African payments technology leader Cellulant has appointed Darren Makarem as its new Chief Financial Officer, strengthening its executive team amid sustained momentum following profitability in 2024.
Makarem, a seasoned finance executive with more than 20 years in digital finance and fintech, joins from his most recent role as CEO of OnRamp, a Bangkok-based fintech specializing in payment orchestration, neo-banking, and digital assets. He previously served as Global CFO at travel technology giant Agoda, where he oversaw a high-volume payments network handling approximately $12 billion in annual transaction volume, managing complex multi-currency settlements, conversion optimization, and scalable infrastructure demands.
Makarem said on his official LinkedIn Page:
“I’m delighted to share I have started a new role as CFO at Cellulant, one of Africa’s largest payment fintechs.
Three weeks into my journey in Nairobi, and the scale of the opportunity here is even more exciting than I imagined!”
He continued: “The African payments landscape isn’t just “growing” – it’s being completely transformed. With the digital payments economy projected to reach $1.5 Trillion by 2030, 9 of the world’s 20 fastest-growing economies located on this continent, and some of the most innovative payment options opening financial services to huge swathes of the local population, Africa isn’t just following global trends; it’s setting them.”
His career also includes senior finance leadership at Binance as CFO for APAC and LATAM regions, alongside earlier roles starting at EY in England. An ACA-qualified accountant, Makarem holds an MBA from the Kellogg School of Management.
The appointment aligns with Cellulant’s strategic push to solidify its position as the go-to payments partner for global and regional enterprises across the continent. The company now processes over 4.5 million transactions daily on its infrastructure spanning multiple African markets, building on its achievement of profitability in 2024.
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“Darren doesn’t just understand the numbers; he understands the customer,” said Cellulant CEO Peter O’Toole. “His experience as a high-volume user of payment services at Agoda gives him a unique perspective on what businesses need to grow. He will leverage these insights to build a finance centre of excellence, ensuring our financial operations are as innovative, agile, and customer-centric as our products.”
Makarem expressed enthusiasm about the opportunity: “What excites me about Cellulant is the quality of what has already been built—a deep payment network, strong enterprise partnerships, and a real focus on customer value. My priority is to ensure the business has the financial discipline, insight, and operational support to move fast, stay bold, and keep delivering.”
