Ubuntu Tribe, in partnership with RED Media and DLM Capital Group, recently launched the Utribe Wallet and GIFT Token in Lagos.
This landmark event signifies an important leap in the evolution of regenerative finance.
Fielding questions from journalists, CEO and Founder of Ubuntu Tribe, Mamadou Kwidjim Toure, described the Utribe Wallet as an avant-garde platform that provides customers with the possibility of buying gold as low as 50 Naira from their mobile phone.
Specifically, he noted Ubuntu Tribe offers the opportunity to build real savings and preserve their purchasing power, in a context of depreciating local currencies that is fast eroding the hard work of working class and companies treasuries.
“Within Utribe Wallet from any mobile phone, customers can convert Naira into gold in the form of GIFT (Gold International Fungible Token) as a store of value. GIFT is a digital certificate of gold ownership and backed 1:1 with physical gold. The gold is, audited, insured, and securely stored in reputable and regulated world class vaults across Europe, the Middle East, Southeast Asia and Switzerland.” He disclosed.
Speaking further, he disclosed the physical gold itself doesn’t move, but remains securely stored.
“Only the digital certificate of gold ownership is transferred. Any user can claim the underlying physical gold at any given time at a preferred location by redeeming their GIFT in the platform. It’s a new era of shared prosperity and collective wealth preservation by democratising access to gold. GIFT was acclaimed by reputable institutions such as the Nigerian Stock Exchange Group, and Lagos Commodities and Futures Exchange, the path set towards a successful adoption and acceleration in the region.”
He added the partnership with RED Media and DLM Capital Group represents a bold step towards fortifying capital markets through the introduction of tokenized natural mineral assets.
These assets, mined sustainably and universally accessible, usher in a new era of wealth security and opportunities, with the aim of enhancing financial literacy, inclusion and access in the global economy.
Toure also recalled Africa hosts 46% of the global gold deposit, adding GIFT accessibility on Utribe Wallet significantly contributes to restoring the continent’s dignity powered by technology bringing gold at the palm of people’s hands.
Speaking in a similar vein, CEO Nigerian Stock Exchange Oscar Onyema said ‘’Asset tokenisation is a unique opportunity for Nigeria’s accelerated growth for all citizens and we are proud to see Ubuntu Tribe lead the way in this direction.’’
On her part, Co-Founder of African food change makers, entrepreneur and thought leader, Ndidi Okonkwo Nwuneli shared insights into how tokenization can drive agricultural growth across the African continent. “The Utribe Wallet and GIFT opens up new avenues for revolutionizing cross border trade for farmers, presenting opportunities for sustainable growth in the agricultural sector across Africa.” She said.
Head of Operations at Lagos Commodities and Futures Exchange Allwell Umunnaehila, highlighted the potential of tokenization to drive innovation and growth in African markets. “The success of the Utribe Wallet and GIFT launch in Lagos signifies a pivotal moment for African markets. Tokenization has the potential to reshape our economic landscape, fostering growth and inclusivity.”
On his part, CEO DLM Capital Group Sonnie Babatunde Ayere, spoke on the transformative power of tokenization in the capital market.
To him, “The Utribe Wallet and GIFT represents a new frontier in the tokenization of assets, providing endless possibilities for participation and value creation. This success in Lagos underscores the significance of digital assets in reshaping the capital market landscape.”
Co-founder, and Chairman of RED Media Africa, Adebola Williams, adde, “RED Media is dedicated to telling the story of Africa and its products. We are thrilled to witness the positive impact of regenerative finance on our continent led by Ubutu Tribe.
