Luno, a leading cryptocurrency exchange, is reshaping the investment landscape for Nigerians by offering access to global stocks and crypto assets. With a minimum investment of N1,000, users can buy fractional shares in companies like Apple, Tesla, and Google, as well as trade Bitcoin and Ethereum. The platform charges a 1.5% fee per trade, with no hidden charges, according to the company.
How Luno Works for Nigerian Investors
Luno allows Nigerians to invest in over 1,000 global stocks and cryptocurrencies through its mobile app. Users can fund their accounts via bank transfer, debit card, or USSD. The platform is regulated by the Financial Conduct Authority (FCA) in the UK and the Central Bank of Nigeria (CBN) for its crypto services. Luno also offers a savings feature with up to 10% annual interest on crypto deposits.
According to Luno's Nigeria country manager, 'Our goal is to democratize investing for every Nigerian, regardless of their income level. With fractional shares, anyone can own a piece of the world's biggest companies.'
Fees and Charges
Luno charges a spread of 0.5% to 1% on crypto trades and a 1.5% fee on stock trades. There are no account maintenance fees or deposit fees. Withdrawals to Nigerian bank accounts cost N100 per transaction, and crypto withdrawals have a network fee.
Security and Regulation
Luno uses two-factor authentication, cold storage for crypto assets, and insurance for digital assets held on the platform. It is licensed by the CBN as a digital asset service provider and complies with anti-money laundering regulations. The platform also provides educational resources to help users understand risks.
Impact on Nigerian Investors
Since launching in Nigeria in 2019, Luno has attracted over 2 million users. The platform has facilitated over $1 billion in trades. A recent survey by Luno found that 60% of Nigerian users are first-time investors. The company says it aims to increase financial inclusion by making global markets accessible.
How to Get Started
To start investing, download the Luno app, create an account, verify your identity, and fund your wallet. You can then buy fractional shares or crypto. Luno also offers a demo account for practice. The platform supports Naira deposits and withdrawals.
Luno's expansion into stock trading marks a shift from its crypto-only focus. The company says it plans to add more assets and features in 2026, including automated investment plans and social trading.
