Luno Layoffs: 5% of Roles Cut in Nigeria, Kenya, Uganda

In Short

Luno cut 20% of its global workforce.

The crypto company says Africa was less affected.

About 5% of roles in Nigeria, Kenya, and Uganda were impacted.

What Happened

Luno says it is reducing headcount globally by 20% as part of a restructuring.

The company says the decision is linked to weaker retail crypto markets, meaning fewer everyday users are trading and investing. It also points to more automation, which means software is taking over tasks that humans used to do, like a self-checkout lane replacing a cashier.

Luno CEO James Lanigan said the layoffs were a difficult call but were made to support customers, the remaining team, and the company’s long-term plans.

After the announcement, questions came up about how much of the cut would hit Luno’s African operations. Luno was founded in South Africa in 2013 and built its early customer base on the continent.

Luno’s General Manager for Africa, Marius Reitz, said the effect in Africa was limited. He said around 5% of roles across Luno’s operations in Nigeria, Kenya, and Uganda were affected.

Why It Matters

Crypto layoffs are starting to look more like a normal cost cycle than a one-off crisis. Luno’s update suggests the company is protecting key markets, even while shrinking teams globally.

For African users and operators, the bigger signal is where Luno thinks growth will come from next. Reitz pointed to stablecoins and cross-border payments, which are crypto tokens designed to track the value of a currency like the U.S. dollar. They are often used like digital cash to move money between countries faster.

If Luno keeps investing in these use cases, it could shape how crypto exchanges compete in Africa. The market is shifting from retail trading toward payments infrastructure and cheaper international transfers.