Companies

Global foundation names Cellulant boss social entrepreneur of the year

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Cellulant CEO Ken Njoroge. FILE PHOTO | NMG

Cellulant co-founder and chief executive officer Ken Njoroge was named this year’s Social Entrepreneur of the Year by the Schwab Foundation, affiliated with the World Economic Forum (WEF).

The foundation annually identifies and recognises leading social entrepreneurs from around the world.

Schwab Foundation said the award to Mr Njoroge was in recognition of Cellulant’s work in building digital payments and financial services that enable businesses and consumers in different sectors, including retail, agriculture, transport, logistics and e-commerce, to access services.

“Over the past couple of years, Ken has invested time in training and advising the next generation of entrepreneurs, and contributing to the growth of the entrepreneurship ecosystem in Africa,” the foundation said.

Mr Njoroge said the award was a recognition of innovation that goes into solving social problems.

“It is also a celebration of the great work that our teams at Cellulant have done over the last 15 years,” he said.

Cellulant was founded by Mr Njoroge and Nigeria national Bolaji Akinboro, who serves as the group’s co-CEO.

The digital payments provider is valued at Sh10.8 billion, according to regulatory filings earlier this year that were related to an ongoing share sale to The Rise Fund, a US firm.

Cellulant sold a 44.04 percent stake valued at Sh4.8 billion to the US-based social impact investment company in May last year in what was billed as one of the largest such deals by a Kenyan fintech company.

At a value of Sh10.8 billion, the tech firm is bigger than many Nairobi Securities Exchange-listed firms.

Cellulant had earlier indicated it plans to venture into two new African markets as well as upgrade its payment infrastructure to suit emerging demands.