Wave Mobile Money Uganda Limited, one of the latest entrants in the lucrative mobile money market, has laid off 300 staff, CEO East Africa Magazine can exclusively reveal.
It is yet to be clear on which departments have been affected and who, but a statement from the company to this reporter confirmed the move, which is said to be aimed at right-sizing the business.
“We have come to the hard decision to scale back our teams, narrow and sharpen our focus in Uganda to make sure we are fit for purpose,” read the statement.
The company however insisted the move doesn’t in any way affect their commitment to the Ugandan market.
“Wave is committed to Uganda. We are here to stay for the long-term and will continue to offer free deposits, withdrawals and 1% on transfers,” the company added in the statement.
