Cellulant Appoints New CEO After Akshay Grover's Exit

Cellulant, a leading Pan-African payments technology company, has announced the appointment of Peter O’Toole as its new Chief Executive Officer, effective from October 1, 2021.

O’Toole, who joined Cellulant as the Chief Financial Officer in January 2021, will replace Akshay Grover, who has left the company due to personal reasons.

Grover had taken over the CEO role from Cellulant’s co-founder and long-time leader, Ken Njoroge, who stepped down in June 2021 after 18 years at the helm of the company. Njoroge remains a shareholder and director on the board of Cellulant.

O’Toole brings to Cellulant over 20 years of experience in the technology, media, and communication sector, having previously served as the Chief Investment Officer at ISON, a Nairobi-based pan-African IT services company.

He is also a passionate advocate of entrepreneurship in Africa and leads the African chapter of TiE, a global organization that supports and nurtures entrepreneurship. He is also an active angel investor.

In a statement, Cellulant’s chairman, Sam Kiruthu, expressed his confidence in O’Toole’s ability to lead the company to the next phase of growth and innovation.

“We are delighted to appoint an executive of Akshay’s calibre and experience to the role. Akshay has been instrumental in transforming Cellulant into a merchant-centered payments business, with a single platform that enables businesses to collect and make payments seamlessly across Africa.

During the time that Akshay has served as acting CEO, the board has been impressed with his commitment to openness, attention to detail, and an unrelenting focus on the future of the business.

Akshay has demonstrated he possesses the skills, attitude, and vision to lead the management team to deliver on Cellulant’s future and mission.”

O’Toole said he was honored and excited to take on the CEO role and thanked Grover and Njoroge for their contributions to Cellulant.

“I am honored and excited to take on this role and lead Cellulant to the next level of growth and impact. I would like to thank Akshay and Ken for their leadership and mentorship, and for entrusting me with this responsibility. I look forward to working with our talented and dedicated team, our valued customers and partners, and our supportive board and shareholders, to continue delivering on our vision of enabling seamless payments for businesses, banks, and consumers across Africa.”

Cellulant, which was founded in 2002, operates in 18+ countries in Africa and connects businesses with over 120 banks and 40 mobile network operators in the continent.

The company offers a range of payment solutions, including consumer payments, payment collection, digital banking, digital financial empowerment, and other services.

Cellulant has been recognized as one of the top 20 digital economy leaders in Kenya by the Digital Economy Magazine and as one of the most innovative companies in Africa by Fast Company.

January 5, 2024

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.