Luno says only 5% of jobs in Nigeria, Kenya, and Uganda affected by global layoffs

This week, cryptocurrency company Luno announced it was trimming 20% of its global headcount and restructuring its business. According to the startup, the decision is in part due to a drop in retail cryptocurrency markets and investments in automation and operational improvements over the last year.

“We have incredible people across this organisation, and saying goodbye to colleagues who have contributed so much is hard. But it is a decision we’ve had to make — for our customers, our remaining team and our long-term mission,” Luno CEO James Lanigan said in a statement.

The announcement raised questions about the impact on the company’s African operations, where Luno first launched and built its initial customer base.

In a statement shared with Condia, Luno’s General Manager for Africa, Marius Reitz, said the impact on the continent was limited. According to him, only around 5% of roles across the company’s operations in Nigeria, Kenya, and Uganda were affected by the layoffs.

Luno was founded in South Africa in 2013 before expanding into several African, European, and Asian markets. The company has grown to become one of the continent’s largest cryptocurrency exchanges, serving millions of customers across more than 40 countries.

Reitz said the restructuring reflects changes in the global crypto market rather than a shift in Luno’s commitment to Africa. The company continues to see the region as an important growth market, particularly as stablecoins and cross-border payments gain traction among consumers and businesses.

Despite the workforce reduction, Luno says it remains focused on expanding access to cryptocurrency products in Africa while adapting its operations to a more disciplined market environment.