{"id":328427,"date":"2024-06-25T06:39:45","date_gmt":"2024-06-25T05:39:45","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=328427"},"modified":"2024-06-25T06:39:45","modified_gmt":"2024-06-25T05:39:45","slug":"flutterwave-lays-off-3-of-workforce","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2024\/06\/25\/flutterwave-lays-off-3-of-workforce\/","title":{"rendered":"Flutterwave Lays Off 3% of Workforce"},"content":{"rendered":"<ul>\n<li><strong>Flutterwave laid off 30 employees, 3% of its workforce, to focus on remittances and enterprise, its primary revenue drivers<\/strong><\/li>\n<li><strong>Impacted employees will receive an average of three months&#8217; gross salary and monetized unutilized accrued leave days<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>African payments giant Flutterwave has laid off about 30 employees, representing around 3% of its workforce. This decision comes three months after the company announced a strategic shift to focus on remittances and enterprise, its primary revenue drivers.<\/p>\n<p>As part of this repositioning, Flutterwave shut down Barter in March. The company confirmed the layoffs to TechCabal but did not provide details about the teams affected.<\/p>\n<p>&#8220;After a thorough analysis of our strategic priorities, including a renewed focus on enterprise customers and remittances, we concluded that some roles within the organization are redundant,&#8221; Flutterwave stated.<\/p>\n<p>Two individuals with direct knowledge of the matter said employees were informed about the layoffs during a town hall meeting on Monday afternoon. One source said the impacted roles are tied to products that the company is no longer pursuing.<\/p>\n<p>&#8220;We will pay an average of three months of gross salary, depending on the employee&#8217;s country of residence,&#8221; Flutterwave said. &#8220;We will also monetize their unutilized accrued leave days.&#8221;<\/p>\n<p>Since its founding eight years ago, <a href=\"https:\/\/www.withinnigeria.com\/news\/2022\/07\/07\/flutterwave-reacts-to-money-laundering-claims-in-kenya\/\">Flutterwave<\/a> has not implemented a workforce reduction plan. However, they added that this step became necessary to align current resources with the company&#8217;s forward strategy and improve operational efficiency.<\/p>\n<p>Following a reshuffle of some C-suite executives in 2024, Flutterwave revived discussions about a potential public listing, which had been postponed in 2022 and 2023.<\/p>\n<p>&#8220;Right now, our goal is to be IPO-ready, ensuring we have the right corporate governance in place and are operating efficiently,&#8221; CEO Gbenga Agboola told Semafor in April 2024.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Flutterwave laid off 30 employees, 3% of its workforce, to focus on remittances and enterprise, its primary revenue drivers Impacted employees will receive an average of three months&#8217; gross salary and monetized unutilized accrued leave days African payments giant Flutterwave has laid off about 30 employees, representing around 3% of its workforce. This decision comes [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":328429,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"2","single_blog_custom":"211693","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"0","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"1","post_reading_time_wpm":"300","show_zoom_button":"1","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"0","show_prev_next_post":"0","show_popup_post":"0","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"1"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending","sponsored_post":"0","sponsored_post_label":"Sponsored 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