Nigerian fintech giant Moniepoint, fresh off a $110 million funding round that pushed its valuation past the billion-dollar mark, has appointed seasoned finance executive Bayo Olujobi as the Chief Financial Officer (CFO) of its microfinance bank (MFB) subsidiary. According to sources close to the company, Olujobi joined Moniepoint in March 2024, bringing with him nearly two decades of financial expertise.
Olujobi previously served as CFO of Stanbic IBTC Bank, where he also held a role as a non-executive director at Stanbic IBTC Capital, the investment division of Stanbic IBTC Holdings. His arrival at Moniepoint MFB follows the bank’s strategic partnership with Nigeria’s Corporate Affairs Commission (CAC) to digitize operations for two million small and medium-sized businesses. In his new role, Olujobi will help steer Moniepoint’s ambitious goal of onboarding 30 million businesses over the next five years, supporting the fintech’s expansion of digital payment solutions, banking, FX, credit offerings, and business management tools across Africa.
Expressing his enthusiasm for the new role, Olujobi said in a press release, “I am thrilled to join Moniepoint at such a transformative time. The bank’s unique approach to both business and personal banking aligns with what consumers today want—a secure, convenient, and comprehensive platform to manage their financial needs. Moniepoint is at the forefront of making this vision a reality.”
Olujobi’s appointment reflects a broader trend in Nigeria’s fintech sector, with leading startups increasingly recruiting top talent from established banks and financial institutions. Over the past several months, Moniepoint and other fintech players have strengthened their compliance teams, drawing seasoned professionals from both banking and fintech sectors to fuel their rapid growth and ensure regulatory alignment.
