- Moniepoint hires ex-Stanbic IBTC CFO Bayo Olujobi as CFO of its microfinance bank.
- The move aligns with Moniepoint's expansion strategy, hinting at potential aspirations beyond microfinance.
- Moniepoint recently attained unicorn status, processing over $150 billion in transactions annually.
- The fintech’s new CFO brings experience that could facilitate entry into the commercial banking landscape.
In a move that could signal its ambitions to enter Nigeria’s commercial banking sector, Moniepoint, one of Africa’s fastest-growing fintechs, has appointed former Stanbic IBTC Chief Financial Officer, Bayo Olujobi, as the CFO of its microfinance bank. This strategic hire underscores Moniepoint’s intent to bring in traditional banking expertise as it scales up and possibly positions itself to pursue a commercial banking licence in the future.
Moniepoint, which rebranded from TeamApt in 2023, has experienced rapid growth, recently reaching unicorn status with a valuation of over $1 billion following a $110 million Series C funding round led by Development Partners International (DPI).
Known for its large agency banking network and expanding personal banking services, the fintech serves more than ten million businesses and individuals, positioning itself as a central player in Nigeria’s financial services landscape.
Bringing traditional banking experience to fintech
Olujobi’s background in managing financial operations at a leading commercial bank aligns well with Moniepoint’s current trajectory and potential aspirations to transition into the commercial banking sector. With over five billion transactions processed in 2023 alone, Moniepoint’s scale requires advanced financial oversight — a need Olujobi’s experience at Stanbic IBTC is likely to meet effectively.
His expertise could also smooth the regulatory path if Moniepoint decides to expand its licensing or pursue a commercial banking licence.
CEO Tosin Eniolorunda has previously outlined Moniepoint’s mission to drive financial inclusion across Nigeria and Africa. By attracting executives with commercial banking backgrounds, Moniepoint not only strengthens its financial oversight but also gains regulatory insights necessary for operating at a commercial bank level. With Nigeria’s financial market still offering significant growth potential, Moniepoint’s latest hire positions it for a competitive edge in both traditional and digital banking sectors.
Expansion in Nigerian and African markets
Beyond Nigeria, Moniepoint has hinted at expansion across Africa, with Kenya among its potential first stops. The fintech’s operational model, rooted in agency banking and business loans, has proven effective in Nigeria and could see traction in other African markets where access to traditional banking remains limited.
However, scaling its regulatory footprint may require careful navigation, a responsibility likely to fall under Olujobi’s expanded role.
While the path to commercial banking is not yet clear, Olujobi’s addition could signal Moniepoint’s preparations for a future move. His tenure at Stanbic IBTC may provide Moniepoint with the regulatory and operational leverage to achieve such an ambitious goal if it chooses to pivot in that direction.
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This new leadership addition aligns with Moniepoint’s broadening vision to serve a full spectrum of financial needs across Africa, building on its recent recognition as one of Africa’s fastest-growing fintech companies.
