Flutterwave Lays Off 50% of Staff in Kenya and South Africa to Boost Profitability
Flutterwave, Africa’s largest fintech unicorn, has cut 50% of its workforce in Kenya and South Africa as part of a major cost-cutting initiative aimed at achieving sustainable growth and profitability. The company confirmed that the layoffs are part of a strategy-led performance review as it positions itself for a potential initial public offering (IPO).
Departments Affected: Legal, Compliance, and HR
The layoffs, which began in March 2025, impacted several departments, with the legal, compliance, and human resources teams experiencing the most significant reductions. This move follows a smaller round of job cuts—3% of the global workforce—conducted less than a year ago.
According to internal sources:
- Kenya: Out of 20 staff, nearly half were laid off, with three others resigning voluntarily.
- South Africa: Over 50% of the sales team was affected.
- Some similar roles are now being rehired in Nigeria, Flutterwave’s home market and operational hub.
Flutterwave Issues Statement on Layoffs
In a statement to TechCabal, Flutterwave described the job cuts as part of an ongoing evaluation of business performance and strategic alignment.
“These actions are a normal but necessary part of ensuring we operate at the highest level across every part of the business,” the company stated. “We recognise and reward impact, and we make changes when expectations are not met.”
The company also noted that during the same review cycle, high-performing employees received promotions and bonuses.
Strategic Realignment in Key African Markets
The layoffs are part of a broader realignment strategy as Flutterwave focuses on core markets and regulatory compliance. In Kenya, the company is still pursuing a Payment Service Provider (PSP) licence, after receiving name approval from the Central Bank of Kenya in 2023. The company confirmed its licensing application is “progressing as planned.”
In South Africa, where Flutterwave has a larger market presence, a PSP licence has yet to be granted. Flutterwave emphasised its continued engagement with regulators across both regions.
“We are actively engaging with regulators,” the company said, reiterating its focus on long-term compliance and market growth.
Key Executive Exits
Among those who exited the company voluntarily are:
- Leon Kiptum, former Regional Manager for East Africa
- Saruni Maina, Associate VP for Stablecoins
Both executives joined Flutterwave in mid-2023 during a bold expansion into East Africa.
Currently, fewer than eight employees remain in Flutterwave’s Kenyan office, most of whom are focused on regulatory compliance and back-office functions.
Why This Matters
As Flutterwave prepares for an IPO, the company is taking aggressive steps to:
- Cut operational costs
- Improve margins
- Focus on high-impact markets
- Meet evolving regulatory demands
This cost-cutting move reflects increasing pressure from investors to demonstrate profitability, especially in the face of stiff competition in Africa’s digital payments space.
