Amidst a global shift towards digital innovation, few industries have witnessed as much transformation as the payment sector in Africa. For instance, over the last decade in Nigeria, numerous companies have been adopting alternate means of payment for faster business transactions and reconciliation. Leading this payment transformation is Cellulant; an African payments company at the forefront of innovation, paving the way for accessible, efficient, and alternative secure payment solutions for merchants and consumers alike across the continent.
in the last five years specifically, Cellulant’s commitment to digital payment and business excellence in Nigeria hasn’t’ gone unnoticed, which is why; today, one of our correspondent chats with Peter Kwakpovwe, one of Cellulant’s key players driving this digital payment Innovation; to understand; his journey to Cellulant, Impact on implementing and driving digital payment in southern Nigeria, as well as his vision for the future of digital payments in Africa.
Can we know Peter Kwakpovwe?
I am a graduate of Natural Science from Delta State University, where I obtained a Bachelor’s degree in Biochemistry. Before my current role, I garnered experience in the telecommunications and mobile phone OEM industries. In 2016, I transitioned to Celulant, assuming the position of Regional Sales Manager. Over the years, Celulant has emerged as a leading PTISP (Payment Terminal Infrastructure Service Provider), boasting a robust platform with over 10,000 active merchants. Outside of work, I am happily married and come from a family of five, where I hold the second position.
Please tell us more about your background.
What initially drew you to Cellulant, what role you play within the company and its significance in the African payments landscape?
I became interested in joining Cellulant when I got a profound understanding of their commitment to business prosperity in Africa and compelling vision – create a $10 million enterprise by Africa for Africa, connecting everyone to everything. My role within the company is primarily focused on driving growth by onboarding merchants and facilitating their integration into our payment ecosystem; hence, bringing new merchants into the fold and ensuring they seamlessly connect to our payment gateway. Our work at Cellulant holds immense significance in the African payments landscape as it enables us to build a payment system tailored specifically for Africa, by leveraging local expertise and understanding of the market. We position ourselves as the “ISP of money” in Africa, drawing parallels to Internet Service Providers (ISPs) that connect individuals to the Internet. Similarly, we connect those who are financially underbanked, particularly in rural areas, through our innovative Neighbourhood Banking Service (NBS).
What are some key accomplishments or milestones that Cellulant has achieved under your leadership between when you served as regional manager in 2013 and now that you are the National Manager in southern Nigeria?
Under my leadership in the Southeast East region, I successfully grew Cellulant’s brand visibility and product presence in the 7 southern states (Delta, Edo, Akwa Ibom, Cross River, Anambra, Enugu, and River state) from 0% to 78%, capturing a significant 39% market share. I spearheaded the growth of our merchant base from zero to 10,000 active merchants, effectively expanding our network and reach within the region. Through strategic initiatives and partnerships, I substantially increased the Gross Payment Value (GPV) transactions across the 7 states to $15,000,000 on a week-on-week basis, reflecting a robust growth trajectory. Also, I successfully reduced the merchant churn rate by 85.7%, ensuring greater stability and continuity in our merchant network by implementing targeted retention strategies and fostering strong relationships with merchants. I consistently maintained our Point-of-sale (POS) terminal activity at a high level of 89% month-on-month (MoM), ensuring the reliability and efficiency of our payment infrastructure.
Could you elaborate on the strategies you implemented to increase the merchant base from 0 to 10,000?
We understand that you recently won the award for Best Performing Manager, Southern region. What do you attribute these achievements to?
Winning the Best Performing Manager, Southern Region award was indeed gratifying, and I attribute these achievements to the collective efforts of our team and the unwavering support of our partners and stakeholders. Working alongside them at the forefront of building our regional presence is one of my truly proudest moments.
What motivates you to continually drive growth and excellence within your team and the company as a whole?
My firm belief in the power of collective effort and the potential for individual and organisational growth motivates my desire for growth. I adhere to the management mantra that “a team is only as strong as its weakest link.” With this in mind, I am committed to fostering an environment of continuous improvement and development within my team. I recognize that each team member plays a crucial role in achieving our regional goals and objectives. Therefore, I am dedicated to supporting their growth and success.
How do you envision the future of digital payments in Africa, and what role do you see yourself and Cellulant playing in that future?
Lastly, what advice would you give to aspiring leaders in the payments and fintech industry based on your experiences at Cellulant?
It’s essential for leaders to maintain stability of spirit in the face of adversity, remaining resilient and adaptable in addressing these challenges. Leaders and payment service providers must have a clear and robust value proposition that addresses real challenges faced by their target audience. Understanding the needs and pain points of customers is crucial for developing innovative solutions that deliver tangible benefits. Building and deploying assets in areas where they are most needed is essential for making a meaningful impact in the payments industry. Leaders should prioritize investments in technology, infrastructure, and human capital to build scalable and sustainable solutions that address the needs of underserved communities. It’s important to approach regulatory compliance with diligence, staying informed about evolving regulations and proactively addressing compliance issues to ensure business continuity and growth. Also, collaborating with industry partners, regulators, and other stakeholders can help unlock new opportunities and drive collective growth.