Cellulant loses mobile money licence in Nigeria, focuses on payments
TLDR
- Cellulant Nigeria's mobile money license revoked by CBN, subsidiary of pioneering fintech company Cellulant Corporation
- Transitioning out of consumer-facing mobile money market, focusing on providing payment services to businesses
- Cellulant obtains Payment Solution Service Provider (PSSP) license from CBN to align with Nigeria's fintech industry landscape
The Central Bank of Nigeria (CBN) has revoked the mobile money license of Cellulant Nigeria, a subsidiary of Cellulant Corporation, one of Africa’s pioneering fintech companies. The revocation, effective December 6, 2023, was communicated to the company via an official letter.
Following this development, Cellulant has opted to exit the consumer-facing mobile money market and shift its focus towards providing payment services to businesses. The company informed TechCabal via email that it had decided to transition out of the mobile money space as early as 2021.
In line with this strategic shift, Cellulant has obtained a Payment Solution Service Provider (PSSP) license from the CBN, which is now operational. This move underscores Cellulant's commitment to evolving its offerings and aligning with the evolving landscape of Nigeria's fintech industry.
Points clés à retenir
Cellulant, a company that secured $54.5 million in funding across three rounds between 2014 and 2018 from investors such as The Rise Fund, has encountered significant challenges in recent times. Following a prolonged leadership dispute with its former co-founder, Bolaji Akinboro, Cellulant underwent an out-of-court settlement. However, the aftermath of this dispute has posed difficulties in stabilizing operations and securing new funding for the company. In response to these challenges, Cellulant initiated a business restructuring in 2023, which included a 20% reduction in headcount in August of that year. Additionally, the company experienced a significant leadership change when CEO Akshay Grover stepped down in December, citing personal reasons. This departure prompted further layoffs within the organization and the appointment of an acting CEO to steer the company through this transition period.
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