Layoffs in Nigeria

In February 2026, Nigerian cryptocurrency startup Zap Africa laid off 44% of its workforce, reducing its team from 18 to 10 employees. This AI-driven restructuring, which began in December 2025, affected roles across design, operations, marketing, and support as the company pivoted to a leaner, automation-focused model to align operating costs with revenue. The move reflects broader pressures in the crypto industry during a prolonged bear market, where startups like Zap Africa are shifting from aggressive growth to capital preservation. The integration of an AI tool, Martha AI, into customer support workflows contributed to the reduction in human roles. The two-year-old Lagos-based startup stated this was a targeted restructuring and not a company-wide layoff, with no further cuts planned.

Nigerian fintech startup Okra has shut down operations in May 2025, resulting in the layoff of its entire workforce. The company, which had raised over $16.5 million and was a pioneer in open banking in Africa, faced insurmountable financial challenges. A steep rise in cloud infrastructure costs, driven by Nigeria's currency depreciation, consumed most of its revenue. This led to a strategic pivot toward offering its own cloud product, Nebula, but ultimately the company could not sustain operations. The shutdown marks the end of a five-year journey for the startup, which had integrated with major banks across the continent.

African B2B e-commerce startup Sabi has laid off approximately 50 employees, representing about 20% of its workforce, as part of a strategic pivot announced in June 2025. Following a $38 million Series B funding round that valued the company at $300 million, Sabi is shifting its focus from its original retail and FMCG marketplace model to concentrate on its new TRACE vertical for traceable commodity exports. This restructuring aims to align resources with growing global demand for ethically sourced minerals and agricultural products, a sector where Sabi now exports over 20,000 tons monthly. The layoffs reflect broader challenges in the African B2B e-commerce space, including thin margins and capital intensity, prompting the company to streamline operations around its more promising export business.

Vendease, a Y Combinator-backed Nigerian food procurement startup, has laid off 120 employees, representing 44% of its workforce, as part of a second round of restructuring aimed at achieving profitability and extending its financial runway. This move, announced on February 19, 2025, follows a previous layoff of 68 staff in September 2024. Facing macroeconomic challenges like naira devaluation and rising inflation, the company is shifting toward a more capital-efficient model, including monetizing its buy-now-pay-later service and implementing AI for automation, while seeking a Series A extension round to support its operations in the competitive food delivery and e-commerce industry.

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.

In November 2024, Nigerian truck-hailing startup Kobo360, backed by Goldman Sachs, conducted a company-wide layoff across its seven markets as part of a restructuring effort. In its largest market, Nigeria, at least 30 out of 50 employees were cut, representing a 60% reduction in that team, though the total global impact remains unclear. The layoffs followed the departure of the ex-CEO, who cited fundraising difficulties, and coincided with other executive resignations. The company, operating in the logistics and transport industry, is restructuring its business, pausing most operations to reduce costs and extend its runway after last raising $48 million in 2021.

Quizac, an African edtech startup, is shutting down in August 2024, resulting in the layoff of its entire team. The company, which built a gamified learning platform for children, had gained traction with over 12,000 learners at its peak. The shutdown follows a challenging journey where the founders previously turned down a $250,000 investment offer. Operating in the competitive edtech industry, Quizac struggled to achieve sustainable growth despite addressing significant educational gaps in Sub-Saharan Africa. The closure highlights the difficulties faced by early-stage startups in securing long-term viability, even with innovative products.

African fintech leader Flutterwave laid off approximately 30 employees, representing about 3% of its workforce, in late June 2024. This strategic reduction followed the company's decision to sharpen its focus on its primary revenue drivers: enterprise services and remittances. As part of this realignment, roles linked to discontinued products, like the Barter platform shut down in March, were deemed redundant. The company, which had not conducted layoffs since its founding eight years prior, stated the move was necessary to improve operational efficiency and align resources with its long-term strategy, which includes preparing for a potential future IPO. Affected employees were offered severance packages including an average of three months' salary.

Nigerian fintech startup Thepeer is shutting down after three years of operation, citing significant compliance struggles and low product acceptance as the primary reasons. The company, which operated as an API-based payment layer to facilitate seamless money movement between digital wallets and apps, will return the remaining portion of its $2.1 million seed funding to investors, as options like a pivot or acquisition were deemed unviable. Founded by Michael Okoh and Chike Ononye and backed by investors like Raba Partnership and Flutterwave, Thepeer will enter a maintenance mode while seeking a new home for its technology. The shutdown, announced in April 2024, highlights the regulatory challenges faced by fintech innovators in navigating complex compliance landscapes.

Cova representing approximately 100% of its workforce on 2024-01-25.

Nigerian fintech startup Pivo has ceased operations entirely in December 2023, resulting in the layoff of its entire workforce. The company, which was a two-year-old neobank focused on providing financial services for supply chain businesses and SMEs in Africa, had raised a $2 million seed round just one year prior. The shutdown is attributed to the extremely challenging operating environment for Nigerian businesses over the past year, including significant economic headwinds and disruptive monetary policies like the central bank's botched currency redesign. The founders did not provide official details, but the closure marks the end of the venture shortly after its funding milestone.

Nigerian B2B eCommerce startup Alerzo laid off 100 employees in November 2023, reportedly due to warehouse automation. This move follows previous workforce reductions, including a 15% cut of 400 employees seven months prior. With these layoffs, the company's total employee count is estimated to fall below 700. A company spokesperson cited investments in an end-to-end warehouse management system that improved automation and performance metrics, leading to the streamlining of certain warehouse roles. Most affected employees worked across the company's 40 warehouses, where new software reduced approval layers and made some positions redundant. The laid-off staff will receive one month's salary as severance and retain HMO benefits through the end of the year, as Alerzo continues its restructuring efforts aimed at achieving profitability.

In November 2023, African fintech company Paystack laid off 33 employees as part of a strategic decision to reduce its operations outside of Africa. The layoffs affected staff in Europe and Dubai, where the company had previously expanded to support technical roles for its core African markets. Following its acquisition by Stripe, Paystack had grown its geographical presence, but this move represents a streamlining effort to refocus on its primary operations in Nigeria, Ghana, Kenya, and South Africa. The company, known for its lean structure, continues to develop products and expand within the continent while scaling back its international support teams.

Pan-African media company Big Cabal Media, parent to TechCabal, Zikoko, and Citizen, laid off 19% of its workforce on August 4, 2023, citing harsh market conditions. The decision, described as challenging, was driven by revenue growth that still fell short of budgetary expectations, partly due to Nigeria's currency devaluation. The company's new publication, Citizen, focused on Nigerian politics, was most affected. Despite a 180% year-on-year revenue increase in the first half of the year, Big Cabal Media aims to become more efficient and self-sustaining by focusing on its tech media and data analytics arms. Affected employees will receive two months' salary as part of the transition.

Bundle Africa, an African cryptocurrency exchange and social payment app, is shutting down after three years of operation as of July 2023. The closure is part of a shareholder decision to restructure the business and focus on its peer-to-peer platform, Cashlink, which will continue independently. As a result, the entire team supporting the Bundle exchange will be phased out in batches. While the exact number of layoffs was not specified, the shutdown effectively means the entire workforce dedicated to the Bundle app is affected. The company, which had become a leading indigenous crypto app in Nigeria with over a million downloads, cited the need to navigate uncertain regulatory conditions as a key factor in its pivot. Users have been given 60 days to withdraw their assets.

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.

Eyowo, a Nigerian digital banking platform, is shutting down operations on June 27, 2023, laying off most of its employees. The company cited severe market complications, particularly regulatory challenges from the Central Bank of Nigeria (CBN), which undermined its financial stability and ability to secure investments. This led to an inability to fulfill obligations and maintain its operations. While a small team will remain for product innovation and customer support, the majority of staff are affected. Eyowo is part of the fintech industry and has committed to settling outstanding salaries within a short timeframe.

Nigerian crypto payments startup Lazerpay has ceased operations and shut down entirely as of April 13, 2023, after failing to secure necessary funding. This follows layoffs announced in November 2022. The company, which was launched in 2021 to help businesses accept stablecoin payments, had onboarded over 3,000 businesses and processed over $1 million in transactions. Founder Emmanuel Njoku stated the difficult decision was unavoidable despite the team's efforts. Lazerpay is now advising merchants to withdraw their funds by April 30, 2023, and is open to offers from companies interested in purchasing its intellectual property.

Nigerian fintech startup OnePipe has laid off an undisclosed number of employees, described as a "handful," as part of measures to extend its runway. This follows the company securing a $4.8 million credit facility from TLG Capital in 2024, aimed at providing inventory finance to small shops in Nigeria's informal sector. The layoffs, coupled with pay cuts for the executive team, come despite the new funding and the company's mission to aggregate financial APIs for seamless partnerships. OnePipe, which employs around 50 people, continues to focus on scaling its services to support micro-enterprises.

In March 2023, Nigerian retail-focused startup Alerzo laid off approximately 400 employees, as reported by multiple sources, though the company stated the figure affected 15% of its full-time staff (150-200 people) plus 150-200 part-time workers. This followed earlier layoffs of hundreds in August and September 2022. The company cited difficult macroeconomic conditions, post-election uncertainties, and a need to improve unit economics as reasons, also reducing its business footprint by closing 14 warehouses nationwide. Affected employees received termination emails in early March, with severance packages including one to two months' salary. The layoffs impacted various roles, including communications, reflecting broader restructuring beyond previous warehouse-focused cuts.

Gokada, a Nigerian logistics and delivery startup, laid off at least 54 employees on January 31, 2023, as part of a cost-cutting measure to operate more efficiently amid a tough economic environment. The layoffs, which affected various operational teams but not the company's core of approximately 2,500 riders, followed earlier silent layoffs in November 2022. CEO Tosin Oni cited Nigeria's worsening economy and the need for greater efficiency. This restructuring occurred shortly after the company sought to raise $100,000 through crowdfunding, indicating financial struggles despite having raised significant venture capital in the past. The layoffs represent a significant reduction, though the exact percentage of the total workforce affected is not specified, with the company asking affected staff to submit resignations formally.

In early November 2022, Nigerian-founded mobility fintech startup Moove dismissed an undisclosed number of employees from its workforce, particularly in its Nigeria offices. The company, which operates globally as a vehicle financing partner for ride-hailing platforms like Uber, stated the actions were not layoffs but terminations due to performance issues and gross misconduct. Moove emphasized a zero-tolerance policy for misconduct, citing potential impacts on customer livelihoods. While the exact number affected remains unknown, the company confirmed a workforce of approximately 400 employees at the time. Affected staff received three months' base salary as a goodwill gesture but were required to sign NDAs and legal waivers. This occurred after Moove raised over $140 million in funding rounds during 2022.

Lazerpay, a Nigerian crypto payment startup, has commenced layoffs to extend its operational runway after a lead investor pulled out, thwarting its fundraising plans. The exact number of employees affected is not specified, but the downsizing follows earlier cost-cutting measures, including halting management salaries and reducing pay for other staff. Founded in 2021, the company, which aims to be the "Stripe for crypto payments," had helped 3,000 businesses globally. The layoffs, announced by CEO Njoku Emmanuel in late November 2022, are attributed to funding challenges, though he clarified they are unrelated to the FTX collapse. This move reflects broader pressures in the crypto and startup sectors.

Nigerian food procurement startup Vendease laid off 27 employees, representing 9% of its nearly 300-strong workforce, in late November 2022. The company stated the decision was performance-based and not due to the broader economic climate, noting it had tripled its staff and grown revenue fivefold over the previous year. After placing affected employees on improvement plans for months, Vendease offered severance packages. The layoffs occurred despite the company having raised a $30 million Series A round just two months prior to expand its operations across Nigeria and Ghana.

Nigerian cryptocurrency exchange Quidax laid off 20 employees in November 2022, representing 20% of its workforce of just over 100 people. The company cited unfavorable macroeconomic conditions and the need to proactively position itself for a potential market downturn as reasons for the reduction. This move followed earlier cost-cutting measures, including temporary salary reductions. Quidax, founded in 2017, operates in the fintech and cryptocurrency industry and stated the layoffs were unrelated to the contemporaneous FTX bankruptcy. Affected employees were offered a severance package and transition support.

In Q4 2022, African e-commerce giant Jumia laid off over 900 employees, representing 20% of its total staff, as part of a major restructuring effort to streamline operations and reduce losses. The cuts included a 60% reduction in managerial roles in Dubai, with remaining staff relocating to African offices. Under new acting CEO Francis Dufay, the company aimed to bring leadership closer to its core markets in Africa. These layoffs, alongside exiting non-core businesses like Jumia Prime and scaling back logistics and grocery services, contributed to a 30% monthly savings in staff costs. Jumia targeted halving its losses, aiming to end 2023 with $100-120 million in losses, down from $207 million in 2022.

In November 2022, African web3 startup Nestcoin laid off an unspecified number of employees following the collapse of the FTX cryptocurrency exchange. The company, which had raised a $6.45 million pre-seed round, held a significant portion of its operational assets—cash and stablecoins—in FTX to manage day-to-day expenses. As FTX's downfall left Nestcoin's funds trapped, the financial strain forced the startup to reduce its workforce. This event highlights the broader contagion risk within the crypto industry, as numerous firms faced similar exposures during the FTX bankruptcy.

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.

In a brutal week of layoffs during September 2022, Nigerian retail-focused startup Alerzo laid off over 100 employees, part of a broader wave of dismissals that saw more than 200 staff fired since May 2022. The company, operating in the e-commerce and logistics industry, cited performance issues as the reason, though employees described an atmosphere of fear and uncertainty, attributing the cuts to overestimation of hiring needs during expansion and fluctuating business demand. The layoffs primarily affected ground-level officers in logistics and loading roles, reflecting challenges in scaling operations amid market realities.

OPay, the Opera-backed Nigerian fintech and super app startup, laid off approximately 70% of its workforce in early May 2020. This drastic reduction came as the company faced severe challenges, including a ban on commercial motorcycles ("Okada ban") in Lagos that crippled its popular ORide service, compounded by the economic pressures of the COVID-19 pandemic. The layoffs affected both local and Chinese employees, with some Chinese staff reportedly stranded in Africa due to travel restrictions. Having raised $170 million and aggressively expanded into multiple verticals like ride-hailing, food delivery, and digital payments throughout 2019, OPay was forced to pause most of its programs and scale back its ambitious super app plans significantly.

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.

TechAdvance, a mid-sized technology company, has recently conducted a round of layoffs. While specific figures regarding the number of employees affected, the total workforce, or the exact percentage are not detailed in the available report, the move is part of a broader restructuring effort within the tech industry. The layoffs, occurring in early 2026, are attributed to strategic realignment and economic pressures common in the sector. The company is adjusting its operations to navigate current market challenges and position itself for future growth.