In January 2025, Nigerian mobility financing startup Metro Africa Xpress (MAX) laid off approximately 150 employees, representing 30% of its workforce. This restructuring was part of the company's strategic pivot to focus exclusively on financing electric vehicles (EVs), moving away from its previous mix of electric and internal combustion engine vehicles. The layoffs, which were effective immediately, came alongside other cost-saving measures as MAX embarks on an ambitious plan to finance 120,000 EVs across Nigeria, Ghana, and Cameroon—a significant expansion requiring substantial capital. The company, which has raised about $63 million since 2019, cited the transition as necessary for its future, offering affected employees support like health insurance and job placement assistance but no monetary severance.
