Frequently Asked Questions
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1. What is SANU?
Sanu is a blockchain digital platform for gold and silver retail. It also has its own digital tokens physical gold and silver respectively. Sanu-GLD (SNG) and Sanu-SLV(SNS) which represent gold and silver respectively. A simplified explanation is an app you can use to have the convenience of gold and silver accounts. You can always see your balance and rest assured that there’s metal fully backing your purchase if you don’t collect it. If you choose to collect it, you pick the product options you want and arrange a pickup at a secure retail location
2. What does SANU mean?
Sanu means ‘gold’ in the Bambara native language of Mali.
3. What is Sanu-GLD?
Sanu-GLD represents 20grams of pure gold.
4. What is Sanu-SLV?
Sanu-SLV represents 50grams of pure silver
5. What products are available for retail physical redemption?
LBMA* products are available for redemption in Nigeria. Other products from OECD** compliant sourcing are available for redemption in the UAE.
*London Bullion Market Association
**Organisation for Economic Co-operation and Development
6. Where can I collect the physical gold or silver?
- In Nigeria, collection is available at select Bank locations.
- In Dubai, at a retail outlet in the Gold Souk.
- For Gold Club members in Nigeria, collection is also available at our Safe Deposit Box partnership
7. What is the Gold Club and how do I sign-up?
Gold Club membership is for clients seeking to purchase more than 1kg of gold and be subject to enhanced KYC requirements. Upon approval, clients will have to secure storage space in the safe deposit boxes at the facilities of our partners.
8. What if I don’t want to collect the gold or silver? Do I have to redeem SANU-GLD or SANU-SLV for a physical product?
You don’t have to collect the physical product. You can vault with us from anywhere in the world and sell at the comfort of a button whenever you are ready.
9. Can I collect my products in other countries?
Presently you can only redeem and pickup physical product in Nigeria and UAE. We expect to have pickup locations in other countries soon.
10. What is the minimum gold or silver that can be purchased on the Sanu app?
The minimum purchase on SANU app is $0.25 or N100.00
11. What is the difference between buying SANU-GLD and buying a gold ETF?
Buying Sanu-GLD is the same as buying physical gold because it is backed one to one and can be physically redeemed at select locations. So Sanu gives the benefit of having gold in a digital form and enjoying the option of physical redemption.
12. How quickly can I sell on Sanu after making a purchase?
1) Please check that you have the latest version of the SANU Coin app. If not, kindly visit your app store and do so. Then proceed to (2) below. If yes, simply proceed to (2) below.
2) Tap the "settings" button (the first one on the right at the button of your screen) and update your bank details. This is the bank account we would transfer your funds to when the withdrawal is complete.
3) Tap the "swap" button- the middle one at the bottom of your app screen (also the same place you bought SANU gold or silver).
4. Tap the up and down arrows in-between the naira sign and SANU gold or SANU Silver sign. The signs will reverse so that SANU gold or silver will be above and Naira will be below. The red button text also changes from "confirm swap" to "confirm withdrawal"
5. Put in the amount of gold or silver you wish to sell and the naira amount will reflect in the box below. Tap "confirm withdrawal" to proceed.
6. In 1-5 working days, the funds will be credited to the bank account you provided in (2) above.
Please note that relevant charges, depending on the type of gold or silver you are selling may apply. It is important to state that SANU is not a financial exchange or a trading app and thus, changing your gold or silver to and from Naira very often is discouraged
13. How can I redeem/ pick up my gold or silver after purchase?
Secure and insured products are delivered by our logistics partners to the retail collection locations. Please note that delivery to some locations may not be immediately available. Also, you don’t have to pick up your gold or silver after purchase as the gold or silver is in your SANU account. However, should you choose to redeem the physical product, here is how:
Step 1: Tap the "gold bar" button (It is the second button from the left at the bottom of the app)
Step 2: Decide where you want to physically pick up your gold/ silver
Step 3: You will receive an OTP
Step 4: Proceed to the pick-up points in any of Lagos, Abuja, Kano or Dubai with your OTP and relevant KYC documents.
Note that import duties, taxes, and other costs may apply.
14. How can I know the current price of gold and silver on the Sanu app?
Sanu prices trend with LBMA market prices. 1 Sanu-GLD and 1 Sanu-SLV represent 20grams of gold and 50grams of silver respectively. The Sanu price can be viewed on the dashboard of the app.
15. Are all products priced the same?
Product pricing varies based on brand, size, quality and product design. LBMA products have the highest premium in the global gold market. In Nigeria, they also attract additional VAT & Import Duty. Sanu tokens for digital gold that will never be redeemed by physical metal are therefore priced significantly lower than for physical LBMA products.
Other non-LBMA products available in Dubai also have their own premiums but not as significant as the LBMA products. In Dubai, the products also do not attract VAT & Import Duty and will utilize less Sanu tokens to redeem.
16. Can I get a certificate of authenticity for the coins I bought on SANU?
All coins are legal tender of their national mints and accepted as they are. We ensure that all sourced coins are new mints directly from the mint. Your coins are also registered in our system for reference, and can be returned for full market value upon inspection.
They can also be sold in the international market for their value and used as legal tender in the country of mint.
17. How is vaulting and storage handled?
Storage & insurance fees are built into the price of Sanu-GLD & Sanu-SLV as we fully allocate and vault physical metal backing Sanu. For Gold Club members in Nigeria, products can be vaulted at the safe deposit boxes of our partner vaults.
18. What other fees are to be considered?
Minimal sales commission, token creation and destruction fees. Fees from exchanges and where applicable possibly VAT & Import Duty.
19. How are purchases made on SANU to buy gold or silver?
Step 1: Download and create an account. Then, log in into your app
Step 2: Tap the "swap" button (It is the middle button at the bottom of the app)
Step 3: Type in the amount you intend to deposit (for example NGN 5000)
Step 4: Specify which you want- SANU Gold (SNG) or SANU Silver (SNS). Tap "confirm swap" to proceed
Step 5: Make payment either via your card or a bank transfer.
Congratulations, you have now bought gold or silver.
20. What is the daily maximum Sanu-GLD or Sanu-SLV that can be purchased?
Depending on the KYC tier:
- 100grams of gold or 1kg of silver
- 1kg of gold or 5kg of silver
Higher volumes are only available to Gold Club members who have passed enhanced KYC requirements.
21. What are the KYC requirements for the Sanu app?
With each level adding additional levels as stated below:
(i). 1 gram gold/2 oz silver daily limit
(ii). Name, Email, Phone, BVN*, Next of Kin
(i). 10 grams gold/1 kg silver daily limit
(ii). Phone verification, Govt ID, Address
(i). 100 grams gold/5 kg silver daily limit
(ii). Facial recognition, Address verification
(i). 1 kg gold/10 kg silver daily limit
(ii). International Passport, Source of Funds, AML/CFT declaration
-Gold Club Member
(i). On application after tier III purchases
*For Nigerian users or physical redemption in Nigeria
22. How long does it take for funds to be reversed for an unsuccessful transaction?
Depending on the originating bank of the client, reversal for unsuccessful transactions are typically resolved within 3 – 5 business days.
23. What is the return policy for physical products?
We only accept returns from the client that purchased the product. If the package is unopened, full refund will be made within 48hrs. All other refund values are dependent on the return condition of the product and guaranteed minimum refund would be the value of the gold. All returns will be credited within 5 working days.
24. Are there extra charges and fees for physical redemption?
Depending on the country, VAT and Import duty may be incurred.
25. Is SANU app available in all countries?
The Sanu app is available worldwide and can be downloaded on the apple store and google playstore.
26. Can I trade on the Sanu app?
The Sanu app is a retail app for accessing, buying and selling gold or silver while maintaining the benefit of having a digital wallet with access to details of your holdings at any given time. SANU is not a trading app.
27. How is the pricing on SANU determined?
The price trends with the international market price with other variations factored in for ancillary services for precious metals.
28. Does SANU allow third-party transactions?
Unfortunately, we cannot accept third party transactions due to international AML/CFT policies.
29. How secure is the Sanu app?
The Sanu app is built by a renowned tech-team that builds brilliant and secure digital products. The app features enhanced mobile application security. The blockchain smart contract has been audited by a leading audit firm. Please note that protecting your password is also vital to the security of the app.
30. Is my gold and silver safe with Sanu?
Yes, your precious metals are secure and fully insured in our custody. Precious metals are vaulted across several independent vaults with the involvement of independent international vault mangers and secure logistics companies.
33. Where are your offices located?
Our offices are in the Free Trade Zone area of Murtala Muhammed International Airport Lagos, Nigeria and the DMCC in Dubai.
34. Can I sell my personal gold through Sanu?
We presently only buy back products that have been sold through Sanu to comply with strict provenance requirements.
35. Are there any hidden extra fees on Sanu?
Sanu pricing is composite. Pricing variation and fees are dependent on product and the country of physical redemption.
36. Can I sell my Sanu-GLD or Sanu-SLV at the price I bought them?
Selling price of Sanu-GLD or Sanu-SLV is dependent on the present prevailing international market price and not the price at the time of initial purchase.
37. Can I pickup the gold or silver outside a bank channel?
Gold Club members in Nigeria may collect their products at their member safe deposit box. All other clients in Nigeria can only collect their products at our partner bank locations. Dubai offers a non-banking pickup location. Other channels in other countries will be available soon.
38. Can changes be made to a pickup order?
Subject to availability, changes to pickup orders may be accommodated if made within 24hrs of the order. Please note it is possible for changes to your order to affect pricing e.g a change in product.
39. How do I track the delivery of the shipment?
While we do not ship products to clients, orders are available for pickup at specific locations in Nigeria and UAE. You may track the status of your order via the Sanu app and email notifications on every status change.
40. Can I change my pickup location?
Subject to availability, changes to pickup orders may be accommodated if made within 24hrs of the order.
41. What happens when there’s still left over fractions of Sanu units after a physical redemption?
The remnant Sanu-GLD or Sanu-SLV remains in your wallet as fractions of precious metals that cant complete a standard product. The balance remains in your wallet at your next purchase unless you choose to swap it to your local currency.
42. Can I swap Sanu-GLD for Sanu-SLV on the app?
While Sanu-GLD and Sanu-SLV are presently not swappable, you may conveniently sell either and then acquire the other.
43. What currency options are available via Sanu?
Sanu app will accept any currency provided you can use your credit card or do a bank transfer. Currency recognized for pricing and transaction display on the app are United States Dollars or Nigerian Naira.
44. What happens when I change my device or download a new Sanu app?
Your Sanu account remains unaffected, simply login to the app and continue where you left off.
45. How can I view my transactions?
On the Sanu app, click on the transaction tab to view your transaction history and status
46. Can I pay for gold or silver over a period of time?
Yes. Sanu allows you to buy fractions of gold and silver over the period of time it takes to reach a product size that can be redeemed for a physical product.
47. How are accounts and wallets settled?
With all products on the blockchain and with verified vault management, payment settlements to your Sanu wallet occurs within minutes. Fiat account transfer from and to Sanu wallets are bank dependent and may take up to 48hrs.
48. How do I buy other types of gold or silver on SANU?
To buy LBMA and other types of gold or silver on the app, see below
Step 1: Tap the "gold bar" button (It is the second button from the left at the bottom of the app)
Step 2: Confirm the "total cost", i.e how much SNG or SNS is required
Step 3: If you have the required amount of SNG or SNS, tap "Confirm purchase"
To buy SANU Gold/ Silver (SNG/ SNS), see 19 above.