- Moniepoint has appointed Bayo Olujobi as the CFO of its subsidiary, Moniepoint Microfinance Bank
- Olujobi has over 20 years of experience across various aspects of the financial sector
- Moniepoint recently raised $110 million in equity financing
Nigerian fintech Moniepoint has appointed Bayo Olujobi as Chief Financial Officer (CFO) of one of its subsidiaries, Moniepoint Microfinance Bank (MFB), just after it raised $110 million in equity financing.
Before his appointment, Olujobi was the CFO of Stanbic IBTC Bank (a member of Standard Bank Group) and a non-executive director at Stanbic IBTC Capital, the investment arm of Stanbic IBTC Holdings.
Olujobi, who has over 20 years of experience in the financial sector, will steer the bank’s expansion and financial inclusion efforts.
The company also noted that Olujobi’s record in financial management includes financial and regulatory reporting, management accounting, compliance and capital management, budgeting, strategy formulation, and strategic leadership.
The Group CEO of Moniepont Inc., Tosin Eniolorunda, said Olujobi’s professional experience will be invaluable to the bank’s financial operations and long-term goals.
Eniolorunda said, “We are delighted to welcome an accomplished and business-savvy professional like Bayo to the Moniepoint family.
“His extensive experience in traditional banking and strategic insight as an innovative thought leader will be invaluable as we continue to grow, innovate, and consolidate our market leadership in the financial services industry. Bayo’s leadership will undoubtedly strengthen our financial operations and support our long-term goals.”
Olujobi, commenting on his appointment, said Moniepoint has maintained an unparalleled customer proposition across different segments of the financial services sector.
He said, “I am really excited to have the opportunity to join Moniepoint at this time. The bank has developed an unparalleled customer proposition across the business and personal banking segments and I believe it is on the cutting edge of delivering what the consumer craves – a secure, convenient and easy platform to manage their financial lives – Moniepoint is right at the forefront of this movement.”
Meet Bayo Olujobi, Moniepoint’s CFO
Olujobi, Moniepoint MFB’s new CFO, is a Certified Treasury Professional (CTP), which is a badge of competence in the finance profession, and has been in senior roles that demonstrate his expertise in finance, business development and strategy, and treasury management.
While at Stanbic IBTC, Olujobi was instrumental in driving financial performance and operational efficiency. This was also demonstrated in his previous role at Asset and Resource Management Company (ARM).
Olujobi obtained a Master of Business Administration (MBA) from the Cranfield School of Management, UK and a Bachelor of Science Degree in Economics from the Lagos State University, where he finished as the best graduating student.
He is a recipient of the Financial Services CFO of the Year (West Africa) in 2021 and the Most Innovative Financial Services CFO (Africa) at the Acquisition International Global CFO Excellence Awards in 2022.
Moniepoint recently became Africa’s 8th unicorn
Moniepoint Inc. recently raised $110 million in equity financing to become Africa’s eighth startup to have achieved Unicorn status, joining the likes of Interswitch, Opay, Flutterwave, Wave, Andela, Chipper and MNT-Halan.
The series C financing round was led by Development Partners International (DPI) and other new investors, including Google’s Africa Investment Fund and Verod Capital. Global impact firm Lightrock, an existing investor, also participated in the funding round.
The new funding has further boosted the fintech’s valuation to at least $1 billion, increasing from around $400 million in a 2022 funding round when it raised $50 million.
The fintech said the capital raised will be channelled towards accelerating its growth across Africa and building an all-in-one, seamlessly integrated platform for businesses that will offer services such as digital payments, banking, foreign exchange, credit and business management tools.
Moniepoint has made giant strides in nine years
Since its entry into the fintech space nine years ago, Moniepoint has made giant strides and helped to drive financial inclusion in Nigeria.
The fintech provides retail banking services and agent banking and caters to small and medium enterprises (SMEs).
Moniepoint’s achievements and growth trajectory within a few years of entering the fintech space earned it second place on the Financial Times list of Africa’s fastest-growing companies in 2023.
The company has shown great prospects, especially with digital payments, as its transaction value grew by over 205 per cent and processed 5.2 billion transactions worth over $150 billion.
Moniepoint, among other fintechs, proved its mettle again during the recent bank system upgrades that had customers of traditional banks stranded.
The fintech said it currently processes over 800 million transactions, with a monthly total value exceeding $17 billion, while maintaining profitability and has experienced a 2,000 per cent growth since entering the personal banking space about a year ago.
Budding entrepreneur? Here are 10 insights from Moniepoint’s Informal Economy Report
The recent Informal Economy Report 2024, published by Moniepoint, a fintech company providing banking services and loans through an online banking app, has given insights into the dynamics of informal businesses in Nigeria.
TheRadar has aggregated 10 of these insights, which are crucial for aspiring entrepreneurs.
