In March 2023, Nigerian healthtech startup Medsaf laid off all its approximately 30 full-time employees, representing 100% of its full-time workforce. The company, founded in 2017 to combat counterfeit drugs in Africa, cited severe financial challenges including funding gaps from investors reneging on commitments, poor accounts receivable due to hospital payment issues, and adverse macroeconomic policies. This drastic measure followed months of turmoil; employees reported unpaid salaries since December 2022, with the company only partially fulfilling promises to settle these arrears. Additionally, former staff allege non-remittance of pensions and taxes. The CEO attributed the crisis to failed investor funding that was critical for extending operations and securing a loan aimed at achieving profitability.
