Bybit Delists Paga, Chipper Cash, and Selected Banks from NGN P2P: What Nigerian Traders Need to Know

What to Know:

• Bybit delisted eight payment channels from its Nigerian Naira P2P market on September 1, 2026.
• Affected channels include Paga, Chipper Cash, Carbon Microfinance, and five commercial banks.
• Bybit Africa confirmed NGN peer-to-peer trading is not being discontinued or shut down.
• All other supported payment methods remain fully operational for Nigerian crypto traders.

Delisting Selected Payment Channels

Bybit removed eight payment channels from its Nigerian Naira (NGN) peer-to-peer marketplace on September 1, 2026. The delisted methods span fintech apps, Paga, Chipper Cash, and Carbon Microfinance. Bybit also delisted five commercial banks: Jaiz Bank, Stanbic IBTC, Ecobank, Polaris Bank, and Union Bank.

“This update is aimed at improving the safety, reliability, and overall trading experience for our users,” Bybit stated in its announcement.

Clarification on Regional Continuity: Bybit P2P Remains Active

The delisting announcement triggered speculation on social media that Bybit was pulling out of Nigeria’s P2P market entirely. Bybit Africa addressed that directly in a follow-up post, stating plainly that Bybit P2P is not being discontinued.

The company said it removed only the listed payment methods. All other supported channels, including major bank transfers and remaining mobile money options, continue to work as normal. Bybit added that it remains committed to a secure and efficient P2P marketplace for its Nigerian users.

Nigeria’s P2P Market

Nigeria’s crypto market is big. Chainalysis estimates that Nigeria received over $92 billion in on-chain value between July 2024 and June 2025.

A significant portion of that is driven by Peer-to-peer trading. P2P trading grew in Nigeria after the CBN’s 2021 ban caused most major exchanges to exit the country’s market. A report by Breet found that users loved P2P because of rate flexibility, speed, and accessibility.

In Nigeria, a significant portion of this P2P volume exists on Bybit. Bybit’s rise to its current position owes a lot to Binance’s exit from the naira P2P market. In February 2024, amid Central Bank of Nigeria allegations that unverified flows through Binance, reportedly over $26 billion in 2023 alone, were distorting the naira’s exchange rate, Binance suspended NGN P2P trading.

Nigerian authorities blocked telecom access to Binance, Coinbase, and Kraken, detained two Binance executives, and by March 2024 Binance had delisted naira from its platform entirely.

P2P trading in the country is not without its downsides. The same Breet study found over 70% of surveyed Nigerian P2P traders had lost money to scams at least once. Despite all of this, the P2P market is still popular.

Keeping trades on-platform and using supported, verified payment channels, exactly what Bybit’s latest update is meant to reinforce, remains one of the more reliable ways Nigerian traders can protect themselves.

Action Steps for Merchants and Local Traders

Any active NGN ads built around the eight removed payment channels were automatically delisted when the change took effect. Merchants running P2P listings tied to Paga, Chipper Cash, Carbon Microfinance, or the five affected banks must update their payment profiles and switch listings to a supported channel to keep trading without interruption.

For everyday buyers and sellers, the practical impact is that trading continues. Still, anyone who relied specifically on one of the eight removed options will need to select an alternative payment method in the future.

Moves like this aren’t unique to Bybit. Centralized exchanges operating P2P markets across Africa periodically adjust which local payment gateways they support. Most often, these adjustments are in response to settlement reliability, fraud patterns, or shifting banking partnerships in a given market.