TechStream

Technology news around the ecosystem!

From Lagos to Nairobi

We give you summaries of happenings around tech, from developer stand-ups to the boardrooms.

  • Tech Giant IBM Exits Direct Operations in West African Markets

    IBM is exiting direct operations in 36 African countries, including Nigeria and Ghana, by transferring its business to MIBB, a subsidiary of Midis Group. This transition, set to take effect from April 1, 2025, marks the end of IBM’s 50-year presence in the region. MIBB will now oversee IBM’s software, hardware, cloud services, and consulting…

  • Meta to begin laying off 3,000 employees in Africa

    Meta has begun another round of layoffs, affecting 3,000 employees across Africa, Europe, and Asia. The job cuts, starting today, February 10, 2024, will primarily target the company’s “lowest performers” and account for about 5% of its workforce. Unlike previous layoffs, Meta is not shutting down offices or making big public announcements—instead, affected employees will…

  • Israeli unicorn StarkWare launches $4 million fund to invest in African blockchain startups

    StarkWare, an Israeli blockchain company valued at $8 billion, has launched a $4 million fund to support pre-seed and seed-stage African startups developing blockchain solutions. The fund will provide grants of up to $150,000, with larger investments available for startups building on StarkNet, StarkWare’s decentralized application platform on the Ethereum blockchain. The initiative targets high-potential…

  • Uganda detains nine finance officials over $16.87 million central bank hack

    Ugandan authorities have arrested nine officials from the Ministry of Finance following a major cyberattack on the Bank of Uganda, which led to the loss of USh 62 billion ($16.87 million). Among those detained are senior Treasury Department officials, raising concerns about potential internal corruption or negligence. The cyber breach, first reported in November 2024,…

  • CBN reinstates director Jimoh Musa in leadership change for key payments unit

    Nigeria’s Central Bank (CBN) has reinstated Jimoh Musa Itopa, a former director in the Payments System Management Department (PSMD), who was among 17 directors dismissed in 2024. His return marks a significant leadership shift in a department that oversees payment switching companies, agent banking, cashless policies, and open banking initiatives. The reasons behind Musa’s reinstatement…

  • Binance executive sues EFCC over unfair detention

    A Federal High Court in Abuja has scheduled March 20, 2025, to hear a case filed by Binance executive Tigran Gambaryan against Nigeria’s National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC). Gambaryan claims he was unlawfully detained in Nigeria and is seeking compensation for the hardship he endured. The case stems…