Nigeria's telecom operators have received a long-awaited tariff hike, with the Nigerian Communications Commission (NCC) approving a 50% increase in tariffs. The move comes after months of lobbying by telcos, who had initially requested a 100% increase. The hike is expected to provide some relief to telcos, who have been struggling with losses due to inflation and other economic factors.

In other news, Kenya's payments landscape is set to receive a significant boost, thanks to a joint report by Safaricom and the Kenya Bankers Association (KBA). The report estimates that building a new fast payment system (FPS) could cost $200 million and require four years to complete. Instead, Safaricom's mobile money platform, M-Pesa, is set to join Pesalink, a platform that facilitates interbank transfers between 39 banks in Kenya. This move is expected to make transfers between M-Pesa and banks cheaper and more seamless, helping to achieve interoperability in Kenya's fragmented payment system.

In company news, Kobo360, a Nigerian truck-hailing startup backed by Goldman Sachs, has implemented a company-wide layoff across its seven markets. The job cuts follow the exit of the company's CEO, who cited difficulty with fundraising as one of the reasons for her departure. The move is seen as a restructuring effort, as the company navigates the challenges of the haulage business model.

Nigeria's cloud players are also making headlines, as they respond to Amazon Web Services' (AWS) decision to accept naira payments. While the move is seen as a positive development for startups earning mostly in naira, local cloud providers are confident that their naira-based billing and tailored solutions for Nigerian businesses will continue to give them a competitive edge.

Finally, the Lagos Tech Fest is set to hold its fifth edition from February 19-20, 2025, at the Landmark Event Center, VI, Lagos. The event will bring together startups, innovators, investors, and government representatives to shape Nigeria's tech future through conferences, exhibitions, networking, and driving ecosystem investments.

In other briefs, Piggyvest paid out ₦835 billion in 2024, crossing ₦2 trillion in total payouts. SeamlessHR has raised $9 million in a Series-A extension from the Gates Foundation and Helios Venture. The burgeoning market opportunities for cross-border payments in Africa are also being explored.

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