Nigerian-based payment company Paystack is moving to reduce its operations outside of Africa by trimming its workforce in Europe and Dubai, laying off about 33 workers in these regions. The company’s CEO, Shola Akinlade, confirmed this in a tweet today.
“In the last 3 years, our hiring philosophy was to recruit great talent regardless of location, including opening an engineering hub in Dubai,” Akinlade revealed in the tweet. “We’re changing our operating model to prioritise locating team members within the markets we serve, to localise costs and get closer to customers.”
This decision is part of a streamlining effort, particularly in markets where the company had previously hired technical roles to support its primary African operations. Paystack currently maintains an operational footprint in four markets: Nigeria, Ghana, Kenya, and South Africa. The company, characterised by its lean operation, has experienced a moderate expansion in staff strength, contributing to a series of product releases over the past three years.
“We’re changing our operating model to prioritise locating team members within the markets we serve, to localise costs and get closer to customers,” Akinlade said. The chief executive also noted that those affected will receive a severance package including four months’ salary, accelerated equity vesting, and three-month extended health insurance.