On March 28, 2020, Nigerian fintech and microfinance bank Renmoney laid off 391 direct sales agents, representing half of its staff. This significant workforce reduction was a strategic response to the economic challenges and lockdowns of the COVID-19 pandemic, which halted field sales operations. The CEO cited a strategic change in business conduct, moving away from an in-person sales model. This move was part of a broader trend among African tech startups, including salary cuts and furloughs, to conserve cash and ensure survival during the anticipated recession stretching into early 2021.
