In September 2022, Nigerian digital bank Kuda laid off approximately 23 employees, representing less than 5% of its then 450-person workforce. This move, part of a broader trend of workforce reductions among African tech startups, was driven by efforts to cut costs and extend the company's financial runway amid challenging macroeconomic conditions. Despite recently raising significant funding and planning expansions into new markets like Ghana, Uganda, and Pakistan, Kuda opted to streamline operations by eliminating redundant roles and addressing underperformance. The layoffs highlight the balancing act faced by fast-growing fintech firms, even those valued at $500 million and serving over 4 million customers, as they navigate economic headwinds while pursuing aggressive growth.
