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The Nigerian fintech, Chipper Money, just lately stated it has let go of extra staff and that this step has been taken to assist the agency include 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 reviews that the fintech has shut down its crypto division.
The Deteriorating Macroeconomic Local weather
The Nigerian fintech, Chipper Money, just 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 assets to the analysis and authorized departments. Commenting on the fintech’s axing of gifted staff lower than three months after it laid off the first 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 development and scaling for us as a enterprise and, to mirror 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 stated.
The CEO added that with the unfavorable circumstances which have now prevailed for multiple yr, Chipper Money can solely function successfully with a smaller group.
In the meantime, the identical report quotes Serunjogi denying reviews 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 all its “quickest rising merchandise,” therefore Chipper Money will “proceed to put money into the product.”
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