Branch lays off workers in Nigeria, Kenya despite $30 million global profit

Digital lender Branch has cut jobs in Nigeria and Kenya, even after reporting a global profit of $30 million for the 2025 financial year. The fintech company confirmed the layoffs but did not disclose the number of employees affected.

Workers were told about the sack during a global all-hands meeting on April 17. They received immediate termination emails that took effect the same day. One former employee told TechCabal that staff did not expect the cuts. “We were aware of the company-wide meeting, but we didn't know that people would be laid off,” she said.

Branch said the layoffs were not due to financial trouble. In a statement, the company said: “This was not a decision driven by financial distress. Both our Nigeria and Kenya markets were profitable last year, and Branch International declared a global profit of approximately $30 million for the 2025 financial year.” The firm also said its African operations have substantial cash on hand and no debt.

Affected workers received severance packages that include at least four months of salary, notice pay, and payment for unused vacation time. Health insurance will continue through the end of 2026. Branch said: “Employees impacted by this decision were provided with extremely generous severance packages, and we are grateful for their contributions to Branch.”

Branch was founded in 2015 and offers digital loans and banking services in Kenya, Nigeria, Tanzania, and India. It has served over 13 million customers and disbursed more than 54 million loans worth over $1.8 billion. The company has raised over $274 million from investors including Visa and Foundation Capital.