Africa-founded crypto exchange Luno has launched tokenised global stocks in Nigeria, opening naira-denominated access to over 60 US equities and ETFs. The rollout began on September 8 through partnerships with xStocks by Kraken and Backed Finance, following a pilot in South Africa. Luno says the move lowers entry barriers for retail investors while keeping custody and conversion on the platform.
What Luno Launched
Nigerian users can now buy fractional exposure to companies such as Apple, Tesla, Nvidia, and Microsoft from as little as ₦100. Trading runs 24 hours a day, five days a week, with plans to extend toward weekend availability. The company positions the service as direct, naira-based access without offshore accounts or navigating US market hours.
How It Works
The tokens are designed to track the performance of underlying US shares that are held in regulated custody via Luno’s global partners. While the instruments mirror price movements and enable fractional ownership, they typically do not convey traditional shareholder rights such as voting or dividends. Luno stresses instant settlement, wallet portability for tokens, and consolidated management with its existing crypto app.
Regulatory Landscape
Nigeria’s Investment and Securities Act 2025 defines digital assets that represent investment claims as securities, placing tokenised equities within the securities perimeter. Luno Nigeria has applied through the Securities and Exchange Commission’s incubatory programme and says it is aligning operations with evolving rules. The company cites ongoing engagement with regulators as it seeks a provisional licence and scales compliance controls.
Competitive Context
Luno is entering a market educated by local wealthtech platforms like Bamboo, Chaka, Rise, and Trove that popularised fractional US stock access. Those apps rely on foreign brokerage rails, whereas Luno leans on crypto-native custody and tokenisation to deliver similar exposures. The firm argues that its infrastructure can simplify operations and widen access, but it must still prove clear advantages to win over users.
Pricing and Access
Luno charges a 2 percent fee per tokenised stock trade and does not add monthly management fees. By contrast, some incumbents use a mix of flat minimums and percentage commissions, which may be costlier on small tickets. Luno’s pitch is that low-denomination, round-the-clock trading plus instant settlement can support frequent, small investments by new market entrants.
Why It Matters for Nigeria
Despite a reported 74 percent financial inclusion rate, fewer than five percent of adults participate in capital markets due to cost and access hurdles. Foreign currency scarcity and administrative friction have historically blocked Nigerians from building global portfolios at modest ticket sizes. Luno’s naira-first approach aims to remove those frictions by handling conversion and settlement behind the scenes.
Risks and Safeguards
Tokenised assets carry technology and operational risks, including smart contract bugs, service outages, and security incidents. Luno says it vets token contracts, applies cybersecurity controls, maintains insurance, and has incident response procedures to protect users. The company also underscores that tokens are backed one to one by underlying assets in regulated custody to reinforce confidence.
Roadmap and Regional Ambitions
The Nigeria launch follows South Africa, where Luno reports more than 10,000 users tried tokenised US equities in the first month. Management plans to expand availability across other African markets where similar access constraints exist, supported by growing smartphone adoption. The firm also signals a broader wealth vision that could eventually aggregate crypto, stocks, ETFs, and other tokenised real-world assets in one app.
Luno’s entry into tokenised equities in Nigeria is a significant test of whether crypto rails can durably democratise cross-border investing. The model compresses minimums, extends trading hours, and abstracts regulatory and currency complexity, yet it must navigate strict securities rules and skeptical incumbents. If execution, compliance, and user trust hold, the rollout could shift how retail investors in Nigeria build exposure to global markets.