Kennedy Ekezie Announces the Exit of KippaPay, Workers Layoff

It’s a moment of gloom for founders of KippaPay and users of the product as Kennedy Ekezie announces the shut down of kippaPay which is a product of kippaafrica.

Kennedy in a public statement through his Facebook page announced further that some employees and those that started the journey with the founders may suffer layoff. He accused the economic policies and suffering of small businesses as one of the things that affected the business progress of KippaPay. He also agrees to the lessons learnt and the readiness of himself and his team to bounce back with a better product.

According to him ”

Last week, we @kippaafrica made the difficult decision to pull back ONE OF our products – our offline payments product “KippaPay” – from the market, for profitability reasons.

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Serving small businesses in Nigeria exposes you to the direct impact that macro-economic policies have on the everyday person. Over the past 6 months, the significant turbulence in the economic conditions in Nigeria (currency devaluation + 3.5x hike in the cost of doing business) has made the realities of our customers so difficult, and ate into the margins of this product for us as a business.

As a result, some of my wonderful teammates who I have built alongside will be transitioning out of the business. Decision making in times like this is incredibly difficult. There’s no way to sugar coat it. We’ll miss all the Kippers who are transitioning out, and we will do our best to support them as they go on to continue to do amazing things.

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Moving forward at Kippa, we are armed with critical lessons from rolling this product into the market, and we’ll continue to build profitably in line with the convictions and ambitions we had when we started this company two years ago.

Onwards forever”!

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