Moniepoint, recently ranked as Africa’s fastest-growing fintech company, has confirmed the appointment of Bayo Olujobi, former Chief Financial Officer at Stanbic IBTC, as the CFO of its microfinance division. This move has sparked industry speculation that Moniepoint may be laying the groundwork to transition from microfinance to full-fledged commercial banking.
After undergoing a rebrand from TeamApt in 2023, Moniepoint has moved on to greater heights, reaching a valuation of over $1 billion. This followed its $110 million Series C funding, spearheaded by Development Partners International (DPI). With its extensive agency banking network and expanding financial services, Moniepoint serves over ten million users across Nigeria which confirms its place as a major player in the country’s fintech playing field.
Experience Meets Ambition
Meanwhile the company believes Olujobi’s experience at Stanbic IBTC equips him with insights into regulatory frameworks and financial management at a high level, assets that may become essential if Moniepoint opts to pursue a commercial banking licence. With Moniepoint processing over $150 billion in annual transactions, the company requires the calibre of financial oversight that professionals like Olujobi can offer.
CEO Tosin Eniolorunda’s Vision
According to Moniepoint’s CEO Tosin Eniolorunda, the company’s mission is to drive financial inclusion across Nigeria and other African nations. Recruiting executives with commercial banking experience will not only strengthen Moniepoint’s operational strategy but also help it scale regulatory obstacles. This latest addition positions Moniepoint for competitive growth in both traditional and digital banking sectors.
Growth Beyond Borders
Moniepoint’s expansion plans may soon extend to other African countries, with Kenya being a possible starting point. Its agency banking model has proven successful in Nigeria, and with regulatory expertise like Olujobi’s, scaling this model to new markets could be key towards accelerating growth in regions where conventional banking services are limited.
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[…] a leading Nigerian fintech, just as recently predicted after it hired a new CFO , is setting its sights on obtaining a commercial banking license from the Central Bank of Nigeria […]