Kelvin Bowoto
The company claimed that their plan to switch to supplying payment solutions began “as early as 2021,” resulting in acquiring a Payment Solution Service Provider (PSSP) license from the CBN, which was approved and is now functioning.
Remember that on February 16, 2023, it announced the renewal of its PSSP license? The license enables the company to safely deliver online and offline payment solutions, such as collections, check-out, biller aggregation, and payout services, to thousands of businesses in Nigeria.
Cellulant was founded in 2002 as a music streaming platform and has now rebranded as a fintech company that provides services such as digital payments and manages an ecosystem of retailers, merchants, banks, mobile network operators, governments, and foreign development partners.
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The company works physically in 18 African nations, claims to offer over 154 payment alternatives in 34 countries, and connects 220 million customers to a single inclusive network, enabling interoperability.
Recently, Cellulant has made headlines for a variety of reasons. After struggling to secure funds, it began a restructuring process in early 2023. Throughout the year, the company laid off three employees, citing “strategic operational adjustments” aimed at enhancing efficiency and supporting growth.
Fast forward to January 2024, and the CEO of the company, Akshay Grover, stepped down to “focus on personal matters.”
Techrectory with Agency Report.
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