Luno Bridges the Gap: Nigerians Can Now Invest in Global Stocks with Naira
Luno, a prominent cryptocurrency platform in Africa, has introduced a groundbreaking tokenised global stocks service in Nigeria. This move signifies a major leap forward, as Luno becomes the first exchange founded in Africa to provide Nigerians direct access to international equities and exchange-traded funds (ETFs) through tokenisation. This initiative follows a successful launch in South Africa earlier this year.
Democratizing Global Investing for Nigerians
This innovative platform empowers everyday Nigerians to invest in shares of over 60 globally recognised companies, including industry giants like Apple, Tesla, Nvidia, and Microsoft, all directly in Naira. This removes the historical hurdles of needing offshore brokerage accounts, navigating foreign currency conversions, and being restricted by US market opening hours. The new service simplifies the investment process, addressing challenges prevalent in Nigeria’s capital market. The Central Bank of Nigeria reports a financial inclusion rate of 74% within the country, but the active participation in capital markets is strikingly low, affecting less than 5% of adults. Complex account opening procedures, hefty minimum investment thresholds, limited access to foreign exchange, and restrictions have traditionally hindered participation.
Tokenisation could revolutionize the investment process for many Nigerians.
The launch of this feature promises to simplify investments and increase the involvement of ordinary Nigerians in global markets.
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