Meta, the parent company of Facebook and Instagram, has laid off 3,600 employees worldwide, with African offices affected in the latest round of job cuts. The layoffs, which were announced as part of a routine performance review, will see employees in Nigeria, Africa, and other parts of the world receive 16 weeks of base pay, extra cash for years of service, healthcare coverage, career support, and even immigration assistance.

The move is seen as part of Meta's efforts to cut costs and focus on artificial intelligence, with CEO Mark Zuckerberg dubbing 2024 the "year of efficiency." The company is investing up to $65 billion in AI infrastructure, data centers, and specialized chips. While the layoffs may be a setback for those affected, they also highlight the growing importance of AI in the tech industry.

In other news, Swypt, a DeFi exchange platform, has launched Kenya's first stablecoin, cKES (Celo Kenyan Shilling). The stablecoin is backed 1:1 by the Kenyan Shilling and is designed to facilitate remittance and cross-border payments. Although cKES was launched in May 2024, its integration into Kenya's crypto ecosystem has been slow, with the government working to regulate and tax digital assets.

The success or failure of cKES could shape Kenya's stance on private-sector-led stablecoin initiatives. With more platforms integrating the stablecoin, they could pool resources to scale distribution and invest in marketing efforts to drive wider adoption. The launch of cKES also highlights the growing trend of African countries launching digital currencies, with Kenya following in the footsteps of other nations.

In telecoms news, MTN Nigeria, the country's largest telecoms operator, has increased its internet prices by 50% three weeks after the tariff hike was approved by the Nigerian Communications Commission (NCC). The hike means that Nigerians will either have to increase their monthly data budgets or downgrade to lower internet plans. Other telecoms operators, such as Airtel and Globacom, have not yet followed suit, putting them in a favorable position in the market.

Food delivery app Chowdeck is expanding to Ghana, its first foray outside Nigeria. The app, which operates in several key Nigerian cities, is looking to replicate its success in Ghana, where it will face stiff competition from established players like Uber Eats and Bolt Food. Chowdeck's expansion into Ghana highlights the growing trend of African startups expanding across borders in search of new markets and opportunities.

In other news, the Africa Tech Summit will take place in Nairobi, Kenya, on February 12-13, 2025, providing unrivaled insight, networking, and business opportunities for African and international investors and tech leaders. The event will connect 2000+ industry leaders, 1000+ companies, and 160+ speakers via four tracks, plus workshops, expo, and multiple fantastic networking opportunities.

Finally, Raenest has raised $11 million in Series A funding to expand its cross-border payment solutions to new markets. Fincra has appointed former Bundle CEO Emmanuel Babalola as chief commercial and growth officer, while The Next Wave has launched a new report on unlocking alternative funding streams for African startups.