As reported by TechPoint Africa, Moniepoint has announced the appointment of former Stanbic IBTC Chief Financial Officer Bayo Olujobi as the new CFO of its microfinance bank, a move that aligns with its strategic expansion plans and hints at ambitions that may extend beyond microfinance. Moniepoint, which recently reached unicorn status by processing over $150 billion in transactions annually, could be positioning itself for entry into Nigeria’s commercial banking sector, and Olujobi’s expertise brings valuable insight from traditional banking to the fintech.
With a valuation exceeding $1 billion after a $110 million Series C funding round led by Development Partners International (DPI), Moniepoint is emerging as a key player in Nigeria’s financial services market. Originally branded as TeamApt until its rebrand in 2023, Moniepoint has grown rapidly, catering to more than ten million businesses and individuals through its extensive agency banking network and expanding personal banking services.
Olujobi’s background in financial management from his time at Stanbic IBTC is well-suited to support Moniepoint’s operational scale as it processes billions of transactions annually. His expertise is expected to bring not only advanced financial oversight but also crucial regulatory knowledge that may smooth the path if Moniepoint chooses to pursue a commercial banking license. CEO Tosin Eniolorunda has previously emphasized Moniepoint’s mission of driving financial inclusion across Nigeria and Africa, and attracting seasoned banking executives like Olujobi reinforces the fintech’s readiness for potential regulatory expansions.
Moniepoint’s influence is not limited to Nigeria, as the company has hinted at entering other African markets, with Kenya as a possible starting point. Its business model, which emphasizes agency banking and business loans, could thrive in regions with limited access to conventional banking services. However, expanding its regulatory reach will require careful management, which may fall under Olujobi’s purview as CFO.
While Moniepoint’s entry into commercial banking is not yet certain, the addition of Olujobi signals a readiness to explore this potential path. His experience may provide Moniepoint with the operational and regulatory leverage to move forward if it chooses to take that step. This strategic hire reflects Moniepoint’s growing vision to meet Africa’s comprehensive financial needs and solidifies its position as one of the continent’s fastest-growing fintech firms.
