Cellulant, the Kenyan-based payments firm is laying off 20% of its workforce. The restructuring exercise the fintech says is expected to be implemented in the coming days.
In an email sent to staff by the CEO and seen by TechTrends Media, Cellulant says it’s moving towards a learner-product-led organisation.
‘’We are keen to drive initiatives that will boost efficiency in our operations such as such as business process automation to support our operations in multiple geographies. Will continue to allocate capital in areas that will drive the growth of the business and ensure we remain a market-leading player in the industry’’ the email read.
‘’The proposed initiatives will lead to a consolidation of key functions and the creation of new roles. These actions will result in the reorganisation of select roles and will impact 20% of our current headcount’’ the email further reads.
‘’The decisions we have made, tough as they are critical to our future success and being a leader in bringing to the market innovative products and solutions that our customers benefit from.
In a separate statement, Akshay Grover Cellulant Chief Executive Officer who took over the role in 2021 said the company is adopting a product-led structure as its anchor for increased growth across the continent.
‘’This is part of its new organizational strategy that will see the company enhance its service offerings to evolving customer needs across the 19 countries it operates in.’’
“We remain cognizant of the ever-dynamic operating environment, influenced by many factors not limited to technological changes, consumer needs and market dynamics,” he added.
Cellulant started operations in Kenya in 2003 and has since grown to become one of the largest pan-African payments companies offering both online and offline payments. The firm has businesses across various sectors such as oil and gas, ride-hailing, e-commerce, travel, logistics, retail, airlines, and fast-moving consumer goods, in its client list.
“Cellulant has come a long way to become a leader in the pan-African payments space. Innovation, efficiency, and agility will underpin our narrative over the next few years, and these are the first of critical steps,” he said.