Cellulant Ltd, one of Africa’s recognized payment companies, has announced a change in its leadership position as Akshay Grover, who took on the role of Group CEO in July 2021, stepped down from his position this month.
Akshay Grover joined Cellulant as the Chief Financial Officer in January 2021. He later assumed the role of Acting CEO in May 2021 following the resignation of the company’s longtime CEO and co-founder, Ken Njoroge.
In the interim, Peter O’Toole, the Chief Financial Officer, has been appointed as the Acting CEO. The company plans to incorporate new names into its leadership team in the coming months.
The company emphasized its focus on maintaining momentum and sustaining its growth trajectory despite this change in leadership.
Founded in 2003 as a ringtone-selling platform with an initial investment of $3,000 from its co-founders, has undergone commendable changes. 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 Stan Chart.
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