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Breaking: Kippa to Downsize Workforce and Cease Offline Payments Product
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.
💰 Funding
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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