Cellulant shines at African financial technology awards

Kenya’s financial technology provider Cellulant was declared the winner of the Payments and Transfers segment of the 2016 African FinTech 100 awards held in Johannesburg, South Africa last Thursday.

Cellulant, whose fintech innovations are used by numerous banks and governments across nine countries in Africa, beat 93 fintech companies among them ATMs’ provider Interswitch and M-Pesa to clinch the trophy.

Speaking after he returned home from South Africa, Cellulant’s founder and chief executive Ken Njoroge described the award as candid proof that local fintech solutions have helped improve lives in Africa.

“Our team’s tireless input has created and sustained value for our customers in the banking sector, mobile money operators, merchants and retailers,” he said.

Other winners in the category were independent ATMs’ provider Interswitch and Sout Africa’s VoguePay.  Ken Njoroge and Nigerian Bolaji Akinboro founded Cellulant in 2004 and have seen it grow to become a continental company with offices in Kenya, Nigeria, Tanzania, Malawi, Uganda, Zambia, Ghana, Zimbabwe, Botswana and Mozambique.

Mr Njoroge added that plans were under way to enter new markets and that the award would help market their various products that are based on mobile phone and online platforms.

Cellulant first burst onto the scene with its ringtone business, which saw Kenyans access their favourite songs on their mobile phones at a fee with musicians earning royalties for the work.

They later diversified into short text message based premium innovations that led to cashless platforms which enabled banks to introduce mobile banking platforms.  

“We are just entering a new phase of growth increasing the coverage of countries we can serve our customers from the current 10 to 30. This award provides a shot of adrenaline for that starting line,” he said.

The African Fintech Award event provides entrepreneurs, bankers, investors and advisors with an opportunity to seek solutions and opportunities offered by fintech startups.

“We are working on new product lines that will enhance transformational work in agriculture and the fast moving consumer goods value chains,” he said.

In Nigeria, Cellulant formulated a short text messaging service that streamlined distribution of government subsidised fertiliser and wiped out graft helping improve food production across Nigeria.