Flutterwave, a payment technology company, has announced the layoff of 24 employees, which represents 3 percent of its workforce.
Olugbenga Agboola, the CEO of Flutterwave, revealed this decision in a statement on Monday. Agboola explained that the layoffs are part of the company’s strategy to restructure and focus on its core business segments more efficiently.
Agboola stated that the decision was data-driven, aiming to reallocate resources to Flutterwave’s primary business, enterprise payments, while also expanding its growing remittance service, the ‘Send App’. “We’ve made the difficult decision to support the transition of 24 Wavers, accounting for 3% of our workforce,” said Agboola.
“These employees are among the most dedicated individuals you’ll meet. At Flutterwave, we have a competent workforce where everyone actively contributes. However, when the data directs us towards a specific path, it is counterproductive not to follow it and create mechanisms to seize the opportunities ahead.”
For the remaining staff, Agboola announced a company-wide compensation review, which includes a market-aligned base salary increase for most employees and a new performance-based bonus structure linked to individual and team performance metrics. This adjustment is in response to recent employee feedback and a comprehensive analysis of market trends.
Furthermore, Flutterwave is expanding its remittance service, SendApp, to new markets and exploring ways to personalize its enterprise payment solutions. “We’re in the process of operationalizing additional licenses, which will bring more countries online for both senders and receivers,” the company added.
“For our enterprise solutions, we’re experimenting with ways to provide faster and more personalized support,” Agboola noted, emphasizing the company’s commitment to continuously improving its services to offer customers the best-in-class experience they deserve.
