During a mixed-reality concert in Lagos, Nigeria, Meta Platforms Incorporated, which owns Facebook, Instagram, and WhatsApp, debuted its first Metaverse experience in Africa.
The event, branded #FlexNaija, introduced innovators to a whole new universe of opportunities in the Metaverse through three key entry points designed to enhance the dynamic and diverse character of the internet user experience.
Non-Fungible Tokens (NFTs), Avatars, and Augmented Reality would connect producers to the future of social media by exposing them to expanding and monetising their content and utilizing cutting-edge technologies to interact with their communities.
Ms. Oluwasola Obagbemi, the Communication Manager for Anglophone West Africa, told journalists that commencing Africa’s Metaverse journey in Nigeria is vital since Nigerian artists are the leaders in the development of content in Africa and the world.
Ms. Oluwasola Obagbemi, the Communication Manager for Anglophone West Africa, told journalists that commencing Africa’s Metaverse journey in Nigeria is vital since Nigerian artists are the leaders in the development of content in Africa and the world.
Earlier this year, Meta announced the initiative to collaborate with creators to enhance the user experience.
“This campaign started with an incubation where our team sat with top content creators in Nigeria across different fields to co-create. Metaverse is not something that would be built by Meta alone,” stated Obagbemi. “So, we are saying that creators should be the first in Nigeria to build and co-create.”
She added, “With NFTs, people can sell their digital collectibles, with Avatars people can have their own profile online, and then there is the augmented reality which some people call spark AR, with which people can connect with virtual reality.”
HP Will Layoff 6,000 Employees
In response to the worsening economy, HP Inc. will lay off thousands of employees over the next three years. In its most recent quarterly financial report, the computer manufacturer revealed huge layoffs. In comparison to the previous year, sales decreased by over 11%, the report stated.
HP indicated that it plans to eliminate 4,000 to 6,000 employees worldwide. These efforts should conclude by the end of the fiscal year 2025.”
HP reported 51 000 employees worldwide
According to HP CEO Enrique Lores, “Future Ready” will “allow us to better serve our customers and drive long-term value creation by lowering our spending and reinvesting in key growth initiatives to position our business for the future.”
HP joins the growing list of erstwhile IT titans laying off employees.
Kenya Clears Nigerian Fintechs
The Asset Recovery Agency (ARA) of Kenya has dismissed its money laundering case against the Nigerian fintech firm Korapay. On October 19, prosecutor Stephen Githinji presented ARA’s withdrawal to the Anti-Corruption and Economic Crimes Division of the High Court of Kenya.
Kenyan regulators examined the company’s documentation and transfer procedures. “Please note that investigations are now finalised. I would like to confirm that allegations of money laundering and card fraud against (Kora) were not established. Please treat this communication as final.”
During the trial, the Chief Operating Officer of Kora, Gideon Orovwiroro, disputed the accusation.
The ARA and DCI dismissing all charges and ratifying the Kora treaty is positive news. Additionally, Orovwiroro applauded both authorities for their professionalism and thoroughness in conducting the inquiry.
Kora acknowledges Kenya’s potential as we aim to make it simple for foreign companies to accept payments in Africa and for African companies to accept international payments.
In July, a Kenyan court froze the accounts of Nigerian fintech companies Kora and Kandon Technologies Limited for allegedly bringing $51 million into the country illegally.
The court froze Kora’s Equity Bank account in the amount of $249,990 (Sh29.5 million) and Kandon Technologies Ltd’s two UBA bank accounts in the amount of $126,841. (Sh15 million). In order for ARA to examine the claims, the court restricted both companies from withdrawing or transferring funds from the accounts for six months.
Jumia Restructures
Following the departure of its co-CEOs, Jumia Technologies AG restructured.
This month, Jeremy Hodara and Sacha Poignonnec were replaced as co-founders and co-CEOs by a new management board. Francis Dufay, the company’s interim CEO, stated that the company would focus e-commerce, reduce marketing, and liquidate underperforming divisions. Jumia Prime, a three-year-old delivery-free subscription service, will be discontinued.
Jumia Logistics will cease operations in seven countries, however it will remain in crucial markets such as Nigeria, Morocco, and Ivory Coast. Dufay stated that it decreased employees to become a “lean organization in order to accomplish our purpose.”
“Jumia ceased grocery delivery, increased the minimum basket size for free deliveries, and restricted free deliveries to major metropolitan areas. Ending are price subsidies and marketing blitzes. According to Q3 financial data, Jumia reduced their advertising expenditures by 31.5% annually.
Key executives, according to Dufresne, would relocate to continental offices. In Africa, the sector is hindered by low internet penetration, complex logistics, weak infrastructure, and unwillingness to shop online.
In Nigeria, Egypt, Senegal, and Ivory Coast, Jumia’s local currencies have declined against the dollar, which has negatively impacted growth margins. Profitability, according to Dufay, requires tough decisions. “Everything is under our control,” he remarked.
Since then, the pan-African group’s share price has plunged by more than 70% due to concerns about its business plan.
Female-led financial technology Raises $2m Seed Funding
Pivo, a fintech founded and run by women, raised $2 million in seed funding.
Pivo offers banking services and digital invoicing options that track payments in order to expedite freight carrier payments.
The S22 batch startup received funding from Precursor Ventures, Vested World, Y Combinator, FoundersX, and Mercy Corp Ventures. The company, founded by Nkiru Amadi-Emina and Ijeoma Akwiwu, helps SMEs in large manufacturing supply chains with financial services, credit, payments, and spending management.
The company stated that it will utilize the funds to improve existing goods, develop new ones, recruit staff, and expand beyond Lagos, its initial market, to other African nations, particularly East Africa.
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