This is where fintech has been a game-changer on the continent. However, we are far from having arrived at a place of full formal financial inclusion, which means leading financial services companies underpinned by the best fintech technology must continue to champion digital transformation across the continent’s financial ecosystem.

It starts with a deep commitment to interoperability. In our world, interoperability means you are agnostic towards the type of money that people use.

So, whether it’s cash, digital wallets, or cards, it starts with opening your network to all the players in the ecosystem.

In our business, this philosophy underpins our belief in a “two-sided network” wherein customers and enterprises alike stimulate flows through initial payment interactions, which in turn stimulate subsequent flows and through network effects increase the speed at which the payment fly-wheel turns!.

Interoperability ensures that the customer has a voice, and the consequence of this is that weak propositions get overlooked at best and squashed in the theatre of public opinion at worst.

This interoperable customer-centric approach stands in stark contrast to the walled-garden mentality that has plagued some financial institutions, where – it could be argued – the focus is on maintaining control rather than serving the needs of the people.

When considering the bigger picture of unlocking the untapped growth potential in Africa, the vision of a leading financial services provider needs to extend beyond the non-negotiable interoperability and encompass the vast opportunities presented by the continent.

Africa continues to be a huge focus for us at Mukuru precisely because it is a massive untapped growth area, and so the orientation is geared towards continuing to monetise this potential.

We are constantly asking ourselves: How do we continue to capture more and more of the existing, and growing, remittance flow and secure it in a formal context?

This requires constant innovation and a finger tightly on the pulse of what the customers are saying and asking for. This cannot be overstated.

In a sector awash with well-used jargon, digital transformation will continue to be front of mind. This is because digitisation is sweeping across the African financial landscape.

Of course, certainly, from our perspective, we have witnessed a massive shift in the numbers of people adopting a digital store of money and interacting and transacting with the digital economy.

This should always remain front and centre – walking the journey of financial inclusion with customers… but, as already mentioned, only if it is built on giving customers solutions to their existing problems. There is little logic in creating a shiny service and hoping to create demand.

No discussion about the flow of money in Africa is complete without understanding the importance of mobile wallets. From our perspective, working towards having a wallet in each market where we operate ensures seamless operations.

This is strategic in addition to being pragmatic, as it enables a unified customer experience, which – when good – drives customer loyalty and trust.

Our business is also pragmatic, in that it recognises the importance of addressing the demographic shifts and labour shortages in the global north, where an ageing population and a dearth of workers in certain sectors create a demand for migrants.

By facilitating the flow of remittances and fostering financial inclusion, we work to capitalise on this dynamic and drive sustainable growth in the region, while also playing a big part in ensuring critical funds reach families for basic requirements such as food, education and housing while helping these customers take incremental steps on their digitisation journeys.

Leading fintechs will know that if you want to go fast, go alone, but if you want to go far, go together.

This is why, as a business, we are actively pursuing strategic partnerships to bolster our brand association and position ourselves as a leading player in the industry.

Innovation is at the centre of everything, and we are close to signing transformative deals that will have a marked impact not only on Mukuru but on the broader industry in Africa.

The fintechs that go the furthest in terms of unlocking Africa’s immense potential will be the ones that remain deeply committed to driving digital innovation and fostering financial inclusion while capitalising on the vast opportunities presented by this diverse, vibrant continent.

We believe that by embracing true interoperability, digital transformation at its most granular level, and by investing in strategic partnerships, next-generation financial services platforms will continue to be trailblazers in the evolving financial landscape in Africa. The potential that will be unlocked will be nothing short of awe-inspiring.

By this appointment, Mr. Olujobi is to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness.

Bayo Olujobi 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.”

The information was disclosed in a statement of comprehensive Income released Wednesday by the Management of the Group.

Also putting up a strong showing, is the group’s revenue earning of N12.6 billion, an increase of 34% over the figure of N9.4 billion recorded in the corresponding period of 2021.  Its share capital rose modestly to N477 million from N463 million.

The Group’s investments in property, plant and equipment equally recorded a significant increase from the sum of N2.6 billion in 2021 to N2.9 billion in 2022. 

Its total non-current asset increased by over 300m, while the total balance sheet size recorded a marginal increase.

Red Star Express PLC., has demonstrated an impressive resilience, as its many industry peers grapple with harsh operational climate realities arising from the untold impact of  COVID 19, high rate of inflation and other macro-economic pressures.

Mr. Auwalu Babura, the Group CEO, reiterated that the company’s steady positive performance was attributable to the commendable resilience of the staff as well as the application of prudence and steady innovative measures by management.

Mr. Valentine Onyibo, the Head of Finance, forecast an easier sail in the years ahead.  “I can authoritatively tell you that with this financial result, we have laid a solid foundation for the years ahead. Of course, we have taken time to engage in some reviews and have identified areas we need to improve upon. We are very optimistic that the first quarter result which is due in couple of weeks, shall come out stronger and better.

Mr. Babura explained that for a logistics company that has to contend with high operational costs of diesel and other related expenses (inevitably required to operate its fleet of trucks nationwide), Red Star has had to successfully adopt some high level of application of prudence to navigate challenging murky business waters. 

In spite of the challenges, he explained that the company, being a leading logistics firm with high level activities in the haulage, freight, outsourcing and express delivery business,  has continued to invest  in various assets to satisfy our numerous customers.