Nigerian Fintech, Kippa Crashes Payment Product, Sacks Workers 18 Months After Launch
- Kippa has announced that it is relieving some of its employees before the end of the year
- The fintech also said that it is discontinuing KippaPay, its offline payment platform
- The CEO explained that this is a result of the need to consolidate a profitable portfolio
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Nigerian fintech firm, Kippa has stated that it will lay off some of its employees by December 2023.
This follows the scheduled suspension of its offline payments platform. Kennedy Ekezie, co-founder and CEO of Kippa, said that the KippaPay will cease to exist on November 15.
KippaPay was launched in April 2022 to support merchants with offline payments and agency banking through our POS terminals.
Source: UGC
Need for profitable product portfolio consolidation
The CEO claims in a statement that the discontinuation of KippaPay is due to "profitable product portfolio consolidation."
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He said:
“This has been an incredibly difficult decision for us to make, but we are incredibly proud of the work this team has done, and the impact KippaPay has had on our merchants,”
He did, however, say that the fintech will support its partners and merchants as they move away from the product and deal with any outstanding settlements.
Kippa will be left with its bookkeeping and company registration offerings after the closure of its POS/agency banking offering.
KippaPay's shortlived journey
KippaPay was introduced by the firm in April 2022 as a payment solution that allowed users to send and receive payments from clients and carry out extended payment transactions automatically, even though it had been initially developed as an accounting platform.
The Central Bank of Nigeria granted Kippa a Payment Solutions Services Licence to Operate as a Super-Agent five months following the debut of KippaPay.
Earlier, Legit.ng reported that fintech CEOs share insights on proven secrets to build successful tech startups and scale globally.
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This is coming after the Pan-African neo-bank issuing global (USD, GBP, & EUR) accounts to Africans announced its re-entry into Rwanda following the official launch of SpaceX's Starlink in East Africa.
Legit.ng earlier reported that the fintech startup stated that it serves Africans ready to send, receive, and spend money globally without limitations.
Source: Legit.ng
