Flutterwave Cuts Workforce in Kenya and South Africa Amid Profitability Push

Flutterwave has laid off half of its staff in Kenya and South Africa as part of efforts to reduce operational costs and edge closer to profitability. The restructuring comes as the company prepares for a potential public listing and follows a previous round of layoffs in 2024, when Flutterwave reduced its global workforce by 3%.

The recent job cuts, which began in March 2025, affected several departments, particularly compliance, legal, and human resources, according to sources familiar with the situation. In Kenya, where the company had about 20 employees, nearly half were dismissed, and three others resigned shortly after. Sources also revealed that while Flutterwave is cutting positions in higher-cost markets, similar roles are now being filled in Nigeria, the company's largest and most mature market.

In a statement to TechCabal, Flutterwave confirmed the layoffs, describing them as part of a broader performance and strategy-driven review. “These actions are a normal but necessary part of ensuring we operate at the highest level across every part of the business,” the company said. “We recognise and reward impact, and we make changes when expectations are not met.”

In South Africa, the majority of layoffs hit the sales team, with more than half of the staff reportedly affected. Flutterwave did not provide specific numbers.

Kenya’s remaining team is now less than eight people, primarily focusing on compliance. Notable voluntary departures include Leon Kiptum, former regional manager for East Africa, and Saruni Maina, associate VP for stablecoins.

Despite the layoffs, Flutterwave said it awarded bonuses and promotions to top performers and remains focused on sustainable growth, profitability, and long-term value. The company is still pursuing key regulatory approvals, including a Payment Service Provider licence in Kenya and South Africa.