• Latest
  • Trending
Flutterwave lays off 24 employees amid strategic restructuring

Flutterwave lays off 24 employees amid strategic restructuring

June 26, 2024
Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

September 5, 2025
Meta Brings Back Facebook Poke with Emojis and Streaks

Meta Brings Back Facebook Poke with Emojis and Streaks

September 5, 2025
Know why they’re calling: Truecaller launches AI-powered insights

Know why they’re calling: Truecaller launches AI-powered insights

September 5, 2025
Visa harnesses local partnerships to launch Visa Pay in DR Congo

Visa harnesses local partnerships to launch Visa Pay in DR Congo

September 5, 2025
Betika denies recent reports of security breach

Betika denies recent reports of security breach

September 5, 2025
10 things you can actually buy with crypto in Africa

10 things you can actually buy with crypto in Africa

September 5, 2025
CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

September 5, 2025
Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

September 5, 2025
Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

September 5, 2025
Paratus Group introduces first private mobile network using LTE and 5G in Namibia

Paratus Group introduces first private mobile network using LTE and 5G in Namibia

September 5, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech News
    • Global Tech News
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How to
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • AI
No Result
View All Result
  • Tech News
    • Africa Tech News
    • Global Tech News
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How to
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • AI
No Result
View All Result
Techpression
No Result
View All Result
Home Business Fintech

Flutterwave lays off 24 employees amid strategic restructuring

Ibukunoluwa Bankole by Ibukunoluwa Bankole
June 26, 2024
141 11
0
Flutterwave lays off 24 employees amid strategic restructuring
470
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Flutterwave, a leading African payments technology company, has laid off 24 employees, representing 3% of its workforce. This reorganisation is part of Flutterwave’s efforts to streamline operations and focus on its core business areas, particularly enterprise payments and the expanding remittance segment through its SendApp.

Olugbenga Agboola, founder and CEO of Flutterwave, emphasised the data-driven approach behind this decision, highlighting the necessity to adapt swiftly to market opportunities. 

Read also: Flutterwave secures Mozambique operational licence

“These Wavers are some of the most hardworking people you’d meet. We put in the work, and I can confidently say that Flutterwave has a competent workforce where everyone actively contributes.

RelatedPosts

Flutterwave partners with iPaylinks to ease Africa-Asia payments

Flutterwave handles $1 billion in transactions between Africa and East Asia in H1 2025

Kenya’s fintech community mourns the loss of Leon Kiptum Kidombo

But once the data and the business point us in a specific direction, it would be counterproductive for us not to listen and create the right mechanisms to move faster on the opportunities awaiting us,” Agboola stated.

Severance Package and Employee Support for Flutterwave’s Sacked Staff

The affected employees, referred to as “wavers,” will receive a comprehensive severance package, which includes an average of three months gross salary, monetisation of unutilised accrued leave days, 12 months of access to the company’s professional training platform, and three months of free outplacement services.

Additionally, Flutterwave provides six months of stock option vesting, three months of free healthcare, and continued access to mental health and career coaches for three months.

Despite the layoffs, Flutterwave is implementing a comprehensive company compensation review. This new structure includes upward adjustments to base pay and a performance-based bonus system, aligning compensation with market trends and employee feedback.

The move aims to position Flutterwave competitively within the industry, placing it in the 95th percentile for junior employees and the 85th percentile for senior employees.

Flutterwave is also planning to hire for key senior roles in risk, compliance, engineering, data, and finance. Agboola noted that the company is operationalising additional licences for SendApp, bringing more countries online for senders and receivers.

Read also: Flutterwave halts network Intrusion, reports culprits to security agency

Market Trends and Layoffs Context

Flutterwave’s downsizing follows a recent trend of layoffs in the tech ecosystem, where startups are optimising their operations due to a funding downturn. Since 2020, over 1,500 workers have been laid off, and over 22 startups have either slashed their workforce or shut down entirely in Nigeria, according to data from layoffs.

FYI, a global website tracking shutdowns and layoffs in the tech ecosystem. Brighter Bridges, a data insight firm, disclosed that over 2,500 African tech employees were laid off in 2023.

Flutterwave’s decision to refocus and streamline operations reflects broader industry trends and the company’s commitment to sustaining growth in a challenging economic environment.

Tags: Flutterwave
Ibukunoluwa Bankole

Ibukunoluwa Bankole

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Startups
  • Fintech
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Tech Careers
    • Africa Tech News
    • Global Tech News
    • How to
    • Reviews
  • Startups
  • Fintech
  • Cryptocurrency
  • AI
  • Tech Tv
  • Featured

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.