Cellulant, one of Africa’s leading payments fintech company that powers payments for businesses, banks and payment providers, has today announced that CEO Akshay Grover will depart the company effective January 2024.
Grover, who initially joined the company as Chief Financial Officer in 2021, was appointed CEO in the same year, a position he has held for nearly three years.
Under his leadership, the fintech organization has strengthened its position both on the African continent and internationally. Under his tenure, it expanded to the Middle East and North Africa. His efforts have been pivotal in enhancing the Cellulant brand and driving the company’s strategic objectives.
Grover has decided to leave to focus on personal matters. More details about his departure have not been revealed.
“As Cellulant embarks on this transition, the company is committed to maintaining its momentum and continuing its growth trajectory,” reads an email for Cellulant.
The current CFO, Peter O’Toole, will oversee the organisation’s operations as Acting CEO.
Cellulant is further strengthening its leadership team with several seasoned senior leaders with international and pan-African experience in the payment space. The company will be making further announcements on this in the coming months.
In August 2023, Cellulant laid off 20 per cent of its staff as it restructured its business to become learner. Earlier in the year, it laid off 27 people across its market.
Cellulant’s payments infrastructure covers 35 markets in Africa. Today, Cellulant powers payments for thousands of businesses, processing 20 million monthly transactions valued at about $1bn. The company powers payments for global brands in various sectors, such as airlines, telecoms, e-commerce, ride-hailing, retail, banking and remittances. In the last year, 2023, its merchant payment processing witnessed a 60% growth in transaction volumes.