Cowrywise Dismisses 5 Staff Members Following Annual Performance Review

Cowrywise, a fintech company that has helped several Nigerians achieve their savings and investment goals with their platform, has laid off 5 members of its 50-person staff. 

According to Techcabal, "Internal restructuring and evolving business needs were the reason for the layoffs” which means that operational changes were made within the organization affecting the employees in discussion. 

The company has reportedly dismissed five people and revealed that it would not tag it as a layoff, but rather, just a termination of employment. Cowrywise explained that layoffs usually happen when a business is struggling or cannot meet up with the state of the economy and this is not the story for them. 

As reported by Techcabal, an insider at Cowrywisehase disclosed that the company will take a good leap in the years to come as it is looking to transition from being a regular fintech company to a finance company. 

For a long time, Cowrywise has been known to be a people-centred company, having the interest of its employees at heart and devising various methods to help them stay connected to their jobs and even have a good time while at it. The company has reiterated that the affected employees had to go after the annual performance review was conducted and their results were below par. 

Being intentional and more than just a fintech company, but still rooting for the affected people, Cowrywise paid each of them a 3 months salary to help them cushion any immediate effect this might have on them financially. 

Although Cowrywise has insisted on not saying so much, instead, it has reiterated that it will continue to do its best to be at the forefront of the fintech business, basking in the support of its customers and leveraging the resilience and efficiency of its employees.  

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