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After failing to raise funds, Nigerian crypto startup, Lazerpay closes shop

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The failure to raise additional funds to run its operations has forced a Nigerian crypto payment platform, Lazerpay to shut down, marking an end to its once successful story.

The CEO of the platform, Emmanuel Njoku, who broke the news on Friday, said the company decided to take the measure after “struggling to stay afloat despite efforts to keep the lights on for as long as they could,” adding that the company had come to a point where it needed to shut down.

“Today, we announce the difficult decision to cease operations at Lazerpay. Despite our team’s tireless efforts to secure the necessary funding to keep Lazerpay going, we were unable to close a successful fundraising round,” Njoku wrote in the statement.

He advised the platform users and customers to move their funds by April 30, 2023, so as to avoid them being trapped, while expressing hopes that they could yet find an investor.

“We welcome offers from companies who are interested in purchasing Lazerpay’s IP, and who would like to continue building the future of crypto payments.

“We are more than happy to talk further about how our technology works and how we can help set you up to build or integrate with it.”

Lazerpay which was founded by the trio of Njoku, Abdulfatai Suleiman, and Prosper Ubi in October 2021, was, at a point, touted as one of the best cryptocurrency payment platforms in Africa.

But in November 2022, the platform began experiencing a downturn and started laying off a significant number of employees.

At the time, Njoku had admitted that the company was undergoing a financial crisis after a lead investor pulled out their resources abruptly.

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Again, Starlink raises prices of its services in Nigeria

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Elon Musk’s satellite internet service provider, Starlink, has again jacked up the prices of its services in Nigeria after an earlier increase caused uproar among customers.

The service provider, in a statement released on Friday, informed its Nigerian customers that it would raise its monthly subscription prices, with the new rates set to take effect on January 27, 2025.

Under the new pricing regime, the lowest subscription tier will increase significantly from ₦38,000 to ₦75,000 per month, while mobile global roaming service will now cost ₦717,000 monthly.

The company stated that new subscribers will immediately pay the adjusted prices while existing customers will see the changes reflected in their upcoming bills.

In an email sent to users, Starlink said:

“To continue enhancing the Starlink network and provide reliable, high-quality service across Nigeria, we are adjusting our monthly subscription prices.

“These changes are part of our ongoing commitment to investing in the infrastructure needed to improve your experience with Starlink.”

This is the second time Starlink has attempted a price hike in Nigeria. The Nigerian Communications Commission (NCC) has rejected its previous increase in October on the grounds that the company had not sought the necessary regulatory approval.

However, insiders believe the NCC is set to approve an increase in the first quarter of 2025, which gives credence to insinuations that Starlink may have gotten an approval for the price increments.

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Safaricom Ethiopia launches 4G network in Gambella

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Ethiopia’s second largest telecom provider, Safaricom Telecommunications Ethiopia P.L.C., has announced the official launching of its 4G network services in Gambella and other surrounding areas.

The launching of the 4G network in the region, according to Safaricom Ethiopia CEO, Wim Vanhelleputte, highlighted the significant impact that enhanced telecommunications infrastructure could have on the region’s social and economic progress.

“In line with our commitment to digital education, Safaricom Ethiopia donated 20 laptops and 4 routers, including six months of free internet, to two high schools in Gambella City, supporting digital literacy and educational opportunities for local students,” Vanhelleputte stated.

Vanhelleputte reaffirmed Safaricom Ethiopia’s commitment to expanding its reach and ensuring that more regions gain access to reliable and high-speed internet.

“The introduction of the 4G network in Gambella is designed to deliver significant advantages to the local community,” he said .

“Enhanced connectivity will open doors to better access to information, education, and healthcare services. Additionally, it will create new opportunities for businesses and entrepreneurs, driving economic growth and development within the region.

“Safaricom Ethiopia’s move into Gambella aligns with its broader strategy to extend 4G coverage to more areas, furthering its mission of fostering nationwide connectivity,” the CEO added.

Alemitu Oumud, President of the Gambella Region who also spoke at the event, stated that, enhanced infrastructure is driving positive social and economic growth in our region.

“We commend Safaricom Ethiopia for its contributions to job creation, improving connectivity, and making Gambella a more attractive destination for investment,” Oumud said.

He stressed the potential of the new 4G network to drive business activities, attract investments, and foster entrepreneurship in the region.

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