Paystack sacks 33 employees in Europe, UAE — CEO

Nigeria’s fintech firm, Paystack, has sacked 33 employees in Europe and the UAE, according to its co-founder and CEO, Shola Akinlade.

According to Shola, the move was necessary as the company is “changing our operating model to prioritize locating team members within the markets we serve, to localize costs and get closer to customers”.

A statement posted on his X (formerly Twitter) page 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.

“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.

“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.”