Cellulant on global list of top innovators

Ken Njoroge
Co-founder and CEO of Cellulant, Ken Njoroge. FILE PHOTO | NMG 

Kenyan-founded digital payments services provider Cellulant has been named as one of the emerging50 Fintech firms in the world by KPMG.

In its annual FinTech100 report, KPMG recognised Cellulant as one of three most innovative African tech companies in the financial services sector.

“Being listed as one of the only three African new and exciting companies that is disrupting the financial services industry globally is a vindication of our vision to become the leading financial services and payments brand in Africa,” said Cellulant’s Co-CEO Bolaji Akinboro. The firm was listed alongside ThisIsMe of South Africa and fromNigeria.

Cellulant was selected for operating a one-stop payments ecosystem in Africa; connecting businesses and governments to increasingly mobile consumers and landing one of the largest investment in the Fintech arena in Africa. Cellulant earlier this year sold a Sh4.8 billion stake to US-based social impact investment firm The Rise Fund, in a deal billed as one of the largest by a Kenyan fintech company.

The Rise Fund, a subsidiary of US based equity firm TPG, made the investment together with Endeavor Catalyst, a co-investment fund that specialises in growth equity investments, and Satya Capital, an independent venture firm with a focus on African business.


The new investors are the latest in a chain of international private equity firms that have been pouring tens of millions of shillings into Cellulant in recent years.

Cellulant’s list of shareholders includes Velocity Capital Private Equity, Progression Capital Africa Limited and TBL Mirror Fund.

“Cellulant is connecting a continent. In most of sub-Saharan Africa, nearly 90 per cent of all payments and transactions remain cash-based yet the rate of mobile penetration in Africa is currently at 43 per cent. We are innovating around digital payments to change this status quo.” said Cellulant co-CEO Ken Njoroge.

The tech firm now operates in 11 countries, with roughly 12 per cent of Africa’s mobile consumers now able to make payments using their services and products.