Tue. Nov 5th, 2024

The Nigerian fintech, Chipper Cash, recently said it has let go of more employees and that this step has been taken to help the firm contain its operating costs. Although no figure of the number of axed workers was given, one report estimated this to be around 100, or 12.5% of Chipper Cash’s entire workforce. Chipper Cash CEO Ham Serunjogi has dismissed reports that the fintech has shut down its crypto department.

The Deteriorating Macroeconomic Climate

The Nigerian fintech, Chipper Cash, recently confirmed it had laid off a second batch of employees as part of measures aimed at containing the company’s operating costs. Although no figure has been provided, one report estimated the cuts to be around 100 people, or 12.5% of Chipper Cash’s entire workforce.

According to a Techcrunch report, the fintech’s firm latest retrenchment exercise has impacted all areas, from human resources to the research and legal departments. Commenting on the fintech’s axing of talented employees less than three months after it laid off the first group, Chipper Cash CEO Ham Serunjogi detailed the circumstances that prompted the company to let go of some of its talent.

“The last two years were a period of rapid growth and scaling for us as a business and, to reflect this, our global headcount grew by around 250 people. However, given the macroeconomic climate, we are narrowing our current focus to core markets and products – concentrating our efforts where we know we can thrive,” Serunjogi reportedly said.

The CEO added that with the unfavorable circumstances that have now prevailed for more than one year, Chipper Cash can only operate effectively with a smaller team.

Meanwhile, the same report quotes Serunjogi denying reports that Chipper Cash has shut down its crypto department. According to the CEO, the fintech startup’s crypto trading platform is one of the largest in Africa and one of its “fastest growing products,” hence Chipper Cash will “continue to invest in the product.”

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