Nigeria’s tech industry is seeing conducting a round of layoffs, with Kuda and crypto platform Quidax both cutting jobs in recent weeks.
On Wednesday, March 25, employees at Kuda were invited to a video call with senior executives. By the end of that meeting, many had been informed that their roles were no longer needed, some affected employees told TechCabal.
The layoffs affected hundreds of staff across multiple departments, according to reports by Tech Cabal, and were part of what the company described as a broader restructuring effort. Nineteen of 40 marketing employees were affected. 
“Kuda is evolving how the organisation is structured to support the next phase of our growth and scale,” a company spokesperson said.
“This is not a decision driven by financial pressure but part of the natural evolution of a company at our stage, aligning with industry benchmarks.”
Executives also told staff that the decision was not tied to individual performance but rather to a strategic review of the company’s direction.“As part of this process, some roles across the business have been impacted. We know this is difficult, and these were not decisions we took lightly,” the spokesperson added.
“We are supporting those affected with enhanced severance packages and practical transition support while staying focused on serving our customers and continuing our long-term growth.”
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Quidax: Performance cuts and a shift to B2B
At Quidax, the approach was different.During a company-wide meeting on March 2, employees were informed that the crypto startup would be reducing its workforce, with the cuts linked to performance evaluations.
Shortly after, affected staff were contacted by the company’s People and Culture team and asked to return work tools, effectively ending their employment.
According to those affected, they told Tech Cabal in an interview that the communication around the layoffs left them with questions.“There were no clear metrics [for the termination],” one former employee said. “It was something about numbers from an internal performance tracking app: letting go of the lowest performers. All of it is confusing. There was not a lot of information for us to go by beyond that; just a verbal notice in the morning, and that was it.”
However, affected employees were paid their February salaries and given one month’s severance.The layoffs come amid broader changes within the company.
In January, Quidax shut down its peer-to-peer (P2P) trading feature and has since leaned more heavily into infrastructure and business-facing products, including enterprise crypto payments. The company has also partnered with blockchain firm Lisk as part of that transition.
A sign of where the market is heading
The layoffs of staff at Kuda and Quidax show that the Nigerian Tech space is getting more deliberate about how they scale.
Rather than chasing rapid expansion, many startups are now refining their structures, focusing on profitability, and doubling down on areas with clearer long-term value.
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