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🚨 Exclusive: Nigerian Fintech Kippa Hit by ₦30 Million Internal Fraud Amid Shutdown Crisis

🚨 Exclusive: Nigerian Fintech Kippa Hit by ₦30 Million Internal Fraud Amid Shutdown Crisis

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Nigeria's Kippa, a finance startup, faces turmoil as internal fraud connected to its agency banking product, Kippa Pay, results in a loss of ₦30 million. The fraud, discovered in November, follows the recent shutdown of Kippa Pay and layoffs of 40 employees. Despite promises of severance pay, the affected workers are left in uncertainty.

Nigerian fintech Kippa, known for its bookkeeping and finance services, has been rocked by internal fraud, losing ₦30 million linked to its now-defunct agency banking product, Kippa Pay. The fraud, spanning at least four months, came to light after the shutdown of Kippa Pay, leading to a rush of customer fund withdrawals. A senior manager, arrested in connection with the fraud, was released in November. Amidst the crisis, Kippa has chosen not to fulfill severance pay commitments made to laid-off employees, adding further uncertainty to the situation.


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