Africa’s Chipper Cash cuts more jobs after already cutting 12.5% staff

Chipper Cash, an African platform for international payments, reportedly carried out a second wave of cutbacks last Friday, about ten weeks after laying off about 12.5% of its workers (mostly impacting its engineering division).

On LinkedIn, the company's vice president (VP) of revenue disclosed the news while stating that all the sectors of the Chipper Cash's marketplaces were impacted at this time.

As per sources, over 100 people, or mostly one-third of Chipper Cash's staff, were let go.

Chipper Cash declined to confirm the precise number of roles impacted but stated that the claims are generally correct. The five-year-old cryptocurrency and payments startup has hence let go of roughly 150 people in the past three months along with the initial round of layoffs to reduce costs amid a turbulent time for private and public technology companies across the globe.

Apparently, Chipper Cash refuted claims that it closed its cryptocurrency division, which holds cryptocurrency services, one of the company's three core services along with FX and airtime.

CEO Ham Serunjogi stated that Chipper is one of the biggest crypto networks in Africa and is still one of the goods with the fastest growth rates. The firm will continue to make investments in the product as it is enthusiastic about the potential of cryptocurrencies in Africa.

Serunjogi and Maijid Moujaled introduced Chipper Cash in 2018 to render Africans a no-fee peer-to-peer international payment service. The startup, which is sponsored by FTX, claims to have over 5 million customers in Uganda, Ghana, Tanzania, Nigeria, South Africa, Rwanda, and Kenya. More recently, it has extended to the U.S. and the United Kingdom to enable peer-to-peer money transfers from both nations to choose regions across Africa.

For the uninitiated, Chipper Cash joins a list of crypto firms and businesses with a presence in Africa that have recently let go of employees. The list already includes Yoco (15% of its employees, as per sources), Jumia (900 employees), and Luno (35% of its staff).

Source credit: