Luno Launches Nigeria's First Crypto Staking Service with 18% Returns

Luno, a prominent cryptocurrency platform, has introduced the first crypto staking service in Nigeria, offering users the opportunity to earn passive income on digital assets. The platform supports staking for four proof-of-stake cryptocurrencies—Cosmos (ATOM), Solana (SOL), Polkadot (DOT), and NEAR Protocol (NEAR)—with potential annual returns of up to 18%. This initiative is part of Luno’s broader strategy to expand its services in Africa, following successful staking rollouts in South Africa and Malaysia, where over 150,000 customers have staked more than R1.5 billion in assets [1].

Staking involves locking cryptocurrencies in a wallet to validate blockchain transactions, with rewards distributed in the form of additional tokens. Unlike traditional savings accounts, Luno’s staking service requires no minimum investment, offers flexible access to funds, and incurs no hidden fees. These features align with Nigeria’s growing demand for alternative investment options, particularly in a market where economic volatility has driven interest in crypto as a hedge against inflation and currency depreciation [1].

Nigeria’s crypto ecosystem has already gained global recognition, with on-chain transactions reaching $59 billion between July 2023 and June 2024 [1]. The country ranks second in crypto adoption, driven by a young, tech-savvy population and regulatory developments such as the Investment and Securities Act 2025, which classifies cryptocurrencies as securities. Luno’s CEO for Nigeria, Ayotunde Alabi, highlighted the platform’s role in bridging the gap between local investors and secure, compliant investment tools, stating, “Staking offers Nigerians a secure, compliant way to grow their wealth” [1].

The launch addresses a critical need for safer investment avenues in Nigeria, where many users previously relied on high-risk offshore platforms. By enabling staking for altcoins like Polkadot and NEAR, Luno provides exposure to emerging blockchain projects, fostering portfolio diversification beyond Bitcoin and Ethereum. The platform’s adherence to regulatory standards, including regular audits and 1:1 crypto storage, further strengthens trust in a market vulnerable to fraud [1].

Nigerian users can begin staking through Luno’s mobile app by depositing or purchasing supported assets and navigating to the staking section. While the service emphasizes accessibility, it also underscores the importance of responsible investing, given crypto’s inherent price volatility and network risks. Luno’s approach mirrors broader regulatory advancements, such as the Nigerian Securities and Exchange Commission’s provisional licenses for local platforms like Busha and Quidax, signaling a maturing ecosystem [1].

The introduction of staking in Nigeria underscores Luno’s commitment to expanding financial inclusion and fostering innovation in Africa’s crypto market. With its focus on flexibility, security, and competitive returns, the platform positions itself as a key player in driving adoption as the region’s regulatory framework continues to evolve [1].

Source: [1] [title1Luno launches first-ever crypto staking in Nigeria: What it means and how you can benefit] [url1https://coinmarketcap.com/community/articles/6880f7bc9fbe144b5581730b/]