• Chipper Cash, a Nigerian fintech company, recently announced it has let go of more employees as part of its cost-containment measures.
• The exact number of axed workers is uncertain but one report estimated it to be around 100, or 12.5% of Chipper Cash’s entire workforce.
• Despite the layoffs, CEO Ham Serunjogi has denied reports that the firm has shut down its crypto department and said they will continue to invest in the product.
Chipper Cash Lays Off More Workers
Chipper Cash, a Nigerian fintech company, 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.
Deteriorating Macroeconomic Climate
The latest retrenchment exercise has impacted all areas from human resources to 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.”
Crypto Department Still Operational
Despite these layoffs CEO Ham Serunjogi has dismissed reports that their firm have shut down their crypto department saying they will continue investing in their product as it is one their largest platform in Africa and growing fastly.
Containing Operating Costs
With such unfavorable circumstances prevailing for more than one year now Chipper cash can only operate efficiently with a smaller team which necessitated these layoffs as part cost containment measure by the firm.
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