Zap Africa cuts 44% of staff as crypto market downturn forces restructuring

Zap Africa, a Lagos-based Nigerian cryptocurrency startup, laid off 44% of its workforce in February 2026, reducing staff from 18 to 10 employees. The cuts affected design, operations, marketing, and support teams as part of a restructuring to align costs with revenue-generating activities. Layoffs began in December 2025 with five roles eliminated before the February cuts affecting eight roles, according to former employees. Co-founder Moore Dagogo Hart stated the changes were a targeted internal restructuring, not a company-wide layoff, and that affected employees received severance support. The company claims operational stability with sufficient capital to continue its roadmap. The restructuring reflects broader crypto market pressures: global prices fell $2 trillion since October 2025, reducing retail trading activity. Operational issues like a 2024 double-counted deposit and 2025 fraudulent transfer also contributed to the need for cost-cutting. Zap Africa previously raised $300,000 in pre-seed funding and reported $100,000 monthly revenue from $500,000 weekly transactions in 2025, though retail activity has since slowed.

SOURCE: https://techcabal.com/2026/02/28/zap-africa-layoffs/