Africa’s latest unicorn, Moniepoint Microfinance Bank, has appointed former Stanbic Bank finance chief, Bayo Olujobi as its new Chief Financial Officer (CFO). According to the statement issued by the company, Olujobi’s appointment is aimed at complementing the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness.
This is coming less than a week after the financial technology company announced the completion of a $110 million Series C funding round which many analysts believe catapulted it to the status of a unicorn. In the wake of that feat, the company is now looking to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.
Speaking about their latest acquisition, Group CEO of Moniepont Inc., Tosin Eniolorunda, expressed his delight 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 on our market leadership in the financial services industry. Bayo’s leadership will undoubtedly strengthen our financial operations and support our long-term goals,” the Group CEO said.
Similarly, Managing Director, Babatunde Olofin, expressed his strong belief that the new CFO will contribute immensely to the Bank’s continued success.
“His solid track record in delivering optimal results and 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,” Olofin said.
Meet Moniepoint’s new CFO, Bayo Olujobi
Bayo Olujobi holds a Bachelor’s of Science Degree in Economics from the Lagos State University, where he finished as Best graduating student. He also holds a Master of Business Administration (MBA) from the Cranfield School of Management, UK. Bayo’s financial nous has also been globally acknowledged as the recipient of the Financial Services CFO of the Year (West Africa), and Most Innovative Financial Services CFO (Africa) at the Acquisition International Global CFO Excellence Awards in 2021 and 2022 respectively.
Bayo Olujobi joins Moniepoint MFB from Stanbic IBTC Bank where he served as the Chief Financial Officer as well as a Non-Executive Director, Stanbic IBTC Capital. With close to twenty years of experience in the financial sector, Bayo, a Certified Treasury Professional (CTP) has held various senior roles, demonstrating exceptional expertise in finance, business development and strategy, and treasury management.
Bayo’s strategic vision and leadership have been instrumental in driving financial performance and operational efficiency at both Stanbic IBTC and Asset, and Resource Management Company (ARM) where he previously worked. The CTP designation is the gold standard for competency in the finance profession. It is recognized as the leading credential in corporate treasury worldwide which signposts that the individual can effectively execute critical functions related to corporate liquidity, capital and risk management.
Speaking about his appointment, Bayo, while expressing excitement at the opportunity, lauded Moniepoint for having developed a cutting edge in the industry.
“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,” the new CFO said.
In all, Bayo brings a wealth of experience and a proven track record in financial management to the company. This includes financial and regulatory reporting, management accounting, compliance and capital management, and budgeting and strategy formulation. He is also expected to bring strategic leadership to the bank’s executive team.
In February 2024, Moniepoint MFB and Nigeria’s Corporate Affairs Commission (CAC) joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria. This was in a bid to ensure alignment with regulatory compliance whilst providing those SMEs with access to capital that will enable them to unlock their potentials, contribute significantly to job creation and drive shared prosperity.
The fintech, recognized by the Financial Times as Africa’s fastest-growing financial institution, also established a target to onboard 30 million businesses over the next 5 years. In August 2023, the company entered the personal banking market and says it has since experienced a 2,000 per cent growth in personal finance customers over the past year.
