Nigerian fintech Kippa is making significant changes. They plan to lay off staff and discontinue their offline payment product, KippaPay. The company will provide support during this transition.
🤔 Why the Changes?
Kippa is streamlining its services for a "profitable product portfolio consolidation," according to CEO Kennedy Ekezie. The decision isn't driven by competition but by strategic focus.
💼 What's Next for Kippa?
After ceasing KippaPay, the company will continue to offer bookkeeping and business registration services. They initially expanded into payment solutions to better serve their customers.
📊 Impact of the Transition
Kippa had earned a Payment Solutions Services Licence from the Central Bank of Nigeria. This allowed them to operate as a Super-Agent, facilitating financial services for hundreds of thousands of merchants.
Since its inception, Kippa has secured $11.6 million in funding across two rounds, demonstrating investor confidence in the company's potential.
#Fintech #Nigeria #Kippa #FinancialServices #BusinessNews
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