Chipper Cash, an African startup cross-border payments company, reportedly laid off 140 employees, or more than a third of its workforce.
Although 15% of those impacted are Nigerians, the layoffs affected workers from IT, engineering leadership, engineers, technical programme managers, and analysts.
This move follows a prior 13% personnel reduction in December 2022, when 50 employees from the Product, Marketing, and Compliance divisions were let go.
In addition, the company is said to have shut down its cryptocurrency business and sent all of its employees home. Almost half of all other departments’ workforce is alleged to have left.
However, the most dramatic cuts were made to the Engineering department, which sources suggest was particularly sloppy prior to this and was perhaps decreased for the appropriate reasons.