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E-Business

Digital Currency Group Acquires Luno, a Leading Bitcoin and Digital Asset Exchange

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Digital Currency Group (DCG), a global enterprise that builds, buys, and invests in blockchain companies, announced the acquisition of Luno, a leading cryptocurrency exchange.

Based in London and with regional hubs in Singapore and Cape Town, Luno has grown significantly in recent years, with nearly 400 employees and more than five million global customers spanning over 40 countries.

New York-based DCG will be making a significant financial commitment to help Luno expand globally, both in geographies where Luno currently operates and beyond. Financial terms of the deal were not disclosed.

Led by co-founder and CEO Marcus Swanepoel, Luno has become a digital asset powerhouse in many emerging and frontier markets, providing digital asset education, knowledge, and investment tools for individuals in Africa, Asia, and Europe. Luno has helped broaden the global crypto investment community and the company has seen record growth of its customer base in 2020.

In Africa, the company saw more than 550,000 new users on its platform in Q2 2020 and contributes the largest share of cryptocurrency trading volume on the continent across non-P2P exchanges.

Luno is a leading exchange in several countries that have the highest percentage of cryptocurrency ownership, including South Africa (third-highest of its citizens owning digital currencies), Nigeria (fifth-highest), Indonesia (sixth-highest), and Malaysia (tenth-highest).

DCG is an investment firm that has backed more than 160 blockchain companies around the world. In addition to its venture portfolio, DCG is the parent company of several wholly-owned subsidiaries, including Grayscale Investments (the world’s largest digital currency asset manager), Genesis (a leading digital asset prime brokerage), CoinDesk (the preeminent media and events company in the industry), and the recently-launched Foundry, which provides institutional expertise, capital, and market intelligence to bitcoin miners and manufacturers. DCG first invested in Luno in its seed round in 2014.

“We are proud to have supported Luno as an early investor, and we recognize a shared commitment to building mission-driven companies that can help transform traditional financial services and improve economic freedom for people all over the world,” said DCG Founder and CEO Barry Silbert. “Luno is a high growth, global business and there is a massive opportunity to expand organically and through acquisitions.”

DCG enables its subsidiaries to operate as independent companies, providing leadership, partnership, and investment capital to help scale the businesses. The Luno leadership team will remain entirely intact and Swanepoel will lead acquisition efforts in his role as CEO.

“The past seven years have been an incredibly exciting journey for Luno – helping millions of our customers get access to crypto for the first time,” said Swanepoel. “DCG has been an integral part of the Luno story during all of this time, and we’ve been fully aligned on our vision and culture since day one.

Having the full backing of DCG just as we’re experiencing such a pivotal moment of growth in the industry is not just an exciting and important milestone for Luno, but more importantly it will significantly accelerate our ability to reach our goal to help upgrade 1 billion people to a better financial system by 2030.”

“We have been extremely impressed with Marcus and the Luno team since we made our initial investment,” added Silbert. “Marcus understands our culture and appreciates how well Luno fits into the DCG family. He is a focused, high integrity leader and exactly the kind of person we want running one of our companies at this critical moment when the crypto industry is at an inflection point.”

Founded in 2013, Luno has been backed by global tech giant the Naspers Group and Balderton Capital amongst others. During these last seven years Luno has maintained its commitment to upgrading the world to a better financial system. The company believes that the legacy system was built for a non-digital age, ignoring the needs of modern individuals and adding unnecessary inefficiencies and gatekeepers.

The world now has access to new technologies like Bitcoin and Ethereum that will fundamentally change how the world views and uses money. Like communication evolving from landlines to mobile phones, money is finally catching up with other information revolutions.

Luno maintains regional offices in Kuala Lumpur, Lagos, Jakarta, and Johannesburg, and will continue to focus on the existing geographies where it operates across Europe, Africa, and Asia. The Luno team has also developed an aggressive road map for future growth and will ultimately compete with financial services firms globally. Luno is actively hiring for positions all over the world.


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E-Business

Kike, Nigerian Tech Firm Launches ‘Kike AI’ for Kitchen Innovation

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Kike Technologies, a Nigerian technology firm, has launched ‘Kike AI’, a revolutionary artificial intelligence-driven kitchen application designed to transform Nigeria’s food and cooking gas industries.

Kike, Nigerian Tech Firm Launches ‘Kike AI’ for Kitchen Innovation

The app aims to enhance convenience for consumers while optimising gas supply through predictive technology.

Speaking at the launch event, Femi Oye, CEO of Kike Technologies, highlighted the app’s ability to address a common household issue, unexpected depletion of cooking gas.

“Using advanced algorithms and data analytics, this app can forecast when a user’s gas cylinder is running low, enabling them to order refills ahead of time,” Oye explained.

Beyond individual household benefits, Kike AI is expected to have a broader economic impact by creating jobs within the logistics, gas retail, and food industries.

“We anticipate significant job growth as the app gains traction, particularly in delivery and gas station services,” Oye noted.

The app is also designed to bridge the digital gap, specifically targeting women and marginalised groups by providing them with opportunities to showcase their culinary skills and earn a sustainable income.

According to Oye, this initiative will not only empower women economically but also help preserve Nigeria’s rich culinary heritage.

By leveraging AI technology, Kike AI aims to revolutionise everyday cooking experiences, support economic development, and create essential employment opportunities in Nigeria’s growing tech and food sectors.

The application is expected to drive a shift towards more efficient cooking gas management, ensuring affordability and ease of access for millions of users.


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Africa’s Data Workers are Being Exploited by Foreign Tech Firms – Report

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Data workers in Africa often have a hard time, according to a report published in theconversation.com, a nonprofit, independent news organization dedicated to unlocking the knowledge of experts for the public good.

Africa’s Data Workers are Being Exploited by Foreign Tech Firms – Report

The article by Mohammad Amir Anwar, senior lecturer in African Studies and International Development, University of Edinburgh, found that data workers in Africa face job insecurities – including temporary contracts, low pay, arbitrary dismissal and worker surveillance – and alarming physical and psychological health risks.

The consequences of their work can include exhaustion, burnout, mental health strain, chronic stress, vertigo and weakening of eyesight.

Data work includes text prediction, image and video annotation, speech to text validation and content moderation.

The world of data work is built on labour arbitrage – exploiting the fact that workers earn less and have less protection in some countries than in others.

Large technology firms often outsource this work to the global south, including African countries like Kenya, Uganda and Madagascar, and also India and Venezuela.

The result is complex production networks that are generally opaque and shrouded in secrecy.

Workers and researchers have issued many warnings about data workers’ health.

Despite numerous court cases in multiple jurisdictions, nothing much has been done to address these issues either by tech companies or by regulators.

Still, the news of the death of a Nigerian content moderator, Ladi Anzaki Olubunmi, who was found dead in her apartment in Nairobi, Kenya on 7 March 2025, came as a shock.

While the circumstances of her death are still unclear, it has renewed calls for wider systemic change.

Her death has sparked condemnation from the Kenyan Union of Gig Workers, which demanded an investigation.

Since 2015, we have been studying the central role of African data workers in building and maintaining artificial intelligence (AI) systems, acting as “data janitors”.

Our research found that companies rarely acknowledge the use of human workers in AI value chains, thus they remain “hidden” from the public eye. In other words, the world of AI is built on the toil of human workers most people are unaware of.

In this article, we outline key steps needed to protect these data workers in Africa.

They include business process outsourcing regulations, ensuring quality rather than quantity of jobs, and providing social protection. There is also a need to name and shame companies that maltreat data workers.

Data work needs tighter regulation.

Regulation

Business process outsourcing is the practice of procuring various processes or operations from external suppliers or vendors.

Firms that do this are sometimes trying to evade local regulations (like minimum wages) and responsibility towards workers’ welfare (via sub-contracting and the use of temporary employment agencies).

This is happening in Africa as some data training firms and digital labour platforms circumvent local labour laws.

But there is more to the story.

Data work is also seen by lawmakers and practitioners as a solution to the rampant unemployment and informality across Africa.

African governments have actively created regulatory environments that enable these practices to thrive, despite adverse outcomes for workers.

Nonetheless, new regulations have been proposed lately, like the Kenyan government’s Business Law (Amendment) Bill, 2024 targeting the wider business process outsourcing and IT-enabled services sector.

Particularly, it makes business process outsourcing firms responsible for any claim raised by employees. It ensures some accountability for firms bringing data work to Africa.

Other governments should follow with similar measures ensuring worker rights are enforceable. Some data workers are hired on contracts as short as five days and get paid less than the local minimum wage.

Firms found violating labour standards should be penalised.

In fact, there is an urgent need to create regional or continent-wide regulatory frameworks covering the business process outsourcing sector, limiting the space for firms to exploit workers.

It’s possible, however, that jobs might be lost as firms relocate to places with favourable laws, an everyday reality in the outsourcing networks.

Quality, not quantity

African governments should prioritise the quality of jobs and not quantity. Policymakers should think about wider national economic development plans, particularly structural diversification and upgrading of their economies.

Historically, these strategies have resulted in success in some states, addressing social and economic issues such as unemployment, poverty and inequality.

Another option for African governments is to enhance social protection among data workers.

Financing this is a serious issue, so proper taxation and compliance among workers and employers is urgently needed.

Finally, there is a role for naming and shaming firms that treat their data workers poorly. There is evidence that such efforts improve compliance and firms’ behaviour.

Worker movements

African data workers have taken risks in openly speaking about their experiences.

But these kinds of approaches work well when combined with collective bargaining.

Workers have historically won their labour and civil rights after long and hard-fought struggles.

There is a long history of African worker movements and trade unions resisting the apartheid and colonial regimes across the continent.

While the freedom of association is enshrined in the African Charter on Human and Peoples’ Rights and most governments have legislation committed to collective bargaining, it is rarely implemented in the new outsourcing sectors, particularly data work.

It is also difficult to organise workers in the industry, because of the high churn rate. For instance, data training firms like Sama offer short-term contracts to employees, often as short as five days.

Some firms are hostile to workers’ organising activities.

But numerous data worker-led associations have emerged in Africa recently, some led by the co-authors of this article.

Techworker Community Africa, African Tech Workers Rising, African Content Moderators Unions and Data Labelers Association are among them.

These initiatives are crucial to ensure workers have decent remuneration, work-life balance, adequate working hours, protection against arbitrary dismissal, safe working environments, and contributions towards their health and welfare.

Several high-profile court cases are currently being pursued by African data workers against Meta and Sama.

There is precedent. In 2021. Meta was ordered by a Californian court to pay US$85 million to 10,000 content moderators.

AI-dependent tools such as ChatGPT or driverless cars would not exist without African data workers. They are tired of being “hidden”. They deserve to be treated with respect and dignity.

 

Mophat Okinyi, Kauna Malgwi, Sonia Kgomo and Richard Mathenge co-authored this article.


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NIMC Says NIN Mandatory to Government Loans

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National Identity Management Commission (NIMC) said the National Identification Number (NIN) is a mandatory requirement for securing government loans.

NIMC Says NIN Mandatory to Government Loans

NIMC said on its social media platform that the identity number has become compulsory for Bank of Industry (BOI) loans.

NIMC said, “Enroll for your NIN today to access business aid and other opportunities from the Bank of Industry.

“To access the services of the Bank of Industry (BOI), enroll for the NIN.”

Recall that the federal government, through the Federal Ministry of Industry, Trade, and Investment (FMITI), established three funds totaling N200bn to support businesses across Nigeria.

The fund will be accessed at nine per cent interest, to be disbursed by the Bank of Industry (BOI).

The funds established by the government were the Presidential Conditional Grant Scheme (PCGS), the FGN MSME Intervention Fund, and the FGN Manufacturing Sector Fund.

The government appointed BOI as the executing agency for the funds and is empowered with the responsibility for their day-to-day administration.

“The Presidential Conditional Grant Scheme (PCGS) is a N50bn grant scheme to support eligible Nano Business owners. The grant will be disbursed to a minimum of 1,000 beneficiaries, especially women and youths, per Local Government Area (LGA) in the 774 LGAs across the nation and the six Council Areas in the FCT.

“The target Nano businesses include traders, food vendors, ICT businesses, transporters, artisans, and creatives, among others,” said Dr. Olasupo Olusi, managing director/chief executive officer, BOI.

 

 

 

 

 

 


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