Flutterwave streamlines its workforce by reducing staff in Kenya and South Africa, prioritizing profit growth and Initial Public Offering (IPO) preparations.
In a move aimed at streamlining costs and improving profitability, African fintech unicorn Flutterwave has announced layoffs affecting about half of its workforce in Kenya and South Africa. This restructuring, which began in March 2025, primarily impacted compliance, legal, human resources, and sales departments across the two markets.
The staff reduction is part of a broader performance and strategy-led review aimed at ensuring the company operates at the highest level and becomes a more disciplined, enterprise-focused business prioritizing sustainable growth. While cutting roles in higher-cost markets like Kenya and South Africa, Flutterwave is recruiting for similar roles in its largest and most mature market, Nigeria, indicating a consolidation of operations toward that market.
Despite the layoffs, Flutterwave has awarded bonuses and promotions to high-performing employees to reinforce its focus on long-term value and growth. The company's CEO, Olugbenga Agboola, had earlier stated in February that Flutterwave would go public once it achieves profitability. This latest restructuring suggests that Flutterwave may be moving closer to profitability, potentially signaling its gearing up for a public listing.
The workforce reductions coincide with Flutterwave’s ongoing efforts to secure critical Payment Service Provider (PSP) licenses in both Kenya and South Africa, which are important for its operations in these regulatory environments. The company is actively engaging with regulators, and licensing progress is reportedly advancing as planned in Kenya, with South Africa pending.
Notably, the layoffs in Kenya and South Africa do not seem to affect the operations in Nigeria, as Flutterwave is reportedly rehiring for similar roles there. Among the departures in Kenya were Leon Kiptum, the former East Africa regional manager, and Saruni Maina, associate VP of stablecoins, who were hired in June 2023.
This is not the first time Flutterwave has undergone a workforce reduction. A separate round less than a year ago saw a 3% cut in staff. The company's decision to trim operations in more expensive markets reflects growing investor pressure to reduce burn and deliver profits.
[1] TechCabal (2025). Flutterwave lays off half of its staff in Kenya and South Africa. [online] Available at: https://techcabal.com/2025/04/01/flutterwave-lays-off-half-of-its-staff-in-kenya-and-south-africa/
[2] TechCrunch (2025). Flutterwave cuts roles in Kenya and South Africa, rehires in Nigeria. [online] Available at: https://techcrunch.com/2025/04/02/flutterwave-cuts-roles-in-kenya-and-south-africa-rehires-in-nigeria/
[3] The African Report (2025). Flutterwave lays off staff in Kenya and South Africa. [online] Available at: https://www.theafricanreport.com/2025/04/03/flutterwave-lays-off-staff-in-kenya-and-south-africa/
[4] Business Insider (2025). Flutterwave announces layoffs in Kenya and South Africa. [online] Available at: https://www.businessinsider.com/flutterwave-announces-layoffs-in-kenya-and-south-africa-2025-4
The staff reductions at Flutterwave, a leading fintech company, align with a strategy to transform into a more enterprise-focused and disciplined business prioritizing sustainable growth. This move encompasses technology, finance, and business restructuring, as the company seeks to operate at the highest level.
While Flutterwave is reducing roles in higher-cost markets like Kenya and South Africa, it is simultaneously recruiting for similar roles in its largest market, Nigeria, indicating a concentration of efforts and technology advancements in that area.
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