Kippa shuts down its offline payments product, KippaPay

Nigerian fintech, Kippa announced that it is pulling back its offline payments product, KippaPay from the market. KippaPay was introduced last year, after it obtained a Super Agent Banking Licence from the Central Bank of Nigeria, to support merchants with offline payments and agency banking through its POS terminals.

Last year, it raised $8.4 million in a seed round to develop financial products that help SMEs grow their businesses and grow its team in Nigeria.

Founded in CEO Kennedy Ekezie, Duke Ekezie and Jephthah Uche in February 2021, Kippa is financial management platform specifically developed for SMEs to manage their businesses. It helps businesses manage their finances, track and keep records of their income and expenses, as well as send reminders to debtors.

Kennedy Ekezie, in a company announcement, stated that the “company decision is related to profitable product portfolio consolidation.”

At the height of the business, KippaPay was serving over 500,000 merchants within its network, recording an annual transaction value of over $3 billion.

“Starting November 15th, our KippaPay product will no longer be available for use by merchants. In the weeks leading up to this, we will provide support for our merchants and partners helping them transition off the product and resolve any pending settlements.”

Kennedy Ekezie

With this development, the company is letting go of the core of its team supporting the KippaPay product in December 2023. Though it did not mention the number, it is reported that about 40 employees have been notified.