Moniepoint taps Stanbic IBTC CFO for its microfinance bank after $110 million raise

Moniepoint, the Nigerian fintech that recently raised $110 million at a billion-dollar valuation, has appointed Bayo Olujobi as the Chief Financial Officer (CFO) of Moniepoint MFB, one of its subsidiaries. He joined the company in March 2024, according to two people familiar with the matter.

Olujobi, who has about 20 years of experience in finance, joined Moniepoint from Stanbic IBTC Bank, where he was CFO. He was also a non-executive director at Stanbic IBTC Capital, the investment arm of Stanbic IBTC Holdings.

Olujobi’s appointment as CFO comes eight months after the MFB partnered with the country’s Corporate Affairs Commission (CAC) to digitise operations for 2 million small and medium businesses.  He will also play a significant role in the company’s goal to onboard 30 million businesses over the next five years. Moniepoint also plans to expand its digital payments, banking, foreign exchange (FX), credit, and business management tools across Africa.

“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,” Olujobi said in a press release seen by TechCabal.

His appointment continues a trend of top fintech startups tapping up talents from banks and other fintechs. Since April, Moniepoint and other fintechs have ramped up compliance hiring, poaching top talent from banks and other fintechs.

Editor’s note: An earlier version of this article erroneously stated that Olujobi was a non-executive director at Stanbic IBTC bank.