It’s not difficult to see why over 6 in 10 Nigerians use crypto for payments. Its transactions take minutes to complete, and you don’t need bottomless documents and steps to set up an account, unlike traditional financial institutions.
Despite the overwhelming willingness of Nigerians to use crypto, its market volatility is a sticky issue, especially for newbie users. That sentiment isn’t anecdotal—in 2023, Consensys (a blockchain-powered software company) discovered that many people believe the crypto market is too volatile and also don’t understand how its technology works.
The barriers to crypto adoption in Nigeria. Source: Consensys
But Crane—a blockchain-powered financial platform for receiving payments in crypto—built Bank Direct to let freelancers and businesses receive payment in crypto without interacting with the market or worrying about the technology that powers it. Bank Direct lets you receive crypto money directly into your local bank account. No manual conversion or market watching is needed.
Bank Direct on Crane: Receive crypto money in naira in your bank account
It lets you receive crypto directly into your bank account. Unlike everyday crypto transfers, you don’t need to manually convert the digital asset you receive to naira. Instead, Crane will automatically convert the virtual currency using the current market rate and send it to your bank account in 2 minutes or less.
Bank Direct works like this on Crane: send wallet address to client > receive the naira equivalent of the crypto in your designated bank account. Bank Direct is like your regular bank transfer, only that your client sends crypto and you receive its naira value.
Who’s Bank Direct for?
Bank Direct is for business owners, freelancers, and anyone wanting to receive crypto payments. You only need to send your wallet address to your client and receive your money in seconds. It’s that simple and easy.
How to set Bank Direct on the Crane app
- Login to the Crane app or download it from the Play Store (for Android users) or Apple Store (iPhone devices) if you don’t have an account with us.
- On the Crane app, go to settings > switch the Bank Direct button on.
- Complete the Know Your Customer (KYC) Tier 2 requirements using your Bank Verification Number (BVN) or National Identity Number (NIN). This step lets you choose the local bank account to receive your money.
Benefits of using Bank Direct to receive money from international clients
- Transactions are super fast and convenient
Generally, crypto transactions takes a few minutes to complete. Bank Direct, however, makes it faster, as crypto transfers to naira typically complete in a matter of seconds.
- It’s secure
Whether in paper or electronic form, no one likes to lose their money. That’s why Crane implements security features, such as two-factor authentication (2FA) and KYC registration, to secure your funds.
- It’s easy to use
Whether you’re a veteran or a newbie in crypto, it doesn’t matter. Bank Direct is for everyone. You don’t have to worry about the volatile crypto market rate to receive money; Crane will sort it out for you. All you need to do is set the feature on the Crane app and receive your funds. Easy peasy.
Frequently Asked Questions about Crane and Bank Direct
1. What does Crane do?
Crane helps freelancers, businesses, and (pretty much everyone) to receive payments from anywhere in cryptocurrency and convert them to their local currency, like the Nigerian Naira (NGN).
2. Can I send crypto on Crane?
No, you can NOT send or buy crypto on Crane. We’re an off-ramp service; therefore, you can only receive crypto on our platform. Other services we provide include converting crypto to local currencies (e.g., naira) and bill settlements (e.g., airtime recharge and data subscription) using our utility token Crane Coins (CNC).
3. Which cryptocurrency do you support for receiving payments?
Currently, you can receive payment in seven (7) cryptocurrencies, namely Binance (BNB), Bitcoin (BTC), Dogecoin (DOGE), Ethereum (ETH), Tether (USDT), USD Coin (USDC), and Tron (TRX).
4. Can I change my designated bank account with Bank Direct?
Yes! You can select another bank to receive money via Bank Direct.
5. Will my bank account be blocked if I link it to Crane?
No, your bank account will NOT be red-listed for linking it with us. We require you to link your bank to ensure your payment goes to the account number that belongs to you, not someone else’s.
