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 post Bayo Olujobi joins Moniepoint MFB from Stanbic IBTC Bank as CFO appeared first on Tech | Business | Economy.

This is a complete exit for Cardinal Stone, which had invested in i-Fitness in 2019.

Despite wider challenges in African private equity markets, there’s still a growing potential of the fitness industry in Nigeria.

Notably, exits in the continent fell by 73% in 2023 due to the economic downturn.

The private equity markets in Africa are facing a number of challenges, but despite this, the fitness industry in Nigeria is still showing signs of growth.

It’s worth noting, however, that exits in the continent have seen a decline of 73% in the year 2023, which can be attributed to the ongoing economic downturn.

Despite this setback, there is still hope for the fitness industry in Nigeria and it could potentially offer lucrative investment opportunities for those willing to take the risk.

“This journey has been incredibly rewarding,” said Yomi Jemibewon, managing director of Cardinal Stone.

He highlighted the early belief in i-Fitness founder Foluso’s vision and overcoming obstacles like the COVID-19 shutdown.

Cardinal Stone, the first institutional investor in i-Fitness, supported the company’s growth, exceeding initial targets ahead of schedule. Cardinal Stone’s investment helped i-Fitness exceed its initial growth targets ahead of schedule, enabling the company to expand its operations and reach a wider customer base in the highly competitive fitness industry.

Founded in 2015, i-Fitness has grown to over 26,000 active subscribers across 21 branches in four Nigerian cities. They offer high-end equipment, personal training, and yoga, differentiating themselves in the market. Subscriptions range from $11.76 to $15.5 per month, depending on the location.

The post Nigerian PE Firm Exits Fitness Chain i-Fitness in $12 Million Deal appeared first on Tech | Business | Economy.