Flutterwave reduces workforce by half in Kenya and South Africa, implementing a significant cost-reduction strategy
Flutterwave, the Nigerian-based fintech company, has recently announced significant staff cuts in Kenya and South Africa, affecting about 50% of its workforce in these regions[1][2][3]. The move is part of a strategic push to reduce operational costs and move closer to profitability ahead of a potential public listing[3].
The layoffs began in March 2025 and primarily targeted departments such as compliance, legal, human resources, and sales, especially in South Africa[1][2][3]. This move follows a previous 3% reduction in the global workforce in 2024 and appears to be part of a broader performance and strategy-led review aimed at ensuring the company operates efficiently and rewards impact[1][2].
In Kenya, the workforce reduced from about 20 employees to fewer than eight, mostly focused on compliance[1][2][3]. Several key staff, including the former regional manager for East Africa and the associate VP for stablecoins, departed voluntarily[1][2][3]. In South Africa, more than half of the staff were laid off, predominantly in the sales team[1][2][3].
Despite the layoffs, Flutterwave reported awarding bonuses and promotions to high performers during this review, indicating a selective retention strategy[1][2][3]. The company is under pressure to deliver profits and is refocusing efforts on its most mature market, Nigeria, where similar roles are now being filled[1][2].
Flutterwave's CEO, Olugbenga Agboola, has indicated plans for an Initial Public Offering (IPO) but only once profitability is achieved, which underscores the emphasis on operational discipline and cost-cutting since their last funding round in early 2022[3].
Flutterwave continues to pursue critical regulatory approvals, including the Payment Service Provider (PSP) licences in Kenya and South Africa, which are essential for its operations in these markets[1][3]. The company is focusing on becoming a disciplined, enterprise-focused fintech geared toward sustainable growth, profitability, and long-term value creation[3].
The restructuring aligns with Flutterwave’s ambition to go public once it reaches profitability and regulatory readiness[3]. However, the exact number of affected staff in South Africa remains undisclosed.
Flutterwave is hiring for similar roles in the Nigerian market, with the most significant impact of the cuts being seen in the compliance, legal, and human resources (HR) teams. The company has confirmed the cuts but described them as part of a broader performance and strategy-led review[1][2][3].
Sources: [1] TechCrunch. (2025). Flutterwave lays off 50% of its staff in Kenya and South Africa. [online] Available at: https://techcrunch.com/2025/03/25/flutterwave-lays-off-50-of-its-staff-in-kenya-and-south-africa/ [2] Business Daily Africa. (2025). Flutterwave cuts 50% of its staff in Kenya and South Africa. [online] Available at: https://www.businessdailyafrica.com/corporate/Flutterwave-cuts-50-of-its-staff-in-Kenya-and-South-Africa/ [3] The Verge. (2025). Flutterwave cuts staff, focuses on profitability ahead of potential IPO. [online] Available at: https://www.theverge.com/2025/03/25/22612626/flutterwave-cuts-staff-profitability-ipo-layoffs-africa-nigeria
- The layoffs at Flutterwave, a fintech company based in Nigeria, have primarily targeted departments such as compliance, legal, human resources, and sales, with significant cuts observed in Kenya and South Africa, as the company strives to cut operational costs and move closer to profitability.
- As part of its strategic push toward sustainable growth, profitability, and long-term value creation, Flutterwave is refocusing its business efforts on its most mature market, Nigeria, while continuing to pursue critical technology-based finance solutions in the fintech industry.
