Moniepoint’s New CFO Marks a Turning Point in Africa’s Fintech Evolution

Moniepoint, Nigeria’s rising fintech giant valued at over a billion dollars, has appointed Bayo Olujobi as the CFO of its subsidiary Moniepoint MFB. His arrival isn’t just a leadership update; it’s a signal of the growing fusion between Africa’s banking establishment and its disruptive fintech innovators.

Having recently secured $110 million in funding, Moniepoint’s decision to bring on Olujobi—formerly CFO at Stanbic IBTC Bank and a seasoned non-executive director at Stanbic IBTC Capital—reflects its strategic shift towards building a powerhouse of reliable, scalable, and compliance-driven digital solutions. With 20 years in finance, Olujobi will bring Moniepoint’s vision into sharper focus: to support 30 million small and medium-sized businesses across Africa over the next five years.

The impact of this hire goes beyond Moniepoint’s balance sheet. In a region where small businesses face hurdles in accessing traditional banking, Moniepoint’s approach stands out, combining digital flexibility with banking-grade security. It’s a timely move, too, following its partnership with Nigeria’s Corporate Affairs Commission to digitize operations for 2 million small businesses—a critical step in an economy where informal enterprises make up a significant portion of the market.

In his statement, Olujobi highlighted his enthusiasm for Moniepoint’s mission to simplify finance for businesses, saying, “I believe Moniepoint is on the cutting edge of delivering what consumers crave—a secure, convenient, and easy platform to manage their financial lives.” His experience in overseeing financial stability at Stanbic will likely provide Moniepoint with the strategic foresight it needs to scale responsibly in a complex regulatory landscape.

This trend of fintechs hiring talent from traditional banks highlights an industry-wide shift in Africa. Startups like Moniepoint, Flutterwave, and others are not just tech disruptors anymore; they’re bringing seasoned financial leadership on board to balance growth with the reliability that comes with traditional banking. This blend of innovation with established expertise sets up these fintechs for long-term sustainability in an increasingly competitive space.

In a continent where cash remains dominant, Moniepoint’s ambitions to expand payments, FX, and credit tools are bold. With Olujobi steering financial strategy, Moniepoint seems poised to bridge the gap between informal businesses and formal banking—a transformative vision for Africa’s financial inclusion journey.

In short, Moniepoint is not merely adding a CFO; it’s aligning itself to be both a pioneer and a backbone in the future of African finance. For investors, businesses, and even established banks, this is a story to watch.