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Flutterwave sent off 24 employees in Nigeria as it restructures

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Nigerian fintech giant, Flutterwave, has slashed its workforce by 24, representing 3% of its total employees.  

The company announced this on Monday describing the exercise as part of a strategic restructuring focused on its core enterprise payments and remittance businesses.

This brings closer to home the wave of tech layoffs by global tech giants that started last year and continued into the first quarter of 2024.

Announcing the downsizing, Flutterwave’s CEO, Olugbenga Agboola said the companymade a data-backed decision to recommit resources to its core business; enterprise payments and has also committed to doing more with its growing remittance segment; Send App.

“As a result, we have rebuilt the teams to more efficiently utilize the opportunities in these markets. Consequently, we’ve made the difficult decision to support the transition of 24 Wavers accounting for 3% of our workforce,”

 he said.

Severance package

Acknowledging the impact of the layoffs on the affected employees, Agboola outlined a comprehensive severance package to support them. According to Agboola, 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.

“We will pay an average of 3 months gross salary, depending on the country where the employee is based. We will also be monetizing your unutilized accrued leave days.

“You will continue to have free access to our professional training platform for 12 months after your transition. We will be providing you with free outplacement service for 3 months.

“For Wavers with stock options, we will support you with an additional vesting period of 6 months. You will have 3 months of free healthcare.

“You will continue to have access to our mental health and career coaches for 3 months post-transitioning.  We hope this softens the impact this sudden transition has on you personally and professionally,” Agboola said. 

Compensation review for retained staff

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

Agboola said this was in response to recent employee feedback and a thorough analysis of market trends.

“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.

“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,”

Agboola said.

The company claims this new structure positions them at the 95th percentile for junior employees and the 85th percentile for senior employees in the market.

What you should know

While Flutterwave is reducing its workforce in Nigeria, the company disclosed, in May, that it had approval in principle for a payment aggregator licence from the Bank of Mozambique.

  • This approval enables Flutterwave to expand its operations into southern African markets and offer its payment services in Mozambique.
  • Additionally, last week, Flutterwave announced a partnership with Nigeria’s Economic and Financial Crimes Commission (EFCC) to construct and equip a state-of-the-art Cybercrime Research Center.
  • Amid the layoffs, Flutterwave said it sees a growth opportunity and it isleveraging that to speed up its growth, development, and innovation.
  • The company said it is actively hiring for key positions in risk, compliance, engineering, data, and finance to bolster its core operations.
  • Additionally, Flutterwave is expanding its remittance service, Sendwave, to new markets and exploring ways to personalize its enterprise payment solutions.

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FG puts up presidential jets for sale

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The Federal government has begun the sale of three ageing presidential jets to reduce excessive spending on fleet maintenance.

According to The Cable, this decision comes amidst recommendations from the House of Representatives committee on national security and intelligence to purchase two newer aircraft for the president and vice-president.

Currently, the presidential air fleet consists of six airplanes and four helicopters, including models like the Boeing 737 Business Jet, Gulfstream G550, Gulfstream GV, Falcon 7x, and Challenger CL605.

The jets pencilled down for sale are a Boeing 737 Boeing Business Jet (BBJ), which is the president’s designated aircraft, one Gulfstream and a Falcon 7x.

The sale, managed by JetHQ, a US-based airline marketer, aims to fund a replacement jet as ongoing discussions and evaluations continue regarding potential buyers and offers.

“We saw the report and recommendation by the lawmakers. But the truth of the matter is that we can not afford to buy two aircraft at a go, even though we are selling off others. The approval now is to find one whose cost is not too much that we can augment with what we raise from this sale,”

a senior official, who is familiar with the management of the fleet, said.

The marketing firm has already submitted three bids from buyers to the Office of the National Security Adviser for consideration.

“Yes, we have received two offers for the BBJ and one for the Falcon X. But the NSA insisted that we must press for a better deal instead of rushing to have a bad deal for the government,”

an PAF official involved with the process said on condition of anonymity.

 

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Breaking: Fedral Government to send first civilian to space

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The Nigerian Government has declared that it is prepared to send a civilian to space, GoodLife reports.

The Director General of the National Space Research and Development Agency (NASRDA), Mathew Adepoju, announced this in a press briefing on Wednesday.

Adepoju disclosed that the Federal Government has signed the Memorandum of Understanding (MoU) in collaboration with NASRDA and the Space Exploration and Research Agency.

“This collaboration, which is coming to the country, marks a significant milestone in Nigeria’s 25th anniversary of Space Exploration journey and opens new opportunities for scientific research and technological advancement,” Adepoju said.

While embraced the development, others have criticized the federal government’s decision, asking that priority be given to the more pressing economic problems rocking the nation.

 

 

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TapSwap announces that $TAP will be launched on the TON blockchain and here is why it matters

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TON is designed to be a high-performance blockchain that can handle large-scale transactions…

The popular tap-to-earn project, Tapswap has announced that it will launch on The Open Network (TON) blockchain. According to a Thursday statement on X (Twitter), the decision will be “best for delivering the ultimate experience” for its acclaimed 50 million community.

TapSwap is a DeFi project similar to Notcoin. Although there is no available information about the team behind the newest coin, the project claims to have over 50 million community members globally.

TapSwap allows users to earn Tap coins by engaging with the TapSwap Telegram Bot. Users can start mining by simply tapping on an icon on the Telegram bot interface.

The coin mining mechanics are similar to that of the NotCoin, coins are mined by tapping the corresponding icon in the centre of the screen. Users can climb the ranks, earn more coins and outperform other users from different leagues depending on how much they tap.

Also, you can unlock boosters and complete certain tasks to maximize your coin earnings. To gain additional tokens, you can invite other users and receive bonuses. The essence of the activity is to gather as many Tap tokens as possible and exchange them for the $TAP coin when the coin is launched on the TON Blockchain, as announced.

Apart from TapSwap, other tap-to-earn projects on the Telegram messaging app include NotcoinHamster KombatYescoin and Blum.

It is not too late to get started with TapSwap, click here.

TapSwap, Notcoin: All that you need to know

In a Thursday announcement on its official X (Twitter) account, the project made the groundbreaking announcement.

Exciting News: Blockchain Announcement We’re thrilled to announce that TapSwap will launch on the TON blockchain! This well-thought-out decision is the best option for delivering the ultimate experience for our ever-growing community. Stay tuned for more updates and details! Get ready to tap into new possibilities with #TON.”

This clarification ends the speculation about the network upon which the viral tap-to-earn project would be built.

When TapSwap started, it was powered by the Solana blockchain and when we wrote our explainer in May, there was a discussion about the project’s great potential due to being built on Solana.

However, earlier this month, TapSwap in a surprising move announced that it was parting ways with Solana. Since making that decision, the project refused to drop an update on the blockchain it would be working with and this created a great deal of confusion and uncertainty about the project’s future and potential.

Now, that apprehension has been allayed and participants’ confidence is boosted with this announcement.

The TON network, developed in 2018 by Nikolai Durov and the Telegram messaging app team to integrate blockchain and cryptocurrency into the Telegram ecosystem is fast becoming a major player in the cryptocurrency ecosystem leveraging Telegram’s massive user base of 800 million users.

TON is designed to be a high-performance blockchain that can handle large-scale transactions and applications. It has a native crypto token known as Toncoin. It is used by users to pay blockchain fees on TON and participate in governance decisions.

What to expect after the TON announcement?

Most TapSwap tappers, especially those onboarded to Web3 via the Notcoin wave would care less about the blockchain on which the project is built. All they did is tap their screen to dollars and you can’t blame them.

To this set of people, and all participants, the most important question now is – how will this affect its price and how much will the TapSwap coin be worth eventually?

Recall that we wrote earlier that TapSwap has bright prospects. With the launch on TON, TapSwap, with a larger community may surpass Notcoin’s success. Also, launching on the Solana blockchain would have been a novel idea. There is no tap-to-earn project on the chain yet.

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