Cellulant reportedly exits Nigeria’s mobile money industry. One of the big players in African payments, Cellulant has now decided that it is time to take a bow from the mobile money scene in Nigeria.
Cellulant Exits Nigeria’s Mobile Money Industry
The Central Bank of Nigeria (CBN) recently revoked Cellulant’s mobile money license as the company opted to shift its focus towards serving businesses rather than individual users. However, Cellulant asserts that the decision was amicable and not a consequence of any rule violations or dubious activities.
It was more of a mutual understanding, with Cellulant actively seeking the license revocation to facilitate its transition towards offering payment services tailored for businesses.
This strategic shift has been in the works since 2021, with initial indications seen when the company renewed its PSSP license in February 2023. That renewal marked the beginning of Cellulant’s trajectory towards expanding its offerings to include comprehensive online and offline payment solutions for businesses operating across Nigeria.
Cellulant’s Evolution over the Years
Founded as a music streaming platform in 2002, Cellulant has undergone significant evolution over the years. Today, it stands as a prominent player in the fintech sector, specializing in digital payment solutions and overseeing a vast network encompassing retailers, banks, and other entities across Africa.
Cellulant’s Challenges Along the Way
Nevertheless, Cellulant has encountered its fair share of challenges along the way, including periods of restructuring and workforce reductions. Adding to the complexity, the company saw its CEO, Akshay Grover, stepping down in January 2024, citing personal reasons as the primary driver behind his decision.
Cellulant’s Commitment to Innovation and Growth within the Fintech Landscape
Despite these hurdles, Cellulant remains steadfast in its commitment to innovation and growth within the fintech landscape, leveraging its expertise and network to continue delivering value-added solutions to businesses in Nigeria and beyond.
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