Wapi Pay has announced that that the company co-founders, Eddie and Paul Ndichu, will step aside as current Chief Executive Officers with immediate effect in order to allow investigations to take place.
According to a statement issued on Tuesday, October 19, Wapi Pay's Board of Directors announced that Elizabeth Kariuki would take over as interim CEO.
The Board affirmed its commitment to conclude the investigations within the next 30 working days.
"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," read part of the statement.
Soon after, Eddie Ndichu issued a statement regarding the development.
"I am extremely saddened by the incident being highlighted across online media platforms. At the moment, I cannot comment on this matter as it is being handled by the appropriate authorities."
"For now I have taken some time off to reflect on this embarrassing and unfortunate situations and will cooperate with all stakeholders to ensure a speedy conclusion of the matter," he stated.
The Ndichu brothers woes continue to mount after Eddie Ndichu stepped down as a board member of the Fintech company.
On the 19th of October, the Board members convened a special meeting during which Mr. Ndichu stepped down as a board member pending formal investigations into the matter.
Further, Kepple Africa Ventures, one of Wapi Pay's investors, withdrew its investment to pave way for investigations.
"In light of the alleged assault on women by the founders of our portfolio company Wapi Pay, we Kepple Africa Ventures hereby announce that we have zero tolerance on such conduct and announce that we will relinquish all the rights of our investment stake in Wapi Pay," read part of the statement.
