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Cowrywise Addresses Employee Terminations, Emphasizes Performance-Linked Decisions

Cowrywise Addresses Employee Terminations, Emphasizes Performance-Linked Decisions

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#employment
YC-backed Nigerian fintech, Cowrywise, clarifies recent employee layoffs, asserting a connection to performance reviews amid strategic shifts. The move raises eyebrows as affected staff receive unusual exit packages in the face of evolving business directions.

Cowrywise, the YC-backed Nigerian fintech, has laid off five employees, citing internal restructuring and evolving business needs. The company insists the terminations are linked to an annual performance review, not economic reasons. Sources hint at a significant transformation, positioning Cowrywise as more of a finance company in the coming years. The unusual move of providing three months' salary as part of exit packages raises questions amid economic uncertainty in the Nigerian tech sector.


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