Luno Launches Tokenised US Stocks in Nigeria, Expanding African Investment Options
Luno, a prominent UK-based cryptocurrency platform active in four African nations, has broadened its investment offerings in Nigeria by introducing tokenised US stocks. This launch, following a similar rollout in South Africa a month prior, allows Nigerian users to access and invest in fractional shares of US stocks and ETFs, potentially democratising access to global financial markets.
Investing in US Stocks Made Accessible with Luno in Nigeria
Starting September 8th, Luno’s Nigerian users can invest in a selection of 60 tokenised US stocks and exchange-traded funds (ETFs). The investment threshold is set at a low ₦100 (approximately $0.07), making it accessible to a wider audience. This initiative is a partnership with xStocks by Kraken, the tokenisation arm of the global cryptocurrency company, and Backed Finance, a US-based firm specializing in tokenised real-world assets (RWAs). This expansion underscores Luno’s commitment to advancing the adoption of tokenised assets across Africa, coinciding with evolving regulatory landscapes. Luno Nigeria further enhanced its offerings in July with the introduction of its staking product, enabling users to earn rewards by holding cryptocurrencies within the app.
In a competitive landscape where local wealthtech apps like Bamboo, Chaka, Rise, and Trove already offer fractional US stock investing, Luno’s entry could intensify competition. This move will provide users with another avenue for diversifying investment portfolios.
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