Nigerian Fintech Startup Brass Temporarily Suspends Employees as It Restructures to Navigate Economic Downturn

Nigerian Fintech startup Brasss has temporarily suspended some of its workforce, as part of a restructuring plan, to navigate the current economic downturn.

The company’s CEO Sola Akindolu via X (formerly Twitter), announced the decision, stating that it was necessitated for the company to reset and rebuild for the current economic realities. 

Part of his statement reads,

“For almost 4 years since we launched, we have been building best-in-class financial products for Nigerian businesses, and have since then, extended our services to individuals and families. We have since raised $2m, and have continued to build and grow through the changing times. We have added some of the kindest and smartest people I have been privileged to work with, and they have all played important roles in building today’s Brass.

“In the last few months, however, the local economy has really changed significantly, impacting our plans. Over the next couple of days, Brass will be moving some of its employees to furlough as it resets itself and rebuilds for the current economic realities”.

He further announced that Brass will continue to provide some of its impacted colleagues with health insurance coverage and other benefits until the company is able to bring them back in the following months.

As seen on its LinkedIn page, Brass employs about 50 workers, it however remains unclear how many workers will be impacted by the restructuring plan.

Founded in 2020 by Sola Akindolu and Emmanuel Okeke, Brass provides simple, yet powerful current account services, tools, and support to help you grow your business. With Brass, users can open a free account for their business in 10 minutes.

The startup mission is to empower local businesses with the right tools to help them succeed and grow at a very low cost.