Luno is one of the most important cryptocurrency exchanges in Africa for receiving international money transfers. With a flat NGN withdrawal fee of just ₦52.50 — regardless of whether you are withdrawing ₦10,000 or ₦10,000,000 — it offers the cheapest off-ramp for converting USDC and USDT to Nigerian naira. In Kenya, Luno supports M-Pesa withdrawals at KSh 50 flat, making it equally attractive for KES recipients.
This guide covers everything recipients in Nigeria and Kenya need to know about using Luno to receive remittances from family abroad. We walk through account setup, KYC verification, receiving USDC deposits on the Stellar and Tron networks, selling for local currency, and withdrawing to your bank account or M-Pesa. If someone abroad wants to send you money through digital asset rails, this is your step-by-step playbook.
₦52.50 — Luno's flat NGN withdrawal fee — same for any amount (Luno fee schedule)
Luno is a cryptocurrency exchange headquartered in London with operations across Africa, Southeast Asia, and Europe. In Africa, Luno is one of the most established and regulated crypto platforms, with particularly strong presences in Nigeria, South Africa, and Kenya. The platform allows users to buy, sell, and store cryptocurrencies including Bitcoin, Ethereum, USDC, and USDT.
For remittance purposes, Luno serves as the "off-ramp" — the place where your recipient converts incoming stablecoins (USDC or USDT) into local currency and withdraws to a bank account. The process is straightforward: someone abroad sends USDC to your Luno deposit address, you sell the USDC for NGN or KES at the current market rate, and then you withdraw the local currency to your bank or mobile money account. Luno handles the crypto-to-fiat conversion seamlessly within the app.
Luno's competitive advantage for remittance recipients is its combination of low withdrawal fees (₦52.50 flat in Nigeria, KSh 50 flat in Kenya), support for multiple blockchain networks (Stellar and Tron), and a user-friendly mobile app that makes the sell-and-withdraw process accessible even for users with no prior crypto experience.
Getting started with Luno requires creating an account and completing identity verification (KYC). The process is straightforward and typically takes 1-3 hours during business hours, though it can occasionally take up to 24 hours during high-demand periods. Have your identification documents ready before you begin to avoid delays.
Download Luno from the Apple App Store or Google Play Store. Open the app and create a new account using your email address and a strong password. Luno will send a verification email — click the link to confirm your email address and proceed to the next step. You can also sign up via the Luno website at luno.com, though the mobile app is recommended for ongoing use.
Luno requires Know Your Customer (KYC) verification before you can deposit, trade, or withdraw funds. For Nigerian users, you will need to provide a valid national ID card (NIN slip, voter's card, or international passport) plus a selfie photo for identity confirmation. Kenyan users need a national ID or passport plus a selfie. Upload clear, well-lit photos of your documents and selfie through the app. Luno's verification team reviews submissions and typically approves them within 1-3 hours during business hours.
Tip: Take photos in good lighting against a plain background. Blurry or partially cropped document photos are the most common reason for KYC delays. Have your national ID and a clear selfie ready before starting.
Once your account is verified, navigate to your Wallets section in the Luno app. Find USDC and tap "Receive" or "Deposit." Luno will ask you to select a network — choose Stellar for the lowest network fees (approximately $0.0004 per transaction). Luno will display your unique Stellar USDC deposit address and, in some cases, a memo field. Copy the full address (and memo if provided) carefully — this is the address your sender will use to send USDC to you.
Send your Stellar USDC deposit address to the person abroad who will be transferring money to you. They will use this address on their exchange (Coinbase in the US, Kraken in Europe/UK, Rain in UAE/Saudi Arabia) to send USDC directly to your Luno account. Make sure they select "Stellar" as the network when initiating the withdrawal from their exchange. If your address includes a memo, emphasize that they must include it — some exchanges require the memo for the deposit to be credited correctly.
When the USDC arrives in your Luno account (typically within seconds for Stellar transactions), navigate to your USDC wallet and tap "Sell." Select NGN (Nigeria) or KES (Kenya) as the currency you want to receive. Luno will show you the current market rate with a small trading spread (typically 0.2-0.5%). Confirm the sale, and your NGN or KES balance will be updated immediately within the app.
With NGN or KES in your Luno account, navigate to the withdrawal section. Nigerian users can withdraw to any Nigerian bank account (GTBank, Access Bank, First Bank, Zenith Bank, UBA, and all other Nigerian banks are supported). The flat withdrawal fee is ₦52.50 regardless of the amount. Kenyan users can withdraw to a bank account or directly to M-Pesa at a flat fee of KSh 50. Bank withdrawals in Nigeria typically process within 1-24 hours, while M-Pesa withdrawals in Kenya settle within minutes.
KYC verification on Luno usually approves within 1-3 hours during business hours. To avoid delays on your first transfer, complete KYC verification a day or two before the sender plans to initiate the transfer. Once verified, all subsequent deposits and withdrawals are processed without additional verification steps.
2 networks — Luno supports both Stellar (USDC) and Tron (USDT) deposits for remittances (Luno deposit network options)
Luno's fee structure is simple and favorable for remittance recipients. Deposits of USDC or USDT on supported blockchain networks are completely free — Luno does not charge a deposit fee. The only costs are the blockchain network fee (paid by the sender, not the recipient) and the trading spread when selling crypto for local currency.
Withdrawal fees are flat, which is a major advantage for larger transfers. Whether you withdraw ₦50,000 or ₦5,000,000, the fee is the same ₦52.50. This flat-fee structure makes Luno increasingly cost-effective as transfer amounts increase, unlike percentage-based providers where fees scale with the amount.
| Action | Nigeria (NGN) | Kenya (KES) |
|---|---|---|
| USDC/USDT Deposit | Free | Free |
| Sell Spread (USDC → local) | ~0.2-0.5% | ~0.2-0.5% |
| Bank Withdrawal Fee | ₦52.50 flat | KSh 50 flat |
| M-Pesa Withdrawal | N/A | KSh 50 flat |
| Withdrawal Processing Time | 1-24 hours (bank) | Minutes (M-Pesa) / 1-24 hours (bank) |
See how Luno-based digital asset rails compare to Wise, Remitly, and Western Union for transfers to Nigeria and Kenya.
Luno supports receiving stablecoin deposits on two blockchain networks: Stellar (for USDC) and Tron (for USDT). Both networks offer fast settlement times of 3-5 seconds, but they differ significantly in transaction cost. Stellar charges approximately $0.0004 per transaction, while Tron charges approximately $1 per transaction.
For remittance recipients, the choice of network is typically made by the sender since they pay the network fee. However, if your sender asks which network to use, recommend Stellar — the near-zero network fee means more of the transfer amount reaches you rather than being consumed by blockchain fees. Over 12 monthly transfers, choosing Stellar over Tron saves approximately $12 in network fees.
Luno supports both Stellar (USDC) and Tron (USDT). If your sender asks which network to use, recommend Stellar. The network fee is approximately $0.0004 compared to approximately $1 for Tron — a 2,500x difference. Both settle in 3-5 seconds, so there is no speed trade-off.
CRITICAL: The sender must use the exact network that matches your Luno deposit address. Sending USDC on the Tron network to a Stellar address — or vice versa — will result in permanently lost funds. Before confirming any deposit, verify that both the sender's withdrawal network and your Luno deposit network match exactly (both Stellar or both Tron). If in doubt, send a small test amount first.
For Kenyan recipients, Luno offers direct withdrawal to M-Pesa, which is often more convenient than a bank transfer. M-Pesa is the dominant mobile money platform in Kenya, used by over 30 million Kenyans for everyday transactions. Luno's M-Pesa integration means your recipient can have funds available on their phone within minutes of selling USDC on the platform.
To withdraw to M-Pesa, navigate to the KES withdrawal section in the Luno app, select M-Pesa as the withdrawal method, and enter the recipient M-Pesa phone number. The flat withdrawal fee of KSh 50 applies, and the funds typically arrive within 5-15 minutes. This combination of near-instant delivery and minimal fees makes the Stellar USDC to Luno to M-Pesa pipeline one of the fastest and cheapest remittance paths available for the USD to KES corridor.
M-Pesa withdrawals are subject to Safaricom's standard transaction limits, which vary based on the recipient's M-Pesa account tier. For larger amounts, a direct bank withdrawal may be necessary, though it will take longer to process (typically 1-24 hours compared to minutes for M-Pesa).
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Yes, Luno is available and operates in Nigeria. It is one of the most established cryptocurrency exchanges in the Nigerian market, supporting NGN deposits, withdrawals to Nigerian bank accounts, and trading of major cryptocurrencies including USDC and USDT. Luno requires KYC verification with a valid Nigerian national ID or passport.
Luno NGN withdrawals to Nigerian bank accounts typically process within 1-24 hours, depending on the receiving bank and the time of day the withdrawal is initiated. Withdrawals initiated during business hours generally process faster. The flat withdrawal fee is ₦52.50 regardless of the amount being withdrawn.
Luno charges a flat fee of ₦52.50 for NGN withdrawals to Nigerian bank accounts, regardless of the withdrawal amount. This flat-fee structure makes Luno increasingly cost-effective for larger transfers — the fee is the same whether you withdraw ₦10,000 or ₦10,000,000.
Yes, Luno supports direct M-Pesa withdrawals for Kenyan users. After selling USDC or USDT for KES on the Luno platform, you can withdraw directly to your M-Pesa account at a flat fee of KSh 50. M-Pesa withdrawals typically arrive within 5-15 minutes, making it one of the fastest ways to receive international remittances in Kenya.
Luno supports two blockchain networks for stablecoin deposits: Stellar (for USDC) and Tron (for USDT). Stellar is recommended for remittances because its network fee is approximately $0.0004 per transaction, compared to approximately $1 for Tron. Both networks settle transactions in 3-5 seconds.
To complete KYC on Luno, open the app and navigate to the verification section. You will need to upload a clear photo of a valid government-issued ID (national ID card, voter's card, or international passport for Nigeria; national ID or passport for Kenya) along with a selfie photo. Luno's verification team typically reviews and approves submissions within 1-3 hours during business hours.
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