Sunday, April 21, 2024

Chipper Money Lays Off Extra Employees — Crypto Division Nonetheless Operational, Says CEO – Fintech Bitcoin Information

The Nigerian fintech, Chipper Money, not too long ago stated 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 staff was given, one report estimated this to be round 100, or 12.5% of Chipper Money’s total 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, not too long ago confirmed it had laid off a second batch of staff as a part of measures aimed toward containing the corporate’s working prices. Though no determine has been supplied, one report estimated the cuts to be round 100 folks, or 12.5% of Chipper Money’s total workforce.

In keeping 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 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 speedy development and scaling for us as a enterprise and, to replicate this, our world 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 12 months, Chipper Money can solely function successfully with a smaller staff.

In the meantime, the identical report quotes Serunjogi denying reviews that Chipper Money has shut down its crypto division. In keeping 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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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, creator and author. He has written extensively concerning the financial troubles of some African nations in addition to how digital currencies can present Africans with an escape route.

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