Branch International, a digital lending company backed by Visa, has laid off employees in Nigeria and Kenya even though it says the business made a global profit of about $30 million in 2025.
The San Francisco-based fintech is one of Africa’s biggest app-based lenders. It confirmed that jobs were reduced in parts of its operations, but said the decision was not due to money problems. Instead, it described the move as part of wider changes to how the company runs its business.
For many staff, the layoffs came as a shock. Several workers said they were told during a global company meeting on 17 April. Soon after the meeting, affected employees were sent termination notices that took effect immediately. Some also lost access to company systems and email accounts shortly afterwards.
One former employee said staff knew about the meeting but did not expect job losses to be announced. The sudden nature of the cuts has raised concern among workers.
Branch said both its Nigeria and Kenya operations were profitable in the last financial year. It also said the group as a whole recorded around $30 million in profit for 2025 and held strong cash reserves with no debt.
Despite this, the company said it had to make “difficult decisions” as part of operational adjustments. It denied any link between the layoffs and fundraising plans. Some employees had believed the company was preparing to raise new funding, which made the job cuts even more unexpected.
The company also said it would support affected staff with what it described as generous severance packages. These include at least four months of pay, notice pay, and payment for unused leave days. Health insurance cover will continue for some workers until the end of 2026.
Branch was founded in 2015 and has grown into a major digital lender in Africa and other markets including Tanzania and India. It offers quick loans through its mobile app and says it has served more than 13 million customers and issued over 54 million loans worth more than $1.8 billion.
The company has raised more than $274 million from investors, including Visa. In 2022, it expanded further in Africa by acquiring a controlling stake in Kenya’s Century Microfinance Bank.
The layoffs highlight a wider shift in Africa’s fintech sector, where many fast-growing companies are now focusing more on efficiency and profitability after years of rapid expansion driven by investor funding.
