Kippa, a Nigerian fintech startup, is shutting down its offline payment product, leading to employee layoffs by December.

It appears that Kippa, a Nigerian fintech startup, is making strategic changes by discontinuing its offline payment product, KippaPay, effective November 15, 2023. As a consequence of this decision, the core team managing the product will be laid off by December 2023.

“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,” CEO, Kennedy Ekezie, said in a statement.

Pending its final shutdown, the company states it will resolve pending settlements for its merchants.

Launched in 2020, Kippa provides book-keeping solutions for more than 500,000 smal businesses in Nigeria. In April 2022, it launched KippaPay to enable customers provide invoices and make payment.

“Kippa Payments will also enable us to have a deeper understanding of our customers through transactional data, so that we can offer more tailored and bespoke products toover time, unlocking deeper value within the Kippa ecosystem alongside our existing solutions,” Jephtah Chidozie-Uche, co-founder and CTO said at the launch.