Moniepoint, the Nigerian fintech firm valued at over a billion dollars after a recent $110 million funding round, has appointed Bayo Olujobi as the Chief Financial Officer (CFO) of its subsidiary, Moniepoint MFB.
Mr Olujobi brings nearly 20 years of experience in finance, including his previous role at Stanbic IBTC Bank (a member of Standard Bank Group), where he served as the Chief Financial Officer and also as a Non-Executive Director, Stanbic IBTC Capital.
This strategic hire comes as Moniepoint accelerates efforts to scale its services, including digital payments, banking, foreign exchange, credit, and business management tools, to reach more small and medium businesses across Africa.
Daily Patriot had reported that the MFB recently raised $110 million in Series C funding, which many believe has now made the company one of Africa’s unicorns.
The funding was led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock.
According to the company, the capital raised would be used to accelerate Moniepoint’s growth across Africa, building an all-in-one, seamlessly integrated platform for African businesses.
Meanwhile, as Moniepoint’s CFO, Mr Olujobi will play a key role in the company’s ambitious goal of onboarding 30 million businesses within the next five years.
His appointment follows Moniepoint’s partnership with Nigeria’s Corporate Affairs Commission (CAC) to digitise operations for over two million small and medium-sized enterprises, aligning with the fintech’s mission to streamline financial services for Nigerian businesses.
Expressing enthusiasm for his new role, 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.”
The move reflects a broader trend among leading fintech startups in Nigeria, which have increasingly been recruiting top talent from traditional banks to strengthen compliance and financial operations as they expand their footprint across the continent.
