By Modupe Gbadeyanka
Africa’s fastest-growing financial institution, Moniepoint Microfinance Bank, according to Financial Times, has appointed Mr Bayo Olujobi as its Chief Financial Officer (CFO).
He was drafted to the position to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness.
Mr Olujobi joins Moniepoint MFB from Stanbic IBTC Bank, where he occupied a similar role and also as a Non-Executive Director of Stanbic IBTC Capital.
He brings a wealth of experience and a proven track record in financial management, including financial & regulatory reporting, management accounting, compliance & capital management, and budgeting & strategy formulation as well as strategic leadership to the small bank’s executive team.
Buoyed by the recent announcement of a Series C round, where its holding company, Moniepoint successfully raised $110 million led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint MfB is expected to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.
“We are delighted to welcome an accomplished and business-savvy professional like Bayo to the Moniepoint family,” the chief executive of Moniepoint Incorporated, Mr Tosin Eniolorunda, said.
“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,” he added.
Also, the chief executive of Moniepoint MfB, Mr Babatunde Olofin, said, “We are pleased to have Bayo join us and contribute to the Bank’s continued success.
“His solid track record in delivering optimal results & business value in high-growth environments stands him out as well as his remarkable ability to serve as a mentor to peers and colleagues.
“I look forward to working with him and the super-talented team at Moniepoint to drive financial growth and deliver value to our stakeholders.”
Commenting on his appointment, Mr Olujobi 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.”
Recall that in February 2024, Moniepoint MFB and the Corporate Affairs Commission (CAC) partnered to digitize and formalize operations for over two million small and medium businesses across Nigeria in a bid to ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them to unlock their potentials, contribute significantly to job creation and drive shared prosperity, and a target to onboard 30 million businesses over the next 5 years.
In August 2023, Moniepoint MFB entered the personal banking market and has since experienced a 2,000 per cent growth in personal finance customers over the past year.
