- Moniepoint recently appointed Bayo Olujobi as its CFO from Stanbic IBTC
- The appointment has shown fintechs’ interest in ‘poaching’ top bank executives
- TheRadar spotlights the likes of Moniepoint, Opay and Flutterwave
In what seems like a change in the status quo in the financial sector, Nigerian fintechs have become audacious in their recruitment.
Recently, fintechs in Nigeria have scouted and poached top traditional bank executives into their employ, especially in the wake of expansion and huge transactions on their platforms, requiring regulatory guidance and “immunity.”
From Moniepoint's recent appointment of Bayo Olujobi as its Chief Financial Officer (CFO) to Opay’s previous appointment of Olu Akanmu, a former executive director at First City Monument Bank (FCMB), and later Gotring Dauda, a former director at the Central Bank of Nigeria (CBN), TheRadar highlights fintechs that have ‘poached’ former top traditional bank executives.
Fintechs that have ‘poached’ former top bank executives
1. Moniepoint
On Wednesday, November 6, Nigerian fintech Moniepoint announced the appointment of Bayo Olujobi as the Chief Financial Officer (CFO) of one of its subsidiaries, Moniepoint Microfinance Bank (MFB), just after raising $110 million in equity financing.
Before his appointment, Olujobi was the Chief Financial Officer of Stanbic IBTC Bank (a member of Standard Bank Group) and a Non-Executive Director of Stanbic IBTC Capital, the investment arm of Stanbic IBTC Holdings.
According to Moniepoint, Olujobi, with over 20 years of experience in the financial sector, is expected to steer the MFB’s expansion and financial inclusion efforts as his professional experience will be invaluable to the bank’s financial operations and long-term goals.
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.
2. Opay
On November 14, 2021, Opay appointed Olu Akanmu, a former Executive Director for Retail Banking at FCMB, as its president and co-CEO of its Nigerian division.
Akanmu has over 20 years of corporate leadership experience across various industries, including banking, telecommunications, healthcare, and fast-moving consumer goods (FMCG), among others.
He was the Chief Marketing Officer at Airtel, Nigeria, Managing Executive for Retail and Consumer Banking at the defunct Bank PHB, General Manager of Consumer Marketing at MTN Nigeria, and Client Service Director at Insight Communications, among other positions.
Following Akanmu’s resignation in 2023, Opay caught another big fish, appointing Daudu Gotring, a former Director of the Trade and Exchange Department at the CBN and a Plateau State gubernatorial aspirant.
While at the CBN, Gotring oversaw the apex bank’s trade and exchange department and managed various tasks, including issuing guidelines and regulations for the foreign exchange market’s operations.
Opay hopes to navigate the intricate Nigerian financial environment with Gotring at the saddle, given his blend of regulatory and political influences.
3. Flutterwave
Flutterwave has long had Tunde Lemo, a former Deputy Governor (Financial Surveillance) of the CBN, as a member of its board. Lemo’s presence on the fintech’s board comes with its benefits, helping to drive Flutterwave’s expansion.
While at the CBN, Lemo was responsible for the comprehensive surveillance of the apex bank’s financial system and for developing regulatory and supervisory frameworks for financial institutions.
Not done and recognising the immense benefits of having top bank executives on its side, Flutterwave appointed Dipo Fatokun, a former director of the CBN, as its chairman on March 14, 2024.
At the CBN, Fatokun was responsible for driving some of its revolutionary initiatives, including the cashless policy, the Bank Verification Number (BVN) project, the Treasury Single Account (TSA) for the Federal Government, and automating foreign currency payments for the CBN’s internal and external customers.
At Opay, Fatokun has brought his over 30 years of experience to bear in guiding the fintech’s growth trajectory, expansion plans and “creation of a well-regulated ecosystem and conducive environment for tech companies to thrive.”
Again, fintech to the rescue as banks undergo system upgrades
Meanwhile, TheRadar reported that as was the case during the crash crunch in early 2023, occasioned by the naira redesign policy of the Central Bank of Nigeria (CBN), fintechs are coming to the rescue of Nigerians as banks undergo system upgrades.
With millions of customers in Nigeria in just a few years of operation, fintechs have redefined electronic banking with innovations like lightning speed, mobile, real-time, boundless transactions and cheaper or fewer charges.
