Metro Africa Xpress (MAX), a Nigerian mobility financing startup, laid off 150 employees, or 30% of its workforce, in January. This decision was part of the company’s shift to focus solely on financing electric vehicles (EVs) as it aims to fund 120,000 EVs across Nigeria, Ghana, and Cameroon. Previously, MAX financed both EVs and internal combustion engine vehicles under a rent-to-own model.
MAX explained that the layoffs were linked to the company’s transition to EVs, and while employees were offered support such as health insurance and job placement help, no severance packages were provided. Additionally, the company implemented measures to reduce its carbon footprint, including cutting energy usage in its offices. MAX has been raising significant capital to support its expansion, including a partnership for developing EV charging stations.
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