Nigeria’s fintech firm, Kippa, has announced its decision to discontinue its offline payment solution, KippaPay.
This payment solution allows users to send and receive payments from customers and conduct extended payment transactions.
As a consequence of discontinuing this product, the company will be letting go of the team responsible for its development, the payment firm said in a statement on Wednesday.
While the exact number of staff to be laid off was not disclosed, Kippa did confirm that the core members of the KippaPay team would be leaving by December.
The Founder and CEO of Kippa, Kennedy Ekezie, expressed the difficulty of this decision, acknowledging the remarkable efforts of the team.
He indicated that the closure of the product was driven by concerns related to profitability.
Ekezie declared, “Today, we announce that we’re pulling back our offline payments product, KippaPay from the market. Over the past 18 months, we launched and grew this arm of our product suite to support merchants with offline payments and agency banking through our POS terminals.
“This company decision is related to profitable product portfolio consolidation. This decision unfortunately means that the core of our team supporting the KippaPay product will be leaving us in December 2023.
“This has been an incredibly difficult decision for us to make, but we are incredibly proud of the work this team has done, and the impact KippaPay has had on our merchants.
“Starting November 15th, our KippaPay product will no longer be available for use by merchants. In the weeks leading up to this, we will provide support for our merchants and partners helping them transition off the product and resolve any pending settlements,” he concluded.