Nigerian fintech firm Chipper Cash said it recently let go more employees, a step taken to contain the company’s operating costs. The number of employees laid off has not been disclosed, but one report estimated this to be about 100, or 12.5% of Chipper Cash’s total workforce. Chipper Cash CEO Ham Serunjogi has denied reports that the fintech has closed its crypto division.
Worsening macroeconomic conditions
Nigerian fintech firm Chipper Cash recently confirmed the layoff of a second batch of employees as part of measures aimed at curbing the company’s operating costs. While numbers have not been disclosed, one report estimated that approximately 100 employees, or 12.5% of Chipper Cash’s total workforce, have been laid off.
according to a Techcrunch report. Fintech’s latest round of layoffs affects everything from human resources to research to the legal department. Ham Serunjogi, CEO of Chipper Cash, details the circumstances that led the company to let go of some of its talented employees less than three months after Fintech laid off its first group.
“The last two years have been a period of rapid growth and expansion for us, which is reflected in an increase in our global headcount of approximately 250 employees. However, given the macroeconomic climate, we are now narrowing our focus to our core markets and products where we believe we can succeed,” Serunjogi reportedly said.
The CEO added that Chipper Cash can only operate effectively with a smaller team under the adverse conditions that have now lasted for more than a year.
Meanwhile, according to the same report, Serunjogi denied reports that Chipper Cash has closed its crypto division. According to the CEO, the fintech startup’s crypto trading platform is one of Africa’s largest and “fastest growing products,” so Chipper Cash will “continue to invest in the product.”
Sign up for emails here and get weekly Africa news sent to your inbox.
Image credits: Shutterstock, Pixabay, Wiki Commons