The Board of Directors of Wapi Pay has announced the appointment of Elizabeth Kariuki as the interim Chief Executive Officer (CEO) of the Kenyan fintech startup. This was disclosed in a press statement.
The appointment of Kariuki comes after Paul Ndichu and Eddie Ndichu were allegedly caught on camera assaulting two women.
Responding to the allegations, Wapi Pay said: “The allegations and video currently being shared on social media albeit horrific and regrettable, do not depict the true events that transpired that night. To be clear, Paul and Eddie got involved in an attempt to neutralise a confrontation between two women and to defend themselves from certain aggressors.”
Now the backlash from the video has resulted in Kepple Africa Ventures, one of the investors in its recent $2.2 million fundraise, revoking its investment in the fintech startup and forcing the brothers to step aside.
The statement announcing the appointment of Kariuki reads: “The Board of Directors of Wapi Pay would like to announce that the Company co-founders, Eddie Ndichu, who is the Chief Executive Officer, and Paul Ndichu, the current Executive Directo, will step aside with immediate effect to allow investigations to take their course.
“The Board commits to conclude on this matter within 30 working days. Elizabeth Kariuki, the current Chief Operating Officer, will take up the Chief Executive Officer role on an interim basis.
“As indicated earlier, Wapi Pay is built on and practices a culture of respect for all its stakeholders, employees, and customers and does not tolerate any form of discrimination, including but not limited to any form of gender-based violence. Wapi Pay remains focused on delivering financial innovation to the mass market.”