Cellulant, Africa’s leading payments company, has won the Award for Excellence in Embedded Fintech at the seventh edition of the Africa Fintech Summit in Washington, D.C., alongside the Spring Meetings of the IMF and World Bank last month
The Africa Fintech Summit brings together diverse stakeholders in the fintech space, offering an avenue for exploration of ideas, mobilisation of investments, and collaborations across sectors and geographies. The summit highlights the issues and opportunities in African finance and the entrepreneurs driving the revolution on the world’s stage.
The awards ceremony dubbed the Annual Excellence in Fintech Awards recognises African fintech stakeholders to enable Africa's entrepreneurial ecosystem and drive financial inclusion and literacy through innovation.
Cellulant was recognised for building payment rails that enable access to financial services for both businesses and individuals, thereby offering a seamless payment experience.
Embedded finance is posited to accelerate growth and drive innovation across Africa. According to a report by Research and Markets, the embedded finance industry in Africa and the Middle East is forecasted to grow by 45.3% annually, leveraging on strategic partnerships to drive financial inclusion. By integrating financial products tailored to a user’s need within a business infrastructure, customers can access financial services faster and seamlessly. Users gain access to money-related services when they need them.
Commenting on the recognition for its embedded fintech solutions, Cellulant’s CEO Akshay Grover stated, “The payments market in Africa is growing rapidly, ranking second globally with digital financial services as a key driver. Consequently, this raised the level of financial inclusion to 43% in 2017 from 23% in 2011. For Cellulant, by providing the rails for global, regional and local businesses to own their financial journey, we’re unlocking opportunities for the people to become financially independent and empowered.”
On the panel ‘Embedded Everything’ discussing the impact of embedded finance, Milkah Wachiuri, Cellulant Group’s chief of growth, stated, “Whereas access to financial services is still a distant reality for many on the African continent, the strides made towards financial inclusivity in recent years have been significant. Embedded finance drastically reduces the adoption friction of financial products, shifting the payment experience for customers, and enabling realisation of financial and economic inclusion goals for more Africans.’’