“A Difficult Day”: Paystack Sacks 33 Workers, CEO Explains Decision, Unveils 4-Month Pay-Off Package

“A Difficult Day”: Paystack Sacks 33 Workers, CEO Explains Decision, Unveils 4-Month Pay-Off Package

  • Paystack, one of Nigeria's leading fintech companies, has decided to lay off 33 of its employees as part of an organisational restructuring
  • The affected workers, who are in Europe and the United Arab Emirates (UAE), will receive a four-month severance package
  • The company has its headquarters in Lagos, supplemented by remote staff in various African countries

Nigerian payment platform Paystack has announced the sack of 33 members of its workforce in Europe and the United Arab Emirates (UAE).

Shola Akinlade, co-founder of Paystack's chief executive officer (CEO), disclosed this in a post on X, formerly Twitter, on Thursday, November 16, 2023.

Paystack workers
Paystack wants to focus on Africa Photo credit: Paystack
Source: Facebook

His post on X reads:

“Today was a difficult day at Paystack. We’re reducing our operations outside of Africa, and will be parting ways with up to 33 employees in Europe and the UAE.

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“In the last 3 years, our hiring philosophy was to recruit great talent regardless of location, including opening an engineering hub in Dubai.
“We’re changing our operating model to prioritize locating team members within the markets we serve, to localize costs and get closer to customers."

The payment company CEO also unveiled a severance package for those affected.

“We’re sparing no expense to minimise disruption to the lives of team members. The severance package includes 4 months’ salary, accelerating equity vesting, extending health insurance by 3 months, and more.
“These are some of the most talented people I’ve ever worked with, and my goal is to ensure that every single one finds new roles as soon as possible. I’m personally happy to vouch for each one and do reference calls as needed.
“If you’re looking for great talent, kindly indicate your interest here forms.gle/mcC2tdQQjQxEgr…”

Paystack backstory

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In 2020, Stripe, a fintech company headquartered in the United States, purchased Paystack for $200 million, resulting in the company's growth by establishing offices in Accra, Cape Town, Dubai, and Nairobi.

This expansion was supplemented by hiring remote staff in Europe and creating an engineering hub in Dubai.

Before these advancements, Paystack already had offices in Lagos and San Francisco.

Paystack co-founder Shola Akinlade buys huge stake in Danish Football Club

Earlier, Legit.ng reported that Akinlade announced the purchase of a 55% stake in Danish football club Aarhus Fremad.

Akinlade's acquisition was his second significant sports investment, having also owned a football club in Lagos.

He said the two sports clubs in Lagos and Denmark would work closely to produce talent.

Source: Legit.ng

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