United

<p>Nigeria’s prominent fintech startup, Paystack, has announced a reduction in its workforce, affecting 33 employees. This move marks a strategic refocusing of the company’s efforts on the African continent.</p>
<h2 class="wp-block-heading" id="refocusing-on-core-markets">Refocusing on core markets</h2>
<p>Paystack, a leader in the Nigerian fintech space and a Stripe Inc. unit, is trimming its workforce in Europe and the United Arab Emirates. This decision aligns with the company’s strategy to concentrate more on its African operations. CEO Shola Akinlade, in a recent statement, emphasized the need to “localize costs and get closer to customers” as a driving factor behind this change. Notably, no team members in Nigeria or other African markets where Paystack operates will be impacted by this downsizing.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Today was a difficult day at Paystack.<br><br>We’re reducing our operations outside of Africa, and will be parting ways with up to 33 employees in Europe and the UAE.<br><br>In the last 3 years, our hiring philosophy was to recruit great talent regardless of location, including opening an…</p>— shollsman (@shollsman) <a href="https://twitter.com/shollsman/status/1725143426889314619?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">November 16, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<p>Founded in 2015, Paystack has been a trailblazer in the digital payments sector. The company’s acquisition by Stripe Inc for $200 million in 2020 was a significant milestone, highlighting the growing interest in African fintech. The strategic shift to refocus on African markets comes as Paystack expands into several new countries on the continent, including Côte d’Ivoire, Egypt, and Rwanda. This expansion is a testament to the burgeoning fintech scene in Africa, where a vast unbanked population and increasing digital adoption present unique opportunities.</p>
<h2 class="wp-block-heading" id="supporting-transitioning-employees">Supporting transitioning employees</h2>
<p>In light of the workforce reduction, Paystack has committed to supporting the affected employees. The severance package includes four months’ salary, accelerated equity vesting, and extended health insurance coverage. Akinlade’s commitment to helping these employees find new opportunities reflects a compassionate approach to corporate restructuring.</p>
<p>This workforce reduction places Paystack among several Nigerian fintech startups that have had to adjust their operations due to various market pressures, including the recent downturn in the cryptocurrency market.&nbsp;</p>

Nigerian fintech firm Paystack realigns operations, 33 employees to depart

Table of Contents

Cryptopolitan_News

Other articles published on Nov 19, 2023

Weekly Round-Up #76 | The Intersection of Cryptocurrency and Traditional Finance: ETFs and Beyond 💸♾️

Investors Seek Reinstatement of Sam Altman as OpenAI CEO Amid Controversy

Elon Musk Reveals How Much of xAI Belongs to X Corp (Twitter) Investors

Van Gogh NFTs sell for millions as tokens moon again

Why Kaspa (KAS) Traders Shift to Binance as KAS Trends on CoinMarketCap – Report

Grok Gravitas: The 1000x Crypto Rocket Set to Ignite the Meme Token Universe

Join our free newsletter for daily crypto updates!