• Chipper Cash, a Nigerian fintech firm, recently announced it has laid off a second batch of workers due to the macroeconomic climate.
• Reports have estimated that the layoffs are around 12.5% of the company’s entire workforce.
• CEO Ham Serunjogi dismissed reports that the fintech has shut down its crypto department, claiming it is one of their “fastest growing products.”
Chipper Cash Lays Off More Workers
The Nigerian fintech firm Chipper Cash recently said it has let go of more employees in order to help contain their operating costs. Although no exact figure was given, one report estimated this to be around 100 people, or 12.5% of Chipper Cash’s entire workforce.
CEO Dismisses Crypto Department Shutdown Rumors
Chipper Cash CEO Ham Serunjogi has denied reports that the fintech has shut down its crypto department. He claims that this is one of their fastest growing products and they will continue to invest in it despite the deteriorating macroeconomic climate.
Deteriorating Macroeconomic Climate
The retrenchment exercise conducted by Chipper Cash affects all areas from human resources to research and legal departments. Due to unfavorable circumstances prevailing for more than one year, Chipper Cash can only operate effectively with a smaller team.
Chipper Cash Remains Committed
Despite these cuts, Chipper Cash remains committed to its core markets and products where they believe they can thrive best in this environment. The firm also believes that investing in their crypto trading platform will help them remain competitive and reach new heights in Africa’s digital economy space .