BusinessDay

Firm launches digital gold buying app to deepen access

Kian Smith Trade and Co Ltd., Nigeria’s gold refinery company, has launched Sanu, Nigeria’s first digital platform for gold and silver buying.

Sanu, Kian Smith’s novel 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, Sanu-GLD (SNG) and silver Sanu-SLV(SNS) respectively.

“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 (LBMA) gold that they usually don’t have access to without FX. Now LBMA gold can be accessed in Nigeria with the naira,” Nere Emiko, executive vice chairman, Kian Smith Trade and Co Ltd., stated while speaking on the groundbreaking feat for gold buying in Nigeria and Africa.

Read also: What Nigeria needs to compete in global gold market; Experts

According to Emiko, the digital platform allows Nigerians to buy and own gold in small retail quantities as buyers can own a fraction of gold or silver with as low as N100, which can be collected from selected Union Bank branches and other locations in Dubai and London.

She states further that the gold buying app is poised to 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 stated.

Meanwhile, she noted that FX restrictions from the present tight monetary policy and adhering to responsible sourcing compliance complicate the gold market and makes 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 concludes.

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