Flutterwave, Africa’s leading payments technology company, announced the appointment of Marshall Lux, former JP Morgan Chase Chief Risk Officer of all consumer products, BCG and McKinsey Senior Partner, as Senior Advisor.

Marshall has extensive experience in model building, stress testing, portfolio management and optimization, line setting and increases, fraud, regulation, cyber, operations risk, and the like.

Marshall brings a breadth of experience from over 30 years in financial services. At McKinsey, he served financial service clients across a variety of subsectors and led the firm’s Risk, Technology and Private Equity practices. 

After McKinsey, he served as Chief Risk Officer for all consumer products globally at JP Morgan Chase including mortgages, credit cards, student loans, auto loans and small business loans. He also helped build McKinsey’s Risk Management Practice.

Most recently, Marshall was a Senior Partner at the Boston Consulting Group (BCG) where he is currently an active Senior Advisor.  He has worked on risk improvement programs for leading banks in the US and globally. He often sits or chairs the Risk Committees of Boards he sits on.

Marshall will advise across Flutterwave’s businesses, with an emphasis on global risk management, compliance and security-related areas.

Commenting on the new appointment, Olugbenga GB Agboola, CEO and Founder of Flutterwave said:

“We are fortunate to have the opportunity to draw upon Marshall’s decades of world-class experience from companies such as JP Morgan Chase, BCG and McKinsey. Robust risk management and compliance requirements has always been (and continues to be) our highest priority as we scale the business.”

Commenting on his appointment, Marshall Lux said:

“I am thrilled to be advising Flutterwave. They are clearly a winner and an important company in the African payments ecosystem. I look forward to working with the ever growing team, which is attracting world class talent.”

Marshall sits on several private equity boards and advises companies ranging from consumer credit, wealth, insurance, and cybersecurity. He graduated Summa Cum Laude from Princeton University and received an MBA from Harvard Business School where he was a Baker and Ford Scholar.

Marshall’s appointment follows other additions to Flutterwave’s Executive Team including Oneal Bhambani (Flutterwave CFO and former American Express executive) and Gurbhej Dhillon, (Flutterwave CTO and former Goldman Sachs Managing Director.)

In this role, he will oversee the continued development and execution of Flutterwave’s risk, security and scheme compliance strategy for Africa including the delivery of healthy growth of Flutterwave business and ecosystem in a changing risk landscape like Africa. 

He will be the primary point of contact for all risk-related projects, processes and operations and lead the risk management efforts for Flutterwave in Africa. Emmanuel brings over 22 years of Banking and Risk management experience to bear in his new role at Flutterwave. 

A Chartered Accountant and graduate of Accounting from the University of Benin, Emmanuel has experience in risk and business operations having held similar positions at United Bank for Africa, Standard Chartered Bank and Mastercard. 

At Mastercard, he developed and executed Mastercard’s safety and security strategy for Sub-Saharan Africa, provided strategic guidance on risk & compliance matters to the business, key partners and Mastercard customers in sub-Saharan Africa.

The Risk Group is a new unit carved out of the Flutterwave Compliance Team to enable faster development and implementation of Risk initiatives. Emmanuel joins Flutterwave to lead this Group for Africa.

This appointment follows Flutterwave’s recent senior management hires, including Gurbhej Dhillon, former Goldman Sachs Managing Director, as CTO;  Oneal Bhambani, former Vice President of American Express, as CFO; and Mansi Babyloni, former Senior Manager at EY and PwC, as CPO.  Collectively these hires represent a major stepping-stone in the growth of Flutterwave as it gears up and prepares for its next step on its journey towards IPO.

Commenting on the news, Olugbenga GB Agboola, CEO and Founder of Flutterwave said, “The scale of our business and the speed of our growth means that we must be extremely cautious about those we let on our platform. Emmanuel comes with over 22 years of risk and compliance to improve our processes and ensure we keep the bad actors away. Emmanuel is not only an expert in the field, he also understands the risk landscape in the industry and the continent. We’re excited that he has joined us and look forward to all the great processes and systems he will bring to Flutterwave to improve our risk profile.”

Emmanuel Efenure said, “I’m thrilled to join Africa’s leading payments technology company to improve the risk processes for Flutterwave Africa operations. What we do is important to keep customers, partners, company and the payment ecosystem safe. It excites me to work with this team of talented people building solutions for businesses in Africa and connecting them to the global payments system. I can’t wait to get started.”