Cellulant Exits Nigerian Mobile Money Sector, Shifts Focus to Business Payments
Cellulant, a leading African fintech company, has announced its exit from the Nigerian mobile money sector. The decision follows a series of events, including a license revocation and restructuring process.
In 2021, Cellulant acquired a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria (CBN). This license allowed the company to offer both online and offline payment solutions in the country. However, in 2023, the CBN revoked Cellulant's mobile money license, leading to a shift in the company's focus.
Cellulant attributes the delay in the license gazettement process to the revocation request made by the company itself. Following this, Cellulant has decided to concentrate on providing payment services to businesses instead. The company offers over 154 payment options in 34 countries, connecting 220 million users to a single inclusive network.
Founded in 2002 as a music streaming platform, Cellulant has since evolved into a leading fintech company. In spring 2024, Akshay Grover, the company's Chief Executive Officer, announced his resignation to pursue new personal and professional opportunities. Earlier, in January 2024, Grover stepped down due to personal matters.
In early 2023, Cellulant underwent a restructuring process and three rounds of layoffs due to funding difficulties.
Cellulant's exit from the Nigerian mobile money sector reflects the company's strategic shift towards business payment services. Despite the challenges faced, Cellulant continues to provide extensive payment options across multiple countries. The resignation of Akshay Grover, the former CEO, signals a new chapter for the company.
