Flutterwave, a leading player in the fintech industry, has announced a significant workforce reduction, laying off 24 employees, which represents 3% of its total staff.

The announcement, made recently, is part of a broader strategic restructuring aimed at focusing the company’s efforts on its core enterprise payments and remittance businesses.This move by Flutterwave aligns with a global trend of tech layoffs that began last year and has continued into the first quarter of 2024.

The company’s CEO, Olugbenga Agboola, emphasized that the decision was data-driven and aimed at optimizing resources towards core business operations.

“We have rebuilt the teams to more efficiently utilize the opportunities in these markets,” Agboola said.

“Consequently, we’ve made the difficult decision to support the transition of 24 Wavers, accounting for 3% of our workforce.”

To mitigate the impact of the layoffs on affected employees, Agboola outlined a comprehensive severance package. This includes a minimum of three months’ gross salary, monetization of unused leave days, and access to professional development resources for up to a year.

Additionally, employees will receive three months of free healthcare and continued access to mental health and career coaching services for three months post-transitioning. For those with stock options, an additional vesting period of six months will be provided.

“We hope this softens the impact this sudden transition has on you personally and professionally,” Agboola added.

For the remaining employees, Flutterwave announced a company-wide compensation review. This includes a market-aligned base salary increase for most employees and a new performance-based bonus structure tied to individual and team performance metrics.

Agboola stated that these changes were made in response to recent employee feedback and a thorough analysis of market trends, positioning the company competitively within the industry.

“A thorough market analysis was conducted to ensure that we are competitive within our industry and so a majority of you will see an upward adjustment to your base compensation,” Agboola explained.

“The new discretionary bonus structure will tie directly to individual and team performance and will be based on specific, measurable KPIs that align with our strategic goals.”

Flutterwave’s new compensation structure aims to place junior employees at the 95th percentile and senior employees at the 85th percentile in the market.

Despite the layoffs, Flutterwave is expanding its reach and capabilities. In May, the company received approval in principle for a payment aggregator license from the Bank of Mozambique, allowing it to extend its operations into southern Africa.

Additionally, Flutterwave recently partnered with Nigeria’s Economic and Financial Crimes Commission (EFCC) to build a state-of-the-art Cybercrime Research Center.

The company is also actively hiring for key positions in risk, compliance, engineering, data, and finance to bolster its core operations and is expanding its remittance service, Sendwave, to new markets. Flutterwave remains committed to personalizing its enterprise payment solutions to drive growth and innovation.

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TECHDIGEST – Experts have said females are under-represented in the global tech space because of a myriad of reasons. They have also suggest ways on how to increase female representation in the ecosystem.

According to them, this is not an issue of an imbalanced global society but also a workforce problem, given the critical shortage of skilled tech professionals.

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In an email interview with our correspondent, an investor at Techstar, Alisha Golden, said, “The pay gap between women and men, gender bias based on workplace roles, and a shortage of female role models in executive and leadership positions are the primary barriers faced by women looking to break into tech, according to a survey by the global technology association ISACA.

“Women are vastly under-represented in the global tech workforce, which is not only an issue of an imbalanced global society but also a workforce problem, given the critical shortage of skilled tech professionals. More opportunities, including job exposure, training, boot camps, and career advancement programmes are needed in order to make long overdue progress in ensuring that women are more equitably represented in the tech workforce.”

Explaining how firms should prioritise the gender gap, she stated that firms need to invest in more women and create pathways for more women to enter the tech space and thrive.

Using her firm as an example, she said, “We have clear KPIs on diversity in our portfolios, meaning our performance as a firm is measured based on this. This is an intentional approach to playing a major role in being a part of the change we want to see in a vastly male-centric industry.”

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TECHDIGEST – The Minister of Communications and Digital Economy, Prof. Isa Pantami has set new Key Performance Index (KPI) for the management and staff of NigComSat Limited, stressing that such KPI when met, are capable of transforming the agency into an opportunity-driven entity capable of taking on risks in the fast-growing Nigerian ICT sector.

The Managing Director of NigComSat Limited, Dr. Abimbola Alale, disclosed this while unveiling two new subsidiary companies created within NigComSat, to stakeholders and channel partners, at the just concluded NigComSat Stakeholders’ Forum, with the theme, ‘NigComSat Limited: The Present and The Future.’

According to Dr. Abimbola, the KPI set by Minister has made NigComSat to be strategically positioned for potential opportunities and risks, hence the creation of operational structures to facilitate its business aspirations.

“As we strive to achieve our vision to be the leading satellite communication solutions provider in Nigeria and Africa, NigComSat in 2020, obtained approval to form two subsidiary companies (SUBCOs). Firstly is the Satellite Infrastructure Company (SIC) which, should provide satellite upstream services such as Transponder Leasing and In-orbit-Testing (IOT) services, Carrier Spectrum Management (CSM) services. Secondly, the Satellite Broadband and Broadcasting Company (SBBC) set to provide satellite downstream services such as broadband internet services, Broadcasting (DTH) services, amongst others,” she explained.

The Stakeholders’ Forum that held in Lagos gave NigComSat an opportunity to take stock of its achievements in the preceding years. It was also the perfect avenue for channel partners and stakeholders in the telecoms industry to review NIGCOMSAT’s performance and operations.

NigComSat is a key player in the Nigeria National Broadband Plan (NNBP 2020-2025) as published by the Federal Ministry of Communications and Digital Economy and launched by President Muhammadu Buhari. The forum, thus, highlighted the contributions of NigComSat Limited as a national digital economy service infrastructure providing satellite communication solutions to an array of customers.

Speaking on the modest contributions of NigComSat Limited in the past years, Chairman, Association of Licensed Telecom Operators of Nigeria, ALTON, Engr Gbenga Adebayo extol the operations of the company and urged its debtors to endeavour to pay up within the stipulated time for services rendered.

“Satellite operations are key to telecommunications growth in the country, so NIGCOMSAT Ltd should be guided to succeed by all stakeholders,” said Engr. Adebayo.

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