Kenyan eCommerce startup Wasoko and Egyptian business MaxAB are planning to reduce their workforce by around 10%, affecting about 4,000 employees.
This decision follows their announcement in December 2023 about a merger aimed at serving 65 million customers in eight African markets.
Even as Belal El Merghabel, MaxAB CEO, and Daniel Yu, Wasoko CEO, lead the newly merged company, both CEOs have assured that affected employees will receive severance benefits in accordance with local laws.
Wasoko operates in major cities across Kenya, Tanzania, Rwanda, Uganda, Zambia, and the Democratic Republic of the Congo, serving over 200,000 shop owners. MaxAB caters to more than 150,000 shop owners in Egypt and Morocco.
The companies believe that their merger, forming arguably Africa’s largest tech merger, will create a digital retail platform that serves over 450,000 merchants and provides essential goods to 65 million consumers in eight African countries.
Importantly, impacted workers will be able to retain their stock options even after leaving Wasoko and MaxAB.
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