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How to Buy Crypto with Wema Bank in Nigeria

Last updated on November 12, 2023

Quick Summary: While Wema 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.

Wema Bank Homepage

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

There are a large number of cryptocurrency exchanges 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 Wema Bank

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

1. Pick a cryptocurrency 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 Wema Bank.

Buy Crypto With Binance

About Wema Bank

Wema Bank Plc, commonly called Wema Bank, is a Nigerian commercial bank. It is authorized to operate by the Central Bank of Nigeria; the authority that regulates the nation’s banking sector. As of the year 2019, Wema bank operates the largest online bank system operating that is available in Nigeria, ALAT By Wema that is fully operational in all of the country’s 37 states and territories.

The bank was created in 1945 on the 2nd of May as an private limited liability corporation (under the previous brand name Agbonmagbe Bank Limited). The bank was established by May 2nd, 1945, as Agbonmagbe Bank by late chief Mathew Adekoya Okupe. The bank was established by the Chief. branch of the bank that were located in Ebute-metta Sagamu, Abeokuta and Ijebu-Igbo.

The bank remained in his hands until it was acquired by the Western Nigeria Marketing Board and then changed its name to Wema Bank Limited in 1969. Since since then, Wema Bank has gone on to become the longest-running indigenous bank in Nigeria. They were granted commercial bank license in the year 1987 and started banking in this same year. Wema Bank converted to a public limited liability corporation in 1987. In 1990 Wema Bank was the first Bank is listed on Nigerian Stock Exchange.

Wema Bank operates a network that includes 149 branches as well as service stations, backed by a strong ICT platform that spans across Nigeria. Wema Bank today has become one of the founding signatories to the Principles and for Responsible Banking committed to align its operations with its commitment to the Sustainable Development Goals and the Paris Agreement on Climate Change.