Africa’s leading fintech company, Flutterwave, has laid off half of its workforce in Kenya and South Africa as part of a broader cost-cutting strategy aimed at streamlining operations and boosting profitability ahead of a potential stock market listing.

The layoffs, which began in March, affected multiple departments, with the most significant cuts in compliance, legal, and human resources teams. The move marks the company’s most aggressive restructuring yet, coming less than a year after it downsized 3% of its global workforce.

In Kenya, where Flutterwave employed 20 staff, at least 10 have been let go, while three others resigned in the weeks that followed. Sources familiar with the matter say some of the eliminated roles are being rehired in Nigeria, the company’s home base and largest market.

“They’re cutting roles in countries they see as expensive to operate,” said a person with direct knowledge of the situation. “At the same time, they’re hiring for those same roles in Nigeria.”

In South Africa, the company reportedly laid off more than half of its staff, mainly within the sales team. Flutterwave declined to disclose the exact number of affected employees but confirmed the workforce reductions as part of an ongoing strategic 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 in a statement. “We recognise and reward impact, and we make changes when expectations are not met.”

As of now, fewer than eight employees remain on the ground in Kenya, focusing primarily on compliance-related functions. Among those who exited are Leon Kiptum, former regional manager for East Africa, and Saruni Maina, associate VP for stablecoins. Both had joined Flutterwave in 2023 during an aggressive expansion into the Kenyan market.

Despite the cuts, the company says it awarded bonuses and promotions to high-performing staff during the same review period, and reiterated its focus on becoming a “disciplined, enterprise-focused company” committed to sustainable growth and long-term value.

The layoffs come as Flutterwave continues its push for regulatory approval in key markets. In Kenya, the firm is seeking a Payment Service Provider licence from the Central Bank, having received name approval in 2023. In South Africa—where it has yet to obtain a PSP licence—Flutterwave is also in talks with regulators.

“We are actively engaging with regulators,” the company noted, adding that the Kenyan licensing process is “progressing as planned.”

Flutterwave last raised funding in early 2022, securing $250 million in a Series D round. Since then, it has shifted focus to cost control and operational efficiency as it inches closer to a public offering. CEO Olugbenga Agboola told Bloomberg in February that the firm plans to go public once it achieves profitability.