Kuda, a Nigerian digital bank, has joined other African IT companies laying off staff.
The layoff, which was initially made known by TechCrunch, was reportedly confirmed by Kuda through email, which stated that it only let go roughly 23 employees, or less than 5% of its 450-person staff.
Recall that at a town hall meeting Kuda convened last month, sources claimed that reducing seemingly redundant roles, dismissing underperforming employees to minimize expenses, and extending runway were all subjects of discussion in light of current macroeconomic circumstances.
This layoff is coming despite the company’s plans to expand outside of Africa to Pakistan, having raised more than $90 million in total from investors like Valar Ventures and Target Global.
via: Information Nigeria