Vendease restructures employee salaries, seeks fresh funding
- Vendease laid off 44% of its workforce, approximately 120 employees, in January.
- The company has shifted to a performance-based salary system with an Equity Share Option Plan (ESOP).
- All employees received a flat salary of ₦140,000 (~$90) in February, with plans for incremental increases based on performance.
Vendease's restructuring efforts reflect a necessary adaptation to challenging economic conditions, but the effectiveness of its new strategies remains to be seen. The reliance on performance-based compensation and the BNPL model could either stabilize the company or exacerbate existing financial pressures if not managed carefully. The upcoming months will be crucial for Vendease to prove its viability in a competitive market.
