Paystack, a big name in fintech, announced a significant reorganization requiring it to lay off workers in Europe and the UAE.
Shola Akinlade, co-founder and CEO, said this choice was made in a heartfelt statement that came out earlier.
The company said it would be firing up to 33 people from its offices in Europe and the United Arab Emirates. As a result of this strategic move, the operational focus has changed to emphasize local talent and being close to the areas they serve.
Over the past three years, Paystack has hired professionals worldwide and established a digital hub in Dubai. Shola believes the changing environment has changed the operational approach, emphasising team members’ market proximity.
Read also: Paystack secures PSP license in Kenya
“We’re changing our operating model to prioritise locating team members within our markets to localise costs and get closer to customers,” Shola Akinlade said.
The corporation promises to make this restructuring smooth for affected workers. Because of this, it has created a complete severance package that includes four months’ salary, faster equity vesting, a three-month health insurance extension, and other benefits for laid-off workers.
Akinlade lauded the departing workers’ talent and dedication. He said, “These are some of the most talented people I’ve ever worked with,” promising to support them during the move.
“I want to ensure everyone gets new jobs as soon as possible.” “I’m happy to personally vouch for all of them and make reference calls as needed,” added Akinlade.
Paystack readily assisted affected workers with the adjustment. The company allows companies seeking top talent to express interest.
What you need to know about Paystack
Paystack was founded in 2015 and has quickly grown to become one of the best payment processing systems in Africa. It offers businesses all over the continent new services and solutions.
In recent months, the company started offering its services to businesses in Kenya. This was a big step forward for the fintech company, which is quickly growing.
Paystack is known for always focusing on custom payment solutions. Its business has slowly grown in Ghana, Nigeria, Kenya, and South Africa. This company has become an essential player in Africa’s tech scene, with a team of 250 people known as “Stacks.”
Akinlade stressed, “Our mission is to create a growth engine for modern businesses all over the continent.”
The company’s growth outside of Africa over the past few years shows its desire to reach people worldwide. It has been on a journey filled with successes and intelligent choices that have helped it improve how it runs its business. However, the recent reduction in staff may mean that the company is stopping its plans to grow, which is not too unlikely given the weakening global economy.
Paystack is going through a restructuring phase, but the company is still committed to its goal of leading innovation and excellence in the fintech business and using technology to improve financial services in Africa and worldwide.