Nigerian fintech Moniepoint, valued at over a billion dollars following a recent $110 million funding round, has appointed Bayo Olujobi as Chief Financial Officer (CFO) for its microfinance bank subsidiary, Moniepoint MFB. Olujobi joined Moniepoint in March 2024 after serving as CFO at Stanbic IBTC Bank and as a non-executive director at Stanbic IBTC Capital, bringing nearly two decades of finance expertise to the fintech company.
His appointment follows Moniepoint MFB’s partnership with Nigeria’s Corporate Affairs Commission (CAC) to support the digitization of operations for over 2 million small and medium-sized businesses. With Moniepoint’s ambitious plans to onboard 30 million businesses within five years, Olujobi’s experience will be vital as Moniepoint expands its offerings, including digital payments, banking, FX services, credit, and business management tools across Africa.
Olujobi expressed enthusiasm for Moniepoint’s approach, highlighting the company’s efforts to provide secure, convenient banking solutions that meet consumer demands. His appointment reflects an industry trend where fintechs are increasingly attracting talent from traditional banking institutions, particularly as compliance and regulatory requirements grow. Since April, Moniepoint and other Nigerian fintechs have intensified efforts to recruit experienced banking professionals to strengthen their operations and compliance capabilities.
This strategic hiring signals Moniepoint’s commitment to compliance and robust financial management as it scales its services and pursues a larger share of the African fintech market.