E-Financial
Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer
Moniepoint Microfinance Bank, recognized by the Financial Times as Africa’s fastest-growing financial institution, has announced the appointment of Bayo Olujobi as its Chief Financial Officer (CFO) to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness.
Bayo brings a wealth of experience and a proven track record in financial management, including financial & regulatory reporting, management accounting, compliance & capital management, and budgeting & strategy formulation as well as strategic leadership to the bank’s executive team.
Buoyed by the recent announcement of a Series C round, where its holding company, Moniepoint Inc successfully raised $110 million led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint MfB is expected to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.
It will be recalled that in February 2024, Moniepoint MFB and Corporate Affairs Commission (CAC) joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria in a bid to ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them unlock their potentials, contribute significantly to job creation and drive shared prosperity, and a target to onboard 30 million businesses over the next 5 years.
In August 2023, Moniepoint MFB entered the personal banking market and has since experienced 2,000% growth in personal finance customers over the past year.
Bayo Olujobi joins Moniepoint MFB from 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. With close to twenty years of experience in the financial sector, Bayo, who is a Certified Treasury Professional (CTP) has held various senior roles, demonstrating exceptional expertise in finance, business development & strategy and treasury management.
His 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 and 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.
“We are delighted to welcome an accomplished and business savvy professional like Bayo to the Moniepoint family,” said Tosin Eniolorunda, Group CEO, Moniepont Inc.
“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.”
Bayo holds a Master of Business Administration, MBA from the Cranfield School of Management, UK as well as a Bachelor’s of Science Degree in Economics from the Lagos State University, where he finished as Best graduating student.
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.
“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,” Bayo Olujobi said.
Moniepoint MFB Managing Director, Babatunde Olofin added, “We are pleased to have Bayo join us and contribute to the Bank’s continued success.
“His solid track record in delivering optimal results & business value in high-growth environments stands him out as well as his remarkable ability to serve as 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.”
Kudirat Kekere-Ekun, chief Justice of Nigeria and chairman of the Board of Governors, National Judicial Institute Justice has blamed telecommunications companies for the glitches experienced in the country’s banking sector.
Kudirat Kekere-Ekun, chief Justice of Nigeria
Kekere-Ekun said this in her keynote address at the 2024 National Workshop for Justice and Judges on Legal Issues in Telecommunications with the theme, ‘The Role of the Judiciary in Accelerating Digital Transformation in Nigeria.’
The blame on telcos comes in the wake of multiple glitches in online services. On August 14, 2024, customers reported that the Guaranty Trust Bank (GTBank) website was down, leading to speculation that it had been cloned and customer data intercepted.
The CJN said, “I will like to quickly bring our attention to two issues which I consider to be pivotal and which revolve around cyber security and the attendant challenges of exploring the digital space.
“The first is the increased risk of the personal data of consumers being misused or compromised by unscrupulous persons, thus necessitating the need for improved strategies and innovation for consumer protection in the telecommunications sector.
“Also, worth noting are deficiencies in the Banking Sector and which are attributable to reliance on digital services provided by the Telecommunications Sector. There is for instance the major challenge posed by electronically backed transactions which is commonplace in the Banking Sector.”
The CJN said these glitches have led to several issues including hacking of online banking platforms as well as banks being compromised.
“Concerns in this regard include the spate of customers whose online banking platforms have been hacked, as well as banks being compromised due to technological glitches not factored into their day-to-day operations. Consequently, these and several other challenges have resulted in a number of disputes which frequently require adjudication,” she said.
Kekere-Ekun said the deployment of technology in telecommunications plays a pivotal role in the advancement economic system of any country.
She, however, said there is a need to proffer solutions to legal issues arising from digital services provided by the telecommunications sector.
“It is also my expectation that the forum will equip Judicial Officers with the technical skills required for adjudicating disputes arising from the sector and keep them abreast with global standards and best practices,” she added.
Ecobank Nigeria has alerted its customers to an upcoming brief service disruption due to scheduled system maintenance on its card services.
The maintenance is set to occur from 11:00 p.m. on Thursday, November 7, 2024, until 1:00 a.m. on Friday, November 8, 2024.
In a notification to customers, the bank explained that during the maintenance window, cardholders might experience intermittent issues when using Ecobank cards on other banks’ channels.
However, the bank said all its specific channels, including ATMs and POS terminals, will remain operational.
Additionally, other digital platforms—such as the Ecobank Mobile App, USSD *326#, Ecobank Online, Omni Lite, and Omni Plus—will be fully accessible throughout the maintenance period.
The bank expressed apologies for any inconvenience, reaffirming its commitment to providing seamless banking experiences across Africa.
E-Financial
Zenith Bank Commends Customers After Successfully Unveiling Upgraded Enhanced Tech infrastructure
Zenith Bank Plc has announced that it now boasts the best technology infrastructure in the banking industry, positioning itself to provide an exceptional customer experience and superior service delivery moving forward. This upgrade follows a recent comprehensive technology enhancement.
The bank expressed its heartfelt gratitude to customers for their support and patience throughout the upgrade process, while also extending apologies for any inconveniences experienced during this time.
This announcement was made in a social media post on Wednesday, signed by Dame Dr. Adaora Umeoji, OON, the Group Managing Director/CEO.
In her message, the GMD/CEO emphasized the bank’s commitment to delivering an unparalleled service experience, stating, “We undertook this upgrade to ensure we can offer our customers the best possible service.”
Umeoji pledged that Zenith Bank will continue to innovate, ensuring that customer needs are met swiftly, safely, and conveniently.
The post read in part: “On behalf of the Board, Management, and Staff of Zenith Bank PLC, I would like to thank you for your patience and support during our IT infrastructure migration to a new and more robust operating system.
“We are truly grateful for the trust and confidence you have placed in us. The primary reason for undertaking this extensive endeavor was to better position Zenith Bank PLC for improved service delivery to all our valued customers and to create memorable banking experiences at all our touchpoints.
“While I regret the inconveniences and challenges you faced during and immediately after our migration, I am pleased to inform you that Zenith Bank PLC now has the best technology infrastructure in the industry. We are committed to ensuring you experience superior service delivery going forward.
“Rest assured, you remain our top priority, and Zenith Bank will continue to innovate and offer value-added products and services to meet all your banking needs quickly, safely, and conveniently.”
Telcos Scale Down on Network Investments to Reduce Forex Losses
Kekere-Ekun, CJN Blames Reliance on Telecom Services for Online Banking Glitches
Ecobank Serves Customers Notice of Planned Service Disruption
King Shipping Felicitates with Aluo, NNL Chairman as He Bags Sports Administrator of the Year Award
AfriTECH 4.0 Holds in Lagos Today
First Bank Proposes New Name after Upgrading Banking Platforms
Moniepoint Boosts STEM Education with Unveiling of Tosin Eniolorunda Design Lab @OAU
TD Africa to Empower 400 Young Women with TecHERdemy
Vodafone, Google Deepen AI Ties to Bring New Services Across Africa & Europe
Edo State Launches Data Centre in Benin
E-Financial2 days agoCybersecurity Expert Raises Alarm, Warns against Use ATM Card PIN for Online Transactions
Telecom2 days agoMTN Nigeria to Issue N50Bn Commercial Paper
E-Business2 days agoFirm Identifies Key Signs of AI Usage in Phishing Attacks
E-Business2 days agoHow to Choose the Best Site to Convert BTC to Naira: The Key Features to Consider
E-Business2 days agoJumia Nigeria Expands E-commerce Access Nationwide as it Kicks Off 2024 Black Friday Campaign
Broadcasting2 days agoNorthern Broadcasters Sue Arewa 24, 7 Others over Licensing
Telecom2 days agoHow AI Agents can Step in as Consumer Trust Slips
News2 days agoSubstandard CNG Cylinder is Recipe for Disaster- SON