FinanceNG

Renmoney Layoffs

April 2020

Renmoney announced a layoff affecting 391 employees (50% of its workforce) in April 2020. The company operates in the Finance sector.

People Affected

391

Percentage

50%

Announced Date

Apr 28, 2020

About

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.