Paystack, a prominent financial technology (FinTech) firm headquartered in Lagos, Nigeria, has announced the termination of 33 employees from its operations in Europe and the United Arab Emirates (UAE).
This decision is part of the company’s strategic shift in its operational model to focus on deploying team members within the markets it serves, aiming to localize costs and enhance proximity to customers.
The company, known for providing payment processing services to businesses, shared this development via its co-founder and CEO, Shola Akinlade, on social media.
Akinlade described the decision as a challenging one for Paystack.
In his statement, Akinlade clarified that over the past three years, Paystack had been recruiting talent globally, even establishing an engineering hub in Dubai.
However, the company is now revising its strategy, intending to concentrate its workforce in regions corresponding to its customer base to streamline costs and improve service localization.
To support the affected employees during this transition, Paystack has offered a severance package that includes four months’ salary, accelerated equity vesting, extended health insurance for three months, and additional assistance.
Expressing admiration for the talent among the released staff, Akinlade assured his personal commitment to assisting each individual in finding new opportunities.
He expressed willingness to provide recommendations and vouch for their capabilities to prospective employers.
Furthermore, he shared a link for companies interested in hiring these skilled professionals.
The move follows Paystack’s acquisition by the Irish-American financial services company Stripe for $200 million in 2020.
