Gadgets Africa
  • News
    Apple introduces Apple Pay Later

    Apple introduces Apple Pay Later

    Automaker Lucid Group lays off 1,300 workers

    Automaker Lucid Group lays off 1,300 workers

    Paystack co-founder Shola Akinlade acquires Danish football club

    Paystack co-founder Shola Akinlade acquires Danish football club

    AI company Cerebras releases ChatGPT-like models

    AI company Cerebras releases ChatGPT-like models

    China urges Apple to strengthen data security, privacy protection

    China urges Apple to strengthen data security, privacy protection

    FTX's Bankman-Fried faces new indictment of bribing Chinese officials

    FTX’s Bankman-Fried faces new indictment of bribing Chinese officials

    Google to launch new features for teachers, students

    Google to launch new features for teachers, students

    Substack launches community fund for writers to own stake in company

    Substack launches community fund for writers to own stake in company

    Alphabet seeks dismissal of US antitrust lawsuit against Google

    Alphabet seeks dismissal of US antitrust lawsuit against Google

  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders
Gadgets Africa
No Result
View All Result

Nigerian firm unveils digital gold buying app

by Agency Report
July 29, 2022
in Apps
Reading Time: 2 mins read
Nigerian firm unveils digital gold buying app

A gloved hand stacks bars of gold into a pyramid. Leonhard Foeger | Reuters

Share on FacebookShare on TwitterShare on Telegram

A Nigerian gold refinery company, Kian Smith Trade and Co LTD. has unveiled a digital platform for gold and silver buying, called Sanu.

The innovation, in Nigeria’s mining and trade industry, is set to create an organised and accessible retail market that enables gold buyers in Africa to purchase digital representations of physical gold and silver, Sanu-GLD and Sanu-SLV respectively.

Speaking on the feat of gold buying in Nigeria and Africa, the Executive Vice chairman, Kian Smith Trade and Co LTD, Nere Emiko, said, “We are very excited to launch this, there is no product like this anywhere in the world. This gives Nigerians and Africans the opportunity to access London Bullion Market Association gold that they usually don’t have access to without FX. Now, LBMA gold can be accessed in Nigeria with the naira.”

The statement said the digital platform allows Nigerians to buy and own gold in small retail quantities as buyers could own a fraction of gold or silver with as low as N100 which could be collected from selected Union bank branches and other locations in Dubai and London.

It said the gold buying app would immensely contribute to building Nigeria’s gold value chain and position the country in the heart of the international gold market by establishing the gold buying capacity of Nigerians.

“We have always known that part of the key to strengthening the value-chain and developing investments in gold is bringing out the Nigerian gold retail markets, getting Nigerians to buy gold, and getting gold to the people,” Emiko said.

She noted that FX restrictions from the present tight monetary policy and adhering to responsible sourcing compliance complicate the gold market and made it difficult to quantify the potential of Nigeria to become a reputable gold market.

“Once Nigeria begins to establish data of gold consumption in households whether gold as bars, coins or jewellery, then it would become apparent to the World Gold Council, the Nigerian Bureau of Statistics and other trade data analysts the buying power of gold in Nigeria,” she said.

Tags: Kian Smith Trade and Co LTD.Sanu
ADVERTISEMENT

Related Posts

IG, Facebook posts make buying decisions for 77% Nigerians - Report
Apps

IG, Facebook posts make buying decisions for 77% Nigerians – Report

by Joy Onuorah
February 22, 2023
Facebook and Instagram
Apps

Mixed reactions as Zuckerberg announces charges for IG, Facebook account verification

by Alade Abayomi Adeleke
February 20, 2023
Instagram 'blue tick' service
Apps

Instagram to launch paid ‘blue tick’ service

by Alade Abayomi Adeleke
February 13, 2023
Disney fires 7,000 as subscribers decline one percent
Apps

Disney fires 7,000 as subscribers decline one percent

by Agency Report
February 8, 2023
Next Post
Elon Musk's Starlink denied access in China

Elon Musk fires back at Twitter in court battle

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended.

Fintech startup NowNow raises $13M seed

Fintech startup NowNow raises $13M seed

September 7, 2022
Chinese billionaire Jack Ma resurfaces after three years

Chinese billionaire Jack Ma resurfaces after three years

March 27, 2023

Trending.

Fraud: Musk faces trial over 2018 Tesla tweet

Fraud: Musk faces trial over 2018 Tesla tweet

January 14, 2023
Meta builds AI machine to translate Igbo, other African languages

Tools to give brands control over ad placement’ll be tested -Meta 

March 17, 2022
Google launches ChatGPT rival AI chatbot Bard

Google launches ChatGPT rival AI chatbot Bard

February 9, 2023
Valentine: These 10 tech gifts will surprise your lover

Valentine: These 10 tech gifts will surprise your lover

February 13, 2023
Fraud: Musk faces trial over 2018 Tesla tweet

Tweeps can now appeal suspension – Twitter

January 28, 2023
Gadgets Africa

© 2023 Gadgets Africa.

Navigate Site

  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

Share

No Result
View All Result
  • News
  • Apps
  • Cryptocurrency
  • featured
  • Telecommunications
  • Gadgets
  • FinTech
  • Tech leaders

© 2023 Gadgets Africa.

Go to mobile version