Chipper Cash Lays Off More Workers – Crypto Division Still Operating, Says CEO – Fintech Bitcoin News
Nigerian fintech, Chipper Cash, recently said that it has let go of several employees and that this step has been taken to help the firm keep operating costs down. Although no figures were given for the number of laid-off workers, one report estimated this to be around 100, or 12.5% of Chipper Cash’s entire workforce. Chipper Cash CEO Ham Serunjogi has dismissed reports that the fintech has shut down its crypto division.
The worsening macroeconomic climate
Nigerian fintech, Chipper Cash, recently confirmed that it had laid off a new group of employees as part of measures aimed at curbing the company’s operating costs. Although no numbers have been provided, one report estimated the cuts at around 100 people, or 12.5% of Chipper Cash’s entire workforce.
According to a Techcrunch report, fintech’s latest downsizing exercise has affected all areas, from human resources to research and legal departments. Commenting on the fintech’s layoffs of talented employees less than three months after it laid off its first batch, Chipper Cash CEO Ham Serunjogi described the circumstances that led the company to let go of some of its talent.
“The past two years have been a period of rapid growth and scaling for us as a business, and to reflect this, our global headcount grew by around 250 people. However, given the macroeconomic climate, we are narrowing our current focus to core markets and products – and concentrating our efforts where we know we can thrive, Serunjogi said.
The CEO added that with the adverse circumstances that have now prevailed for more than a year, Chipper Cash can only operate effectively with a smaller team.
Meanwhile, the same report quotes Serunjogi as denying reports that Chipper Cash has shut down its crypto division. According to the CEO, the fintech startup’s crypto trading platform is one of the largest in Africa and one of its “fastest growing products,” and therefore Chipper Cash will “continue to invest in the product.”
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