African payments powerhouse Flutterwave has laid off up to 30 members of its workforce, months after it said it planned a business repositioning to focus on remittance and enterprise, its two biggest revenue drivers. That change of focus led to the shutdown of Barter in March.
“After a thorough analysis of our strategic priorities, including a renewed focus on enterprise customers and remittances, we came to the conclusion that some roles within the organisation are redundant,” Flutterwave told TechCabal in a statement.
Employees were reportedly informed about the layoffs at a town hall meeting on Monday afternoon. The roles affected are connected to products the company is now stepping down on.
“We will pay an average three months of gross salary, depending on the country where the employee is based,” Flutterwave said, adding that it will also be monetising their unutilised accrued leave days.
Flutterwave noted that it while it had not embarked on a downsizing for many years, it became imperative at the moment, in order to align current resources with the strategy going forward for operational efficiency.