Cellulant Ltd, one of Africa’s recognised payment companies, has had a leadership change as Akshay Grover, who took on the role of Group CEO in July 2021, stepped down from his position this month.
Akshay Grover, who initially joined Cellulant as the Chief Financial Officer in January 2021, later assumed the role of Acting CEO in May 2021 following the resignation of the company’s longtime CEO and co-founder, Ken Njoroge.
Following the development, the company emphasized its focus on maintaining momentum and sustaining its growth trajectory despite this change in leadership.
Peter O’Toole, currently serving as the Chief Financial Officer, has been appointed as the Acting CEO in the interim period. Cellulant has also announced plans to incorporate new names into its leadership team in the coming months.
Cellulant, founded in 2003 as a ringtone-selling platform with an initial investment of $3,000 from its co-founders, has undergone commendable changes over the years. Originally faced with challenges when Safaricom, Kenya’s leading telco, began offering a similar music service for free, Cellulant grew from its initial B2C model to connect banks to the M-PESA payments ecosystem.
The company expanded its operations to Zambia, Ghana, and Botswana, strengthening payment partnerships with international entities such as StanChart. Before the onset of the 2020 COVID-19 pandemic, Cellulant had successfully raised funding across three rounds – $1.5 million, $5.5 million, and $47.5 million. In 2022, the company was actively pursuing a $100 million Series D round, which was later put on hold.
Despite its previous successes, Cellulant faced challenges in 2023, a year that saw the company undergo restructuring to adapt to a challenging business environment. In early 2023, 27 staff members were laid off, and by August 2023, the company had to dismiss 20% of its workforce. These strategic changes were communicated as necessary steps towards achieving “leaner and efficient operations.”
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