Cash out and buy with naira
RecoilPay can move money between your wallet and a Nigerian bank account, in both directions:
- Cash out: send USDC from your wallet and receive naira in your bank account.
- Buy: pay naira by bank transfer and receive USDC in your wallet.
You do it the same way as a swap: type a sentence. A solver on the other side does the bank transfer, and an escrow contract makes sure neither of you can take the other's money.
cash out 50 USDC on Base Sepolia to NGN
buy ₦20,000 of USDC on Base Sepolia
The crypto side runs on testnets, so the USDC is play money. Cash-outs and purchases work on Base Sepolia, Polygon Amoy and BNB Chain Testnet, in naira (NGN), to and from Nigerian bank accounts. They also work on Solana devnet, with a Solana wallet; see On Solana.
The one rule that protects you
Whoever has to pay first is covered by the escrow:
- When you cash out, your USDC is locked in escrow before the solver pays you. It's released to the solver only when you say the naira arrived.
- When you buy, the solver's USDC is locked in escrow for you before you're shown where to pay. You're never asked to send money against a promise.
Every step has a clock, and when it runs out, the party it was waiting on loses. That way, nobody gains anything by going quiet. The exception is you: your own silence never hands your crypto to a solver.
Cash out to your bank
1. Type the sentence
cash out 50 USDC on Base Sepolia to NGN
Name the token, the chain and the currency. You'll enter your bank details on the next screen, so never put an account number in the sentence. The sentence is sent to a language model to be read, so anything in it leaves your device.
2. Check the offer and enter your bank details
RecoilPay asks every solver that cashes out on that chain and shows you the best offer:
| Line | Meaning |
|---|---|
| You pay | The USDC that leaves your wallet |
| You receive | The naira that reaches your bank account, after the fee |
| Rate | Naira per USDC |
| Fee | The solver's fee, already taken off what you receive |
| Paid within | How quickly the solver promises to pay you |
Pick your bank from the list and enter your 10-digit account number (NUBAN) and the name on the account.
Your bank details are encrypted on your device for the one solver who pays you. RecoilPay never sees them. It keeps only a fingerprint, so it can later check which account the solver was told to pay.
3. Approve and sign
The first time you cash out a token on a chain, your wallet asks for a one-time approval. That's a small transaction, paid in testnet gas. After that, each cash-out is a single signature, which costs nothing. Your USDC is then locked in escrow.
4. Wait for the payment
The solver sends naira to your account. If they don't pay within 15 minutes, the trade is cancelled and your USDC comes back to you.
5. Say whether it arrived
When the solver says it has paid, RecoilPay asks: Did ₦… arrive? Check your bank app before you answer.
- I received ₦…: your USDC is released to the solver and the cash-out is done.
- It hasn't arrived: you give a short reason, and an admin reviews the trade. Your USDC stays in escrow until they decide.
Confirming and disputing are signatures. They don't cost gas.
A screenshot or an SMS "alert" is not money in your account. Check your balance in your bank app first. Once you confirm, the escrow pays the solver.
If you don't answer within 6 hours, the trade goes to an admin for review. It is never paid to the solver because you were silent.
Your limits
You don't need to verify your identity to cash out. Each wallet can cash out up to ₦750,000 at a time and ₦1,500,000 in any 24 hours. These amounts are counted before fees.
Buy crypto with a bank transfer
1. Type the sentence
buy ₦20,000 of USDC on Base Sepolia
Say how much naira you want to spend, including the fee, and which token and chain you want. The USDC goes to the wallet you're connected with, so the sentence takes no recipient. To get it somewhere else, send it on afterwards.
2. Check the offer
| Line | Meaning |
|---|---|
| You pay | The naira you transfer, fee included |
| You receive | The USDC you get, and on which chain |
| Rate | Naira per USDC |
| Fee | The solver's fee, in naira |
| Solver confirms within | How long the solver has to confirm your payment before the USDC is released to you anyway |
The offer also shows your limits. A verified person can buy up to ₦500,000 at a time and ₦1,000,000 in any 24 hours.
3. Verify your identity (first purchase only)
Buying with a bank transfer needs a verified identity. That check stops stolen bank accounts being used to buy crypto. The first time, RecoilPay opens Dojah, an identity provider, for a short check: your BVN or NIN and a selfie.
- Your wallet signs one message to start the check. This costs nothing.
- If Dojah moves you to your phone, finish there, come back and choose I've finished.
- Sometimes Dojah reviews a check by hand. Leave the page open and it will carry on.
RecoilPay keeps your verified name and a fingerprint of your ID number. It doesn't keep your documents or the number itself. You can use the same identity with up to 3 wallets, and they share one set of limits.
4. Sign the purchase
Click Buy and sign. This costs nothing. The solver's USDC is now locked in escrow for you. Only then are you shown where to pay.
5. Pay by bank transfer
You'll see the amount, the bank, the account number and the account name, each with a copy button, plus a payment reference. You have 30 minutes.
- Transfer the exact amount.
- Send it from a bank account in your own name. The solver compares the sender's name with your verified name, and won't release the USDC to a payment from someone else.
- Put the reference in the transfer's description, if you were given one.
Then click I've paid ₦… and sign.
Some solvers take payments through Paystack. You'll then see a bank account made just for this purchase, and no reference. Your payment is detected automatically, so the USDC can be released without waiting for the solver. A payment from a different name isn't settled automatically. It waits for the solver to check it.
6. Receive your USDC
The solver checks its account and confirms, and the escrow releases the USDC to your wallet. If the solver doesn't answer within 30 minutes of "I've paid", the USDC is released to you.
If the solver says your payment never arrived, the trade goes to an admin. Keep your bank's receipt and the payment reference.
If you don't say you've paid within 30 minutes, the purchase is cancelled and the solver's USDC goes back to them. If you did send money, contact us with the payment reference shown on the screen.
You can have one purchase in progress at a time.
On Solana
Cash-outs and purchases also work with a Solana wallet on Solana devnet, in the RecoilPay app and in apps built with the RecoilPay widget or SDK.
- Install a Solana wallet such as Phantom or Solflare, and switch it to devnet. See Solana wallets.
- Connect it when you're asked. In the RecoilPay app, choose Connect Solana wallet; in other apps, look under Solana wallets in the wallet picker. You don't need an Ethereum-style wallet as well.
- Type the sentence as usual, naming Solana:
cash out 2 USDC on Solana to NGN
buy ₦3,000 of USDC on Solana
Everything above applies, with these differences:
- You need no SOL. The solver pays the network fees on Solana, including opening your USDC account if you don't have one.
- There's no approval step. To cash out, your wallet signs one transaction that locks exactly your USDC for this trade. Your wallet shows it before you sign, and the solver then sends it and pays its fee. If your wallet adds a priority fee while signing, the transaction can't be used: turn that setting off and try again.
- Every other step is a free message signature from your Solana wallet: confirming, disputing, saying you've paid, starting the identity check and late claims.
- Your USDC is Circle's devnet USDC. Get some at faucet.circle.com (choose Solana Devnet).
Keep your receipt
Every cash-out and purchase has a Receipt section. It holds the trade id and the payment reference. A cash-out's receipt also holds a bank details proof, which proves which account the solver was told to pay.
Keep these until you're sure everything went through. They're what an admin needs if anything is disputed.
Keep the page open until the trade is finished. The RecoilPay app can't yet bring you back to a trade after you close or reload the page. The trade carries on without you: the clocks above still run, and an unanswered cash-out still goes to review rather than to the solver. Note the trade id from the receipt first, and contact us with it if you lose the page.
Who are the solvers?
Fiat solvers are independent operators, like the ones who fill swaps. A solver who pays out by hand stakes a bond in USDC. If a cash-out turns out not to have been paid, a ruling against the solver is paid to you from that bond, even up to 72 hours after the trade settled. Solvers who repeatedly fail to pay are stopped from offering fiat trades. See Operators and solvers.