Nigeria’s fintech company Moniepoint, led by tech entrepreneur Tosin Eniolorunda, is restructuring its engineering and product teams, eliminating some positions while creating new roles as the fintech seeks to simplify how it develops and operates financial products. The company is offering affected employees five months’ salary to leave voluntarily and expects to complete the process by the end of December, according to two employees familiar with the matter.

The changes, announced internally on Monday, Oct. 19, introduce smaller teams responsible for products from development through daily operations. Moniepoint is also creating platform architect positions to oversee shared technology infrastructure, shifting responsibility toward individual teams and away from the layers of coordination that can slow larger technology businesses.

A leaner technology structure

Moniepoint has expanded from a single product into a financial services group spanning payments, banking, credit and business management. That growth brought additional engineers and product managers, along with more internal tools and management processes. The restructuring seeks to give smaller teams greater independence while making accountability for product performance clearer.

A company spokesperson said the changes should not be considered layoffs. Moniepoint did not disclose how many employees could be affected. Two employees, who requested anonymity to discuss internal matters, said staff were offered five months’ salary to resign voluntarily, although the company could reject applications from workers whose skills remain necessary.

The voluntary exit window closed Friday, Oct. 23, and employees are expected to learn whether their positions are affected between Nov. 2 and Nov. 11. Moniepoint said it would consider affected workers for available positions elsewhere in the business before pursuing redundancies where suitable alternatives cannot be found.

Why some roles are disappearing

“As part of Moniepoint’s regular strategic review of operations, the management is restructuring the engineering and product functions for the next stage of growth,” the company said in a statement shared on Monday. It said the new structure would organize work into platform groups comprising focused product-area teams with end-to-end ownership.

The changes affect backend, frontend and mobile engineers, quality-assurance specialists and product managers across the countries where Moniepoint operates. Employees will be assessed on delivery, adaptability, work quality, performance history and length of service. Engineering leaders will score staff, with human resources reviewing assessments across teams before positions are confirmed as redundant.

The shift could reduce the need for some coordination-heavy roles. Product managers often translate business requirements into specifications, set priorities and coordinate work between design, engineering and quality-assurance teams. Giving smaller teams responsibility for both building and operating products can reduce handoffs and shorten development cycles.

Moniepoint said the structure was designed to give employees greater autonomy and clearer accountability while improving development speed, operational reliability and service consistency as the business expands into new markets. The creation of platform architect roles also signals a greater emphasis on shared systems supporting its growing portfolio of financial products.

Expansion continues despite cuts

Founded in 2015 as TeamApt, Moniepoint reached unicorn status in October 2024 after raising $110 million in a Series C funding round. The company says its subsidiaries process more than $400 billion in digital payments annually, while its agent network covers all 774 local government areas in Nigeria.

Its expansion has continued beyond its home market. In March, Moniepoint acquired a 78% stake in Kenya’s Sumac Microfinance Bank. In August, it began phasing out MonieWorld, its U.K. remittance product, less than 18 months after launch, highlighting how the company is adjusting its portfolio as it pursues growth.

The restructuring also comes alongside recruitment. One employee said Moniepoint hired more than 120 people in October, while another said the company had recruited several department heads from outside Nigeria. In May, CEO Tosin Eniolorunda said the company was struggling to fill about 500 vacancies, later clarifying that the shortage involved senior technical talent.

AI adds to industry pressure

Moniepoint has also discussed internally how artificial intelligence could streamline product management, according to one employee. The company has not identified AI as a driver of the restructuring, but the discussion comes as technology businesses reassess staffing and productivity amid advances in automation.

In February, Nigerian cryptocurrency startup Zap Africa cut 44% of its workforce, describing the move as part of an AI-driven efficiency shift. Moniepoint’s changes reflect a different stated rationale: reorganizing teams around product ownership while continuing to recruit, as the fintech balances operational efficiency with ambitions to expand its financial services business.