Payments company Paystack has announced that it is reducing its operations outside of Africa. The company had previously been looking to hire talent and had even established an engineering hub in Dubai. However, it has now been forced to make this “painful” decision and focus only on talent located in the countries where Paystack is active.
The company will now prioritize locating team members within the markets it serves. This change in operational model is due to the need to “localize costs”. Additionally, Paystack states that it wants its employees to be closer to the clients they serve.
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A publication stated that the redundant staff will have a severance package to cushion them during this difficult transition. The package includes 4 months’ salary payoff. Also, Paystack will accelerate equity vesting and extend health insurance for the laid off employee by 3 months.
Paystack is just the latest tech company to lay off employees and restructure. Other African start-ups like Cellulant, Chipper Cash, Sendy, Twiga Foods and Copia have done the same. Globally, giants like Google, Microsoft, Twitter, Nokia, Qualcomm and more have been laying off staff. Most have stated that the turbulent global economy as the reason. This has also affected many starts ups who are struggling to raise funds.
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