Burkina Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tanzania, Zambia, Uganda, Liberia, Sierra-Leone, Mozambique, Senegal, DR Congo, Congo Brazzaville, Mali, the United States of America, the United Kingdom, France, and the UAE.