A-Z of everything you need to know about Metaverse by Meta in Africa

  Meta introduces the Metaverse Experience in Africa.

The parent corporation of Facebook, Instagram, and WhatsApp, Meta Platforms Incorporated, has presented its first Metaverse experience in Africa during a mixed-reality concert in Lagos, Nigeria.

The #FlexNaija event introduced designers to a daring new universe of Metaverse possibilities, with three primary entrance points targeted at boosting the dynamic and diversity of the internet user experience.

Non-Fungible Tokens (NFTs), Avatars, and Augmented Reality would expose producers to the future of social media by exposing them to growing and monetising their material and utilizing modern technology to promote interaction with their communities in the future.

Ms. Oluwasola Obagbemi, Communication Manager for Anglophone West Africa, told the media that the decision to commence Africa's Metaverse journey in Nigeria is significant since Nigerian artists play a major role in content creation in Africa and around the world.

Obafemi went on to say that Meta conceived the initiative earlier this year to cooperate with creators to improve the user experience of creators and their communities.

"This campaign began with an incubation in which our team sat down with top content creators in Nigeria from various fields to co-create." "The Metaverse will not be developed by Meta alone," Obagbemi remarked. "So, we're saying that creators should be the first to build and co-create in Nigeria."

"With NFTs, individuals can sell their digital collectibles, with Avatars, people can have their own online profile, and then there's augmented reality, which some people call spark AR, with which people can connect with virtual reality," she added.

HP will lay off 6,000 employees.

HP Inc. stated that it would lay off thousands of employees over the next three years, becoming the latest technology business to dramatically reduce its workforce amid a deteriorating economic climate.

The substantial job losses were announced lately by the computer manufacturer in a statement accompanying its disappointing quarterly results report. It also stated that sales were down more than 11% from the same period last year.

"HP intends to cut gross global headcount by 4,000-6,000 employees," the business added. These activities will be completed by the end of fiscal 2025."

HP formerly reported a global workforce of approximately 51,000 employees.

Enrique Lores, President and CEO of HP, stated that the company's "Future Ready strategy" will "enable us to better serve our customers and drive long-term value creation by reducing costs and reinvesting in key growth initiatives to position our business for the future."

HP is the latest in a long line of once-promising technology companies to announce significant job cuts.

Fintechs in Nigeria Kenyan clearance

Kenya's Asset Recovery Agency (ARA) has dropped its money laundering charge against Korapay, a Nigerian fintech business. Stephen Githinji, the state attorney, submitted the withdrawal on behalf of ARA in the High Court of Kenya's Anti-Corruption and Economic Crimes Division on October 19.

This decision was made after Kenyan officials reviewed and approved the company's paperwork and transfer methods.

"Please note that investigations have now been completed," according to ARA's document. I can confirm that charges of money laundering and card fraud against (Kora) were not proven. Please consider this communication to be final."

Concerning the claim, Gideon Orovwiroro, Kora's Chief Operations Officer, stated that the corporation maintained its innocence throughout the trial time.

"We are relieved that the ARA and the Directorate of Criminal Investigation (DCI) have finally dismissed all allegations against Kora and ratified him." "We would also like to thank both agencies for their professionalism and thoroughness in bringing this investigation to a successful conclusion," Orovwiroro said.

"Kora recognizes Kenya's potential as we pursue our mission of making it simple for global businesses to accept payments in Africa and for African businesses to accept international payments."

A Kenyan court blocked the accounts of Nigerian fintech businesses Kora and Kandon Technologies Limited in July for allegedly smuggling $51 million into the country.

The court froze $249,990 (Sh29.5 million) from Kora's Equity Bank account, while Kandon Technologies Ltd had its $126,841 (Sh15 million) in two UBA bank accounts blocked.

According to the ruling, both companies were barred from withdrawing or transferring funds from the specified accounts for six months while ARA investigated the allegations.

Jumia Is Being Restructured

Jumia Technologies AG, an e-commerce company, recently suffered a major restructuring following the dismissal of its co-CEOs and a drop in share price.

Jeremy Hodara and Sacha Poignonnec, the company's founders and co-CEOs, were fired earlier this month, and a new management board was appointed.

Acting CEO Francis Dufay stated that the company would concentrate on its critical e-commerce offerings, phase out non-performing areas of the business, and reduce marketing efforts. Jumia will discontinue Jumia Prime, a subscription program similar to Amazon's Prime service that was launched three years ago and allowed customers to receive free deliveries.

Jumia Logistics, the company's in-house logistics business, will be phased out in seven countries but will continue to operate in crucial markets such as Nigeria, Morocco, and Ivory Coast. Dufay went on to say that it identified job cuts in order to create a "lean organization to fulfill our objective."

"Jumia discontinued grocery delivery, raised the minimum basket size for free deliveries, and limited free deliveries to large cities." Price cuts and marketing campaigns will likewise be discontinued. According to Q3 results, Jumia cut advertising costs by 31.5 percent year on year."

Senior firm leaders, according to Dufay, would also most likely migrate to headquarters on the continent. Low internet penetration, difficult logistics, inadequate infrastructure, and a reluctance to shop online continue to stymie the sector across the African continent.

Local currency depreciation versus the dollar in Jumia's markets, particularly Nigeria, Egypt, Senegal, and Ivory Coast, has also had a detrimental impact on growth margins.

According to Dufay, the path to profitability necessitated difficult decisions.

"It's entirely up to us to make it happen," he stated.

Since then, the pan-African group's share price has dropped by more than 70% due to concerns about the viability of its business model.

A female-led fintech has raised $2 million in seed funding.

Pivo, an all-female-led fintech, has raised $2 million in seed capital.

Pivo assists freight companies in receiving payments more quickly by offering banking services and digital invoicing technologies that track payments.

Precursor Ventures, Vested World, Y Combinator, foundersX, and Mercy Corp Ventures are among the investors in this round for the startup, which was part of Y Combinator's S22 batch.

Mrs. Nkiru Amadi-Emina and Mrs. Ijeoma Akwiwu founded the company, which provides financial services, credit, payments, and expense management to SME vendors in large manufacturing supply chains.

According to a statement, the company intends to use the funding to upgrade existing products, build new ones, hire talent, and expand beyond Lagos, its first market, and other African countries, particularly in the East.