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What is a Deposit?

A deposit represents a single Nigerian Naira (NGN) bank transfer received into an onramp’s virtual account. A deposit is the upstream event that triggers FX conversion and settlement.
A deposit is not an on-chain transaction.
On-chain settlement (if applicable) happens only after FX conversion.

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Deposit Properties

Each deposit is recorded with the following core attributes:
PropertyDescription
deposit_idUnique identifier
user_emailEnd-user identifier
payment_referenceDaya-generated bank reference
amount_ngnNGN amount received
rate_idFX rate used (if applicable)
amount_assetStablecoin amount after conversion
assetUSDC or USDT
chainSettlement network (if auto-withdraw)
tx_hashOn-chain transaction hash (if settled)
statusCurrent deposit state
created_atWhen deposit was received
settled_atWhen settlement completed

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Deposit Statuses

Each deposit progresses through a defined set of states.
StatusMeaningTerminal
PENDING_FXNGN received, FX not yet executedNo
PENDING_WITHDRAWALFX complete, settlement in progressNo
SETTLEDDeposit fully completedYes
FAILEDPermanent failureYes
FLAGGEDHeld for manual reviewYes
REVERSEDBank reversed the transferYes

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Terminal vs In-Progress States

In-progress
  • PENDING_FX
  • PENDING_WITHDRAWAL
Terminal
  • SETTLED
  • FAILED
  • FLAGGED
  • REVERSED
Once a deposit reaches a terminal state, it does not transition further.

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Deposit Lifecycle

At a high level, deposits move through the following stages:
  1. Received
    NGN transfer lands in the virtual account → PENDING_FX
  2. Converted
    FX conversion is executed (if eligible)
  3. Settled
    Funds are delivered to a wallet or merchant balance → SETTLED
  4. Reviewed (if needed)
    Late, invalid, or risky deposits are held → FLAGGED or FAILED

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Common Flagging Conditions

A deposit may be FLAGGED when:
  • It arrives after the onramp or rate expiry
  • A merchant or system limit is exceeded
  • Risk checks require manual review
Flagged deposits do not settle automatically and require operations review.

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Bank Reversals

Banks may occasionally reverse a transfer after it is received. In such cases:
  • The deposit transitions to REVERSED

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What Deposits Do Not Represent

  • They are not blockchain transactions
  • They do not guarantee settlement

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Next Steps

Onramps

Learn how deposits are configured

Rates & Settlement

Understand FX and delivery semantics

Deposits API

View the API reference