Kippa Reportedly Loses 30 Million Naira, Cites Internal Fraud
Nigerian bookkeeping and finance company Kippa has reportedly lost 30 million naira to internal fraud.
The fraud is reported to have happened four months ago, but was discovered in November 2023, one month after the company shut down Kippa Pay, its offline payment product, and laid off 40 employees.
The company discovered the fraudulent activity during the surge in customer withdrawals following the closure of Kippa Pay.
Upon investigation, it was discovered that a senior manager, whose identity remains unknown, was withdrawing large sums of money without a PoS and the sum of N30 million was discovered in one of his accounts. Three people with direct knowledge of the matter told TechCabal.
This prompted his arrest by the Nigerian police in November but he has now been released.
The recent activity going on at Kippa, has forced the company to withhold the promised severance packages for the laid-off employees following the closure of its kippa pay.
Launched in 2021, Kippa offers a financial management and payments platform, provided through a mobile app, to give small businesses access to vital digital tools. The startup aims To Unlock The Potential Of Africa’s Small Businesses
