The Central Bank of Nigeria (CBN) has officially revoked the mobile money license of Cellulant Nigeria, a subsidiary of Africa’s fintech pioneer, Cellulant Corporation. The revocation, which became effective on December 6, 2023, follows Cellulant’s strategic decision to exit the consumer-facing mobile money space and focus on providing payment solutions to businesses.
According to a statement from Cellulant, the license revocation was not due to regulatory infractions but was initiated by the company itself. This shift in focus began as early as 2021, leading to Cellulant’s successful acquisition of a Payment Solution Service Provider (PSSP) license from the CBN, which now drives its operations.
The CBN, in its letter to the company, confirmed the revocation, stating it was based on Cellulant’s decision to discontinue using the mobile money license. Cellulant explained that the delay in finalizing the revocation process was due to procedural requirements by the regulator.
Once a leading name in Africa’s fintech space, Cellulant has faced significant challenges in recent years. After resolving a protracted leadership conflict with its former co-founder Bolaji Akinboro through an out-of-court settlement, the company has struggled to regain stability and secure additional funding.
In 2023, Cellulant initiated a business restructuring process, which included a 20% reduction in staff in August. By December, CEO Akshay Grover stepped down for personal reasons, prompting another round of layoffs and the appointment of an acting CEO.
Cellulant’s pivot from the mobile money sector to business-focused payment solutions reflects its broader effort to streamline operations and navigate a challenging period in its history.
