Nigerian fintech Chipper Cash recently said it has laid off more employees and this step has been taken to help the company contain its operating costs. Although a figure for the number of workers laid off was not provided, one report estimated this to be around 100, or 12.5% of the entire Chipper Cash workforce. Chipper Cash CEO Ham Serunjogi has dismissed reports that the fintech has shut down its crypto department.
The deterioration of the macroeconomic climate
Nigerian fintech Chipper Cash recently confirmed that it had laid off a second batch of employees as part of moves to contain the company’s operating costs. Although no figure has been provided, one report estimated the cuts at around 100 people, or 12.5% of the entire Chipper Cash workforce.
According to a Techcrunch report, the fintech firm’s latest spending reduction exercise has impacted all areas, from human resources to research and legal departments. Commenting on the fintech’s firing of talented employees less than three months after it laid off the first group, Chipper Cash CEO Ham Serunjogi detailed the circumstances that led the company to let go of some of its talent.
“The past two years have been a period of rapid growth and scaling for us as a company, and to reflect this, our global workforce has grown 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 said.
The CEO added that with the unfavorable circumstances that have prevailed for over a 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,” so Chipper Cash “will continue to invest in the product.”
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