The firm, which began its operations in Kenya before spreading out to 19 markets, says affected employees will be notified in the coming days.

“We remain cognizant of the ever-dynamic operating environment, influenced by many factors not limited to technological changes, consumer needs and market dynamics,” said Akshay Grover, its Chief Executive Officer.

“We’re therefore pursuing a leaner product-led strategy to support our scale and increase customer base,” he added.

“We also aim to drive operational efficiency measures to support our growth and operations in multiple geographies.”

However, the FinTech said that affected employees will receive severance packages as well as medical coverage for themselves and their families.

Grover added that the new strategy would entail consolidating essential functions and creating new roles.

“Cellulant has come a long way to become a leader in the pan-African payments space. Innovation, efficiency, and agility will underpin our narrative over the next few years, and these are the first of critical steps,” he said.

The decision to lay off employees comes at a time when African startups are struggling to raise additional capital from international investors amid tough economic challenges.