The Nigerian fintech, Chipper Money, lately mentioned it has let go of extra staff and that this step has been taken to assist the agency comprise its working prices. Though no determine of the variety of axed employees was given, one report estimated this to be round 100, or 12.5% of Chipper Money’s complete workforce. Chipper Money CEO Ham Serunjogi has dismissed studies that the fintech has shut down its crypto division.
The Deteriorating Macroeconomic Local weather
The Nigerian fintech, Chipper Money, lately confirmed it had laid off a second batch of staff as a part of measures geared toward containing the corporate’s working prices. Though no determine has been offered, one report estimated the cuts to be round 100 folks, or 12.5% of Chipper Money’s complete workforce.
In accordance with a Techcrunch report, the fintech’s agency newest retrenchment train has impacted all areas, from human sources to the analysis and authorized departments. Commenting on the fintech’s axing of proficient staff lower than three months after it laid off the primary group, Chipper Money CEO Ham Serunjogi detailed the circumstances that prompted the corporate to let go of a few of its expertise.
“The final two years had been a interval of fast progress and scaling for us as a enterprise and, to replicate this, our international headcount grew by round 250 folks. Nonetheless, given the macroeconomic local weather, we’re narrowing our present focus to core markets and merchandise – concentrating our efforts the place we all know we are able to thrive,” Serunjogi reportedly mentioned.
The CEO added that with the unfavorable circumstances which have now prevailed for multiple yr, Chipper Money can solely function successfully with a smaller workforce.
In the meantime, the identical report quotes Serunjogi denying studies that Chipper Money has shut down its crypto division. In accordance with the CEO, the fintech startup’s crypto buying and selling platform is among the largest in Africa and one in every of its “quickest rising merchandise,” therefore Chipper Money will “proceed to spend money on the product.”
Register your e mail right here to get a weekly replace on African information despatched to your inbox:
What are your ideas on this story? Tell us what you suppose within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a proposal to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, straight or not directly, for any injury or loss triggered or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or providers talked about on this article.
