Nigerian fintech, Kippa, set to shut down services

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Nigerian fintech, Kippa, set to shut down services
Nigerian fintech, Kippa, set to shut down services

Kippa is making the tough decision to discontinue its offline payment product, KippaPay. This product allowed users to manage payments, including sending and receiving payments from customers and facilitating extended payment transactions.

In addition to discontinuing the product, Kippa will also be parting ways with some of its employees involved in the management of KippaPay.

Upcoming employee departures

While the exact number of staff to be affected was not disclosed, the core KippaPay team is expected to leave the company by December.

Kennedy Ekezie, the CEO and founder of Kippa, expressed the difficulty of this decision and acknowledged the exceptional effort put forth by the team.

The move to shut down the product primarily stems from concerns related to profitability.

Ekezie officially announced the withdrawal of KippaPay from the market in a statement on Wednesday:

“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.”