Several Nigerian employees of global digital lender Branch International suddenly lost their jobs after the San Francisco-based company announced major layoffs across its African operations.
The cuts, which also affected staff in Kenya, were confirmed during a company-wide online meeting on April 17, 2026.
Workers received termination letters right after the meeting, stating that their last day was that same date.
Branch International, a digital lending and banking platform, has not shared how many Nigerian staff were affected.
Insiders said employees lost access to their work email and internal systems soon after getting the notices. Many called the layoffs a shock, saying that although a company-wide meeting was scheduled, no one expected job cuts.
The company insisted the decision was not due to financial trouble. In a statement, Branch said its Nigerian and Kenyan units made a profit in 2025, and the company earned about $30 million globally that year.
It also said its African operations have “significant cash on hand” and no debt. “This was not a move driven by financial distress.
Both our Nigeria and Kenya markets were profitable last year,” the company said again, calling the layoffs a “difficult decision to reduce headcount across some of our markets.”
Concerns about possible fundraising had spread within Branch offices, but the company denied any link between the layoffs and fundraising or debt financing.
It further stated that it is not actively seeking equity funding, emphasising that every market where it operates remains profitable.
Laid-off employees will receive a minimum severance of four months. Laid-off employees will get at least four months of pay, which includes salary, required notice, and payment for unused vacation days.
Branch also said health insurance for affected staff will stay active until the end of 2026. In global tech-driven firms, employees’ ability is such that profitability does not always guarantee job security.