Nigerian fintech giant, Flutterwave, has announced a strategic restructuring, resulting in a 3% reduction of its workforce. The company, known for its innovative payment solutions, is pivoting to focus on its core enterprise payments and remittance businesses.
CEO Olugbenga Agboola revealed that 24 employees, affectionately termed “Wavers,” will be transitioning out of the company. This decision, backed by data analysis, aims to streamline operations and capitalize on emerging market opportunities.
Despite the downsizing, Flutterwave is not slowing down. The company recently secured approval for a payment aggregator license in Mozambique, signaling its expansion into southern African markets. Additionally, a partnership with Nigeria’s Economic and Financial Crimes Commission (EFCC) to establish a Cybercrime Research Centre underscores Flutterwave’s commitment to enhancing financial security across the continent.
To soften the blow for affected employees, Flutterwave has rolled out a comprehensive severance package. This includes an average of three months’ gross salary, monetization of unused leave, and extended access to professional development resources.
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For retained staff, the company announced a market-aligned compensation review, positioning Flutterwave at the 95th percentile for junior employees and the 85th percentile for senior employees in the market. A new performance-based bonus structure has also been introduced to drive individual and team performance.
Looking ahead, Flutterwave plans to bolster its core operations by hiring for key positions in risk, compliance, engineering, data, and finance. The company is also expanding its remittance service, Sendwave, to new markets and exploring personalized enterprise payment solutions.
As Flutterwave navigates this transition, it remains committed to its vision of becoming the payment gateway of choice for businesses expanding across Africa, while fostering innovation in the rapidly evolving fintech landscape.
