Flutterwave Cuts 24 Jobs to Focus on Payments and Remittance

In a strategic move to realign its focus, Flutterwave, a leading payments technology company in Africa, has announced the layoff of 24 employees, representing approximately 3% of its workforce.

The decision, according to the company, is driven by data and a need to better capitalize on the growing opportunities in its core business areas of enterprise payments and remittance services through its Send App.

Olugbenga Agboola, the CEO of Flutterwave, expressed confidence in the capabilities of the departing employees, describing them as “some of the most hardworking people you’d meet.” 

However, he emphasized that the company must listen to the data and market trends to create the right mechanisms to move faster on the opportunities ahead.

Support for Affected Employees

After Flutterwave layoffs the 24 employees, it decided to also support the affected employees. The company went ahead to put in place several measures, including:

• A final payment averaging three months’ gross salary

• The monetization of unused leave days

• Continued access to professional training platforms

• Free outplacement services

• An additional six-month vesting period for stock options

• Three months of free healthcare

• Continued access to mental health and career coaching.

Compensation Review and New Structure

Flutterwave is also implementing a comprehensive compensation review, which includes an upward adjustment in base pay for most employees based on market analysis and a new discretionary bonus structure tied to individual and team performance. 

The company aims to align its compensation strategy with employee needs and market trends while building a high-performing team.

Read More: Breaking: Flutterwave Loses ₦11 billion in the Current System Hack

Future Plans and Focus Areas

Looking ahead, Flutterwave plans to solidify its position as the payment gateway of choice for enterprise businesses expanding into and across Africa. 

The company will enhance its solutions, improve customer service, and scale up its talent pool, including hiring for key senior roles in risk, compliance, engineering, data, and finance.

For the Send App, Flutterwave is operationalizing new licenses to enable more countries to come online for both senders and receivers. 

The company is also exploring ways to provide faster and more personalized support for its enterprise solutions and preparing to roll out exciting updates for its developer community.

Olugbenga Agboola emphasized that Flutterwave is at a strategic point in its growth and is taking this opportunity to speed up its development and innovation. 

The goal is to build a business that will impact the next generation of digital citizens in Africa and outlast the current leadership.

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