Kippa, fintech company, is shutting down its offline payment product, KippaPay, a payment solution enabling users to send and receive payments from customers and perform extended payment transactions.
The discontinuation of this product will also lead to the exit of workers in the company in charge of the product.
The company did not disclose the number of its staff to be laid off, but it did state that the core of the KippaPay team would leave by this December.
Kennedy Ekezie, Kippa founder and CEO, described the layoff as a difficult decision for the company going by the incredible work the team had put in.
He also hinted that the decision to shut down the product was out of profitability concern.
Announcing the withdrawal of the product from the market via a statement on Wednesday, Ekezie said: “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.”
Credit : Nairametrics