In a move to bolster its presence in the small and medium-sized enterprise (SME) lending market, Nigerian fintech company Payhippo has announced the appointment of Dami Olawoye as its new Chief Executive Officer.
Olawoye, formerly the Chief Financial Officer (CFO) of Payhippo, will take the position, succeeding Zach Bijesse, who will transition to a role on the company’s board of directors.
With over 3,000 active SMEs on its platform and having disbursed over N30 billion to businesses of various scales, Payhippo has established itself as a key player in Nigeria’s fintech sector. The company has been key in supporting small businesses, which contribute significantly to Nigeria’s economy, constituting 48% of the national GDP and accounting for 96% of businesses and 84% of employment.
Under Olawoye’s leadership, the startup plans to focus its efforts on small businesses operating in the renewable energy sector. The company aims to assist these enterprises in scaling up their operations and creating job opportunities. As part of its expansion strategy, Payhippo will introduce new products, including asset finance and inventory finance, to cater to the specific needs of SMEs.
In a statement, Olawoye noted his enthusiasm for his new role: “I am deeply honored to become CEO of Payhippo. Payhippo is a leading player in Nigeria’s fintech sector, and I am excited to lead the company’s growth and continued support for small businesses across the country.”
One of Payhippo’s notable initiatives involves addressing a significant gap identified in the lower end of the solar equipment distribution chain. Leveraging its expertise in SME lending, Payhippo plans to bridge this gap by providing tailored financial solutions, thereby contributing to the growth of the renewable energy sector in Nigeria.
Outgoing CEO Zach Bijesse, who played an essential role in Payhippo’s journey, highlighted confidence in Olawoye’s ability to lead the company forward: “I’ve always believed that Payhippo has the potential to be a force for good in Nigeria, helping small businesses grow and create jobs. I’m confident that Dami will continue to lead Payhippo forward on this mission, and I’m excited to see what the future holds for the company.”
As Payhippo embarks on this new chapter under Olawoye’s leadership, the company remains focused on its core values of innovation, dignity, and putting people first. With a focus on empowering SMEs, Payhippo is set to make a significant impact on Nigeria’s business landscape.
