Moniepoint appoints former Stanbic IBTC CFO Bayo Olujobi to drive African expansion with $110-million boost

Oluwatosin Racheal Alabi -

Key Points

  • Moniepoint has appointed former Stanbic IBTC CFO Bayo Olujobi as the new CFO of its Microfinance Bank, following a recent $110-million funding round.
  • Olujobi’s appointment aligns with Moniepoint's goal to expand digital services and onboard 30 million small and medium-sized businesses across Africa within five years.
  • The hiring marks a broader trend of fintechs attracting top talent from traditional banks as they prioritize both growth and regulatory compliance.

Moniepoint, a Nigerian fintech valued at more than $1 billion after securing $110 million in funding, has announced the strategic hiring of Bayo Olujobi as Chief Financial Officer for Moniepoint Microfinance Bank (MFB), one of its rapidly expanding subsidiaries. Olujobi, who joins in March 2024, brings nearly two decades of financial expertise, including his previous role as CFO at Stanbic IBTC Bank and as a non-executive director for Stanbic IBTC Capital, the investment arm of Stanbic IBTC Holdings. His appointment aligns with Moniepoint’s ambitious growth goals and its commitment to deepening financial inclusion across Africa.

Olujobi’s expertise to support Moniepoint’s growth, partnerships, and SME digitization

After establishing a strong market presence in Nigeria, Moniepoint is set to enhance its offerings, which span digital payments, banking, foreign exchange, credit, and business management solutions. With his extensive background in finance and capital management, Olujobi will support Moniepoint’s upcoming expansions, particularly as it ramps up partnerships and digitization initiatives aimed at small and medium enterprises (SMEs). Moniepoint recently collaborated with Nigeria’s Corporate Affairs Commission (CAC) to streamline financial processes for over two million SMEs. This partnership, which marks a significant milestone, supports Moniepoint’s target to onboard thirty million businesses over the next five years.

“As we work to broaden our impact across Africa, we need leadership with deep financial insight,” said CEO Tosin Eniolorunda. “Bayo’s experience with Stanbic IBTC makes him an excellent fit for our growth objectives.” Olujobi echoed this enthusiasm, saying, “I am excited to be part of Moniepoint at a time when the company is setting new standards for digital banking in Africa. I look forward to contributing to this movement.”

African fintechs escalate hiring in compliance and finance amid regulatory demands

Olujobi’s transition to Moniepoint reflects a growing trend among African fintech companies to bring in senior talent from traditional banks to strengthen regulatory compliance and strategic growth. Since April, fintechs across Africa have been intensifying recruitment efforts, hiring experienced professionals from both established banks and competitors to align with increasingly complex regulations. This trend highlights the sector’s dual focus on innovation and regulatory adherence as fintechs expand their roles in African financial services. As Moniepoint accelerates its expansion and onboarding goals, Olujobi’s experience in corporate and investment banking will be instrumental in scaling operations and ensuring sustainable growth across target markets.