In June 2022, African fintech unicorn Wave, valued at $1.7 billion, laid off close to 15% of its nearly 2,000 employees, affecting approximately 300 staff. The cuts primarily impacted teams in newer expansion markets like Burkina Faso, Mali, and Uganda. The company cited the need to adapt to a tightening global funding environment and shifting investor sentiment, choosing to refocus resources on its core, profitable markets of Senegal and Ivory Coast, where it is a mobile money leader. This restructuring was part of a strategic shift to ensure long-term sustainability without relying on new external capital.
