Bybit exchange removes some bank pairs in p2p trading.

[ZeroVinsonN]

I'm sure the reports have piled up over time and it's not serving any purpose to still be using them, the worst nightmare of P2P is to lose your money because you sent it out of your bank but the recieving bank doesn't get the funds for over a week, no one will want to release their coins if they haven't received payment for it and even though people know these banks are reliable they will still keep using them so the best thing the exchange can do is to make sure no one can use these banks again on their platform.

Delayed bank transfer can do make P2P trading stressful due to the seller may not receive money on time. On the other hand while the bite is waiting for the BTC to be released. I believe that the removing payment methods that do keep causing these problems can make P2P smoother and also safer, this may reduce the number of available options but reliability is much more important than having many payment methods.

It's simple, it's better for them to work with 2 banks that are always reliable then to work with over 20 with no reliability. The better the P2P experience the more people will want to use it so while it's to make P2P easier for people it's also to make sure they don't end up losing people to something like this that could have been avoided.
It's the same with how scammers were everywhere on their P2P platform, looking for ways to get money from buyers and sellers alike, you will hardly see them today and they worked on it because they were losing users because of it.

[Agbamoni]

Why was Access Bank not included in this list? 

If Access Bank is removed from the list, which other bank should be left that you think is better than Access Bank?

Access Bank is one of the good banks to use, among of all the banks, Access Bank gives better customer service, and they are usually the best and mostly used bank in the country. I suspected Eco Bank to be on the list, their online banking is really terrible, and they are not convenient enough for online banking.

Don't become one of their puppets. Ever since the late CEO of Access Bank died in a plane crash, Access Bank has never been the same. It's one bad news to another. Customers who had their money saved for a long time lost their money. Most of their staff were sacked after an investigation found that the staff stole money from dormant accounts.

Access Bank is one of the worst banks to use for P2P. It was because of Access Bank that I was restricted from doing P2P on a major exchange.

[Perfectbaby]

I think this adjustment could be as a result of much complaints from people either not receiving their money on time that is to say; these banks networks are usually very slow to reflect on their transactions were the receivers would have to wait for some hours before they could get alert whereby making the p2p transactions very slow in terms of transaction confirmation.
Well, I do not see anything wrong if they have decided to adjust all these banks to only the ones that could quickly reflect their transactions.

[Nightwatchmare]

I expected Jaiz bank to be on that list before even opening the thread and it didn’t disappoint  . Zenith and UBA seem missing on the list though[at least they are better but can’t tell which one is worse between those 2]

I checked my email after reading your post i did not see any mail from Bybit exchange concerning this notice. Anyways you did well in posting this important information here, it will help people like me who did not receive this information in their emails to know the latest thing happening in Bybit exchange p2p and change their banks if the banks they are using to receive money in Bybit exchange p2p is among the banks on the list that has already delisted by Bybit exchange.

Probably you haven’t used any of those banks for P2P trades [that'smy guess]..
Here’s an official announcement from Bybit: Delisting of selected payment methods from the NGN market on Bybit P2P .

You won’t be able to add it anyway since they don’t support it , so you didn’t really miss much even if you didn’t get any email.

I have seen the official statement of Bybit exchange concerning the delisting of some banks in their p2p platform through the link your posted, and is like only affected users received message in their emails. I am not worried as i did not receive message from Bybit exchange because i am not affected as i use opay to receive money in Bybit p2p the reason i checked my email if Bybit sent me message is because i am a Bybit p2p user and i wanted to confirm if Bybit exchange is really delisting some banks from their p2p platform.

[Marykeller]

Why was Access Bank not included in this list? 

I guess the reason these banks are removed is because P2P traders that use the banks have issues more often than others. Unlike Opay and other ones that have good notifications and the money will be received as fast as possible if the transaction was successfully sent.

Very true. These banks have the most complaints on Bybyit that should be the reason why Bybit has to take action immediately.
Access Bank and Unity Bank should be on this list. Well, Unity Bank has merged with Providus Bank. It is now called Providus Unity Bank.
I think the bank will start doing better since a different company has taken charge of the online payment process.

Access Bank has to, but I have noticed recently that their performance has improved a bit for someone to receive alert messages on time(that's my main bank).

It's because of many complaints from their customers; they decided to improve their services for faster transfers and alerts. Kudos to them anyways because I have seen a good change from them regarding alert delays and bad network on their side.

[promise444c5]

Why was Access Bank not included in this list? 

At this point, I think they should just consider all those commercial banks on the list .. the only fair one is First Bank. Even GTB too is not stable, and can delay sometimes. I added both Zenith and UBA on the list, not sure how  they are better than Ecobank  on that list .

The fact that this bank don’t care to do something better is annoying. I remember going to Zenith bank continuously for over a month only for them to tell me my signature doesn’t match my account and can’t rectify anything unless I visit the branch where I created my account..just lol!

[Sammye3]

I received notification via email by Bybit exchange, they have delist some NGN pairs when it comes to p2p transactions. They listed some commercial banks and some wallet that their pairs will no longer be available for exchange of USDT or crypto to NGN.

Some of these banks are microfinance banks and fintech company which might not really qualify for a trusted bank for crypto related transactions. The other commercial banks like Union bank, Eco bank, Polaris, Jaiz and Stanbic ITC are all one of the oldest banks in Nigeria with a higher percentage of old users over new users. Also, their customer services and online experience is not the best as responses are either delayed or never received, it's a good thing that these banks were delisted.

[Ishicryptic]

I'm not even surprised that these banks have been delisted, infact, I'm surprised that a bank like Eco bank customers have been allowed by Bybit as to use the bank as a payment method.

This is 2026 and some banks in Nigeria doesn't want to work on/upgrade their electronic banking servers for fast and easy banking services. Imagine a vendor making a transfer to via P2P and 3-5 hours later, the seller is yet to release coins because they're yet to confirm payment.

We can't blame Bybit, for taking this crucial stance, I'm sure like everybody that have heard the news that it is due to delays of these banks to process payments very fast, if you're doing p2p transactions with marchants in an exchange they will need you to release coins as soon as possible so they can be done with the transaction and move on. Some marchants in centralized exchanges will list banks that they are interested to make payments into, I believe that it must be due to issues that they have had in the past, some marchants prefer Opay and other Fintech banks who's transfers takes just a few seconds to enter into their bank accounts and they will categorically state it. Many of us prefer to use Fintech banks for fast transactions then mantain our main accounts to save our money.

[knowngunman]

I expected Jaiz bank to be on that list before even opening the thread and it didn’t disappoint   . Zenith and UBA seem missing on the list though[at least they are better but can’t tell which one is worse between those 2]

But why if I may ask? The Jaiz I know is a good bank only that they're not as rampant as the others. I don't use commercial banks for P2P trade so I don't know the exact problem people face with them. I wonder why Jaiz bank always has a higher rate in Bybit P2P thou.

I checked my email after reading your post i did not see any mail from Bybit exchange concerning this notice. Anyways you did well in posting this important information here, it will help people like me who did not receive this information in their emails to know the latest thing happening in Bybit exchange p2p and change their banks if the banks they are using to receive money in Bybit exchange p2p is among the banks on the list that has already delisted by Bybit exchange.

Probably you haven’t used any of those banks for P2P trades [that'smy guess]..
Here’s an official announcement from Bybit: Delisting of selected payment methods from the NGN market on Bybit P2P .

Thank you for sharing this because I didn't receive the mail too. After seeing this thread, I still went to check my mailbox carefully to see whether I had skipped it somehow but found nothing. I checked the spam too. Although some few weeks ago, I was requested to update my payment method even thou my previous payment method was intact. I added the same payment method as the previous one and it was updated.

I think the same thing will apply to those their bank were affected. They will be required to update their payment method with a new one.

[Big Dirams]

I received notification via email by Bybit exchange, they have delist some NGN pairs when it comes to p2p transactions. They listed some commercial banks and some wallet that their pairs will no longer be available for exchange of USDT or crypto to NGN.

Some of these banks are microfinance banks and fintech company which might not really qualify for a trusted bank for crypto related transactions. The other commercial banks like Union bank, Eco bank, Polaris, Jaiz and Stanbic ITC are all one of the oldest banks in Nigeria with a higher percentage of old users over new users. Also, their customer services and online experience is not the best as responses are either delayed or never received, it's a good thing that these banks were delisted.

Union banks, eco banks are absolutely old banks and they have not been keeping up with other old banks with system updates like other banks. The little issues they always have about transactions getting delayed and network issues are the reasons why they couldn’t keep up with other top banks like first banks, access banks and zenith banks and this has been one of the reason why the older users are more higher than new users.

No any teenager will thought of opening any of this banks where there are more options with high quality services better than this. However removing this banks will save us from stress and anxiety as a p2p trader.

[Odohu]

I also received the notification early this week.

If you notice, most banks with delisted pair that is on this list are traditional banks. Microfinance banks are the hot takes for trading P2P.

PAGA became more popular two years ago. People don't trust PAGA that much.

Chippa, PAGA and Carbon and in the same categories of those you called microfinance banks so I don't think your suggestion is the valid.  It could be other reasons like low usage by their customers since a lot of people use Opay, Palmpay, Moniepoint and Kuda. There are still many other fintech banks that are used more than the traditional banks. I really do not know what will justify such decision but I believe the know what is best for their business.

[Emjay24]

I guess the reason these banks are removed is because P2P traders that use the banks have issues more often than others. Unlike Opay and other ones that have good notifications and the money will be received as fast as possible if the transaction was successfully sent.

Omo if not for OPAY what would most men do regarding P2P, the fintech has really done more positive to Nigerians than the Nigerian government. The payment comes fast, even from a bank with slow network. It helped lots of businesses maintain good customer relationship with their clients as sending and receiving is very fast.

Palmpay had a bug that made funds sent to it reversible back then and it helped OPAY maintain the lead in fintechs. I don't even know if they've fixed it since I was among those that dumped it back then.

[Roseline492]

It could be other reasons like low usage by their customers since a lot of people use Opay, Palmpay, Moniepoint and Kuda. There are still many other fintech banks that are used more than the traditional banks. I really do not know what will justify such decision but I believe the know what is best for their business.

Yes what you said could possibly be there reason of delisting those Banks because since I have started using bybit I have not seen much vendors who usually listed any of this Banks as their preferred option for receiving or paying so perhaps that's why bybit decided to remove all those Banks. Funny enough I didn't know that some of those Banks are still existing because I thought they're know longer functioning, especially Carbon Microfinance and Chipper cash. Actually Fintech bank is the best to use in bybit because of there fast receiver of transfer and that's why Opay is the most popular Bank in bybit.

[PostQuantumBTC]

Omo if not for OPAY what would most men do regarding P2P, the fintech has really done more positive to Nigerians than the Nigerian government. The payment comes fast, even from a bank with slow network. It helped lots of businesses maintain good customer relationship with their clients as sending and receiving is very fast.

Palmpay had a bug that made funds sent to it reversible back then and it helped OPAY maintain the lead in fintechs. I don't even know if they've fixed it since I was among those that dumped it back then.

I have been using Palmpay and Opay since the fintech came to Nigeria, I did not see any issue with the company. I heard about the money that can be reversed but it was not happening to me and I continue to use Palmpay to today, I think it was a rumour.

There are other ones that I have used like Kuda which is also good but there are some time that the bank will not load so I have alternatives for it.

I have been using Moniepoint, I think it is very good like Opay, this is the bank that most businesses are using in Nigeria now.

[Shineup]

I checked my email after reading your post i did not see any mail from Bybit exchange concerning this notice. Anyways you did well in posting this important information here, it will help people like me who did not receive this information in their emails to know the latest thing happening in Bybit exchange p2p and change their banks if the banks they are using to receive money in Bybit exchange p2p is among the banks on the list that has already delisted by Bybit exchange.

On seeing this I went directly to check too and I have just confirmed that I was not sent the notification either, whichever way it is I believe everything is for the betterment and smooth running of the service, it is part of bybit responsibility to give best of service to their users though am really curious why it wasn't sent to all bybit users, or could it be that those users that received the notification where at some point make used of those delisted banks? Because personally I have not really make used of those delisted banks before.

[Agbamoni]

I guess the reason these banks are removed is because P2P traders that use the banks have issues more often than others. Unlike Opay and other ones that have good notifications and the money will be received as fast as possible if the transaction was successfully sent.

Omo if not for OPAY what would most men do regarding P2P, the fintech has really done more positive to Nigerians than the Nigerian government. The payment comes fast, even from a bank with slow network. It helped lots of businesses maintain good customer relationship with their clients as sending and receiving is very fast.

Palmpay had a bug that made funds sent to it reversible back then and it helped OPAY maintain the lead in fintechs. I don't even know if they've fixed it since I was among those that dumped it back then.

OPAY and Palmpay have really facilitated P2P transactions a lot. What I love the most about them is that, if a transaction won't go through, OPay doesn't hesitate to mark the transaction as processing. The money will instantly be reversed, but if it is processed after a delay, a notification will be sent to the sender as a reminder.

But traditional banks are the worst. A recipient will receive an alert when the money is not in his account using a traditional bank. This can't happen with fintech apps.

[Bigjoe33]

I think this adjustment could be as a result of much complaints from people either not receiving their money on time that is to say; these banks networks are usually very slow to reflect on their transactions were the receivers would have to wait for some hours before they could get alert whereby making the p2p transactions very slow in terms of transaction confirmation.
Well, I do not see anything wrong if they have decided to adjust all these banks to only the ones that could quickly reflect their transactions.

What else is there work if not to ensure reliability and retain there customers so that they keep moving on with there business. It's as simple as kicking out anything that's not giving you the required services. If the banks are not delivering there services fats enough maybe due to poor network or any other reason, then they should rest and go sort themselves out.

For me, I would always prefer Opay or any other micro finance bank. They are fast and reliable. You can't carry out a P2P trading and then wait for minutes or hours before getting the alert and then before you release your coins, just too bad. Opay does it best for me.

[nelson4lov]

I have been using Palmpay and Opay since the fintech came to Nigeria, I did not see any issue with the company. I heard about the money that can be reversed but it was not happening to me and I continue to use Palmpay to today, I think it was a rumour.

There are other ones that I have used like Kuda which is also good but there are some time that the bank will not load so I have alternatives for it.

I have been using Moniepoint, I think it is very good like Opay, this is the bank that most businesses are using in Nigeria now.

I'm a user too and like you, I've used it for years without almost no problems. On the case of reverse, it happens but I've noticed it happens when you receive a huge transfer from a random account which would likely be the p2p sender. Sometimes it gets reversed automatically, sometimes you do receive it. When I contacted the palmpay customer support the few times it was reversed, they said something about needing me to prove who the sender is or the source of the funds.

Also worth noting that it was reversed despite being in tier 3 and the amount was well within the limits.

[Nwada001]

If you are using any of these commercial banks to receive your money while trading in Bybit p2p, you can review your settings and change your payment method.

Now I understand the reason why, as of last month, Bybit was requesting almost all users who want to trade their to re-add their bank details, which I almost was confused about the reason why. Maybe this could be as a result of most of the listed banking having network delay in terms of transaction delivery and the ability for seller to easily delete or temper with transactions history from their app.