Report: Chipper Money Lays Off Extra Staff — Crypto Division Nonetheless Operational, Says CEO

The Nigerian fintech, Chipper Money, just lately mentioned it has let go of extra workers and that this step has been taken to assist the agency include its working prices. Though no determine of the variety of axed employees was given, one report estimated this to be round 100, or 12.5% of Chipper Money’s total workforce. Chipper Money CEO Ham Serunjogi has dismissed studies that the fintech has shut down its crypto division.

The Deteriorating Macroeconomic Local weather

The Nigerian fintech, Chipper Money, just lately confirmed it had laid off a second batch of workers as a part of measures aimed toward containing the corporate’s working prices. Though no determine has been supplied, one report estimated the cuts to be round 100 individuals, or 12.5% of Chipper Money’s total workforce.

In line with a Techcrunch report, the fintech’s agency newest retrenchment train has impacted all areas, from human assets to the analysis and authorized departments. Commenting on the fintech’s axing of gifted workers lower than three months after it laid off the first group, Chipper Money CEO Ham Serunjogi detailed the circumstances that prompted the corporate to let go of a few of its expertise.

“The final two years have been a interval of fast progress and scaling for us as a enterprise and, to mirror this, our world headcount grew by round 250 individuals. Nonetheless, given the macroeconomic local weather, we’re narrowing our present focus to core markets and merchandise – concentrating our efforts the place we all know we will thrive,” Serunjogi reportedly mentioned.

The CEO added that with the unfavorable circumstances which have now prevailed for multiple 12 months, Chipper Money can solely function successfully with a smaller workforce.

In the meantime, the identical report quotes Serunjogi denying studies that Chipper Money has shut down its crypto division. In line with the CEO, the fintech startup’s crypto buying and selling platform is among the largest in Africa and certainly one of its “quickest rising merchandise,” therefore Chipper Money will “proceed to spend money on the product.”

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