Africa’s leading payment technology company, Flutterwave, has laid off 30 employees. The figure represents three per cent of its staff strength. 

   
The company, however, promised to continuously build solutions that enable it to be the bridge between Africa’s payment landscape and the rest of the world, helping multinationals globally drive growth and businesses on the continent and beyond. 
   
It said at the end of 2023, it made a data-backed decision to recommit resources to its core business, enterprise payments and also to do more with its growing remittance segment, Send App.
 
The founder and CEO, Olugbenga Agboola, noted: “As a result, we have rebuilt the teams to more efficiently utilise the opportunities in these markets. Consequently, we’ve made the difficult decision to support the transition of 24 waivers, accounting for three per cent of our workforce.
  
“These waivers are some of the most hardworking people you’d meet. We put in the work, and I can confidently say that at Flutterwave, we have a competent workforce, where everyone actively contributes. But once the data and the business are pointing in a specific direction, it would be counter-productive for us not to listen and create the right mechanisms to move faster on the opportunities awaiting us.”

In his words of appreciation to the affected staff, Agboola said: “Thank you for joining us on this journey. I need you to know that we’ve got your back, and will give you a smooth transition.

 
“We will pay an average of three months gross salary, depending on the country where the employee is based. We will also be monetising your unutilised accrued leave days. You will continue to have free access to our professional training platform for 12 months after your transition. We will be providing you with free outplacement service for three months.
 
“For waivers with stock options, we will support you with an additional vesting period of six months. You will have three months of free healthcare. You will continue to have access to our mental health and career coaches for three months post-transitioning.
 
“In response to recent employee feedback and a thorough analysis of market trends, we are implementing a company-wide comprehensive compensation review. A thorough market analysis was conducted to ensure that we are competitive within our industry, and so a majority of you will see an upward adjustment to your base compensation.
 
“The new discretionary bonus structure will tie directly to individual and team performance and will be based on specific, measurable KPIs that align with our strategic goals.”