Copia Kenya To Fire 1k Plus Of It’s Employees
The Kenyan e-commerce and financial services platform Copia has planned a mass firing in the upcoming months, putting at least 1,000 people at risk of losing their employment.
In a May 16 memo, the corporation announced its intention to lay off 1,060 workers from various divisions around the nation. The management of the company says that, in accordance with the law, employees will get one month’s notice before leaving.
The management of Copia gave an explanation for the relocation, saying that the company was having financial difficulties and could not support the staff.
“Despite our best efforts to overcome this obstacle, we have reached a point where, in order to maintain the viability of our activities, we must consider a comprehensive organizational re-structuring.
Part of the memo said, “It is highly likely that there will be a reduction in our workforce, and it may be that the payment of salaries could be at risk.”
The message also stated that in order to assure sustainability, the company’s leadership convened and decided to reorganize and streamline operations, but at a significant expense to the stability of the staff.
Established in 2013, Copia was one of Kenya’s most well-funded start-ups, revolutionizing the financial sector.
It had previously raised Ksh11 billion in finance, demonstrating the faith and support that investors had in the company’s potential and goals.
Later, in January 2015, DOB Equity provided the company with a Ksh524, million Seed II round, allowing it to expand and keep improving its goods and services.
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Copia Kenya To Fire 1k Plus Of It’s Employees
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