Moniepoint, Nigeria’s leading fintech unicorn, has been aggressively recruiting top professionals from Access Bank and Stanbic IBTC since 2023, strengthening its workforce as it expands operations. The company’s latest hires cut across key areas such as compliance, risk management, sales, and product development which are all critical functions for scaling its financial services.
Among the notable hires are Michael Afolabi, the former Acting Chief Information Security and Data Protection Officer at Oxygen X, Access Bank’s digital lending arm, and Bayo Olujobi, a former Stanbic IBTC executive now serving as Moniepoint’s Chief Financial Officer (CFO). Data from LinkedIn indicates that at least 19 employees have transitioned from Access Bank to Moniepoint in the past two years, with half making the move in the last six months. Additionally, six former Stanbic IBTC employees, including Ikenna Ndugbu, who now heads Moniepoint’s compliance team, have joined the fintech company in recent months.
According to Didi Uwemakpan, Vice President of Corporate Affairs at Moniepoint, the company’s recruitment strategy is “industry-agnostic.” She emphasized that Moniepoint prioritizes expertise and seeks to attract the best minds, regardless of their industry background.
While fintech firms have historically attracted talent from banks—particularly during the post-pandemic boom—Moniepoint’s hiring stands out due to its focus on senior banking professionals. The company has even reportedly recruited an entire compliance team from a leading remittance startup, a move that comes amid increased regulatory scrutiny of fintech companies as their retail customer base grows.
Moniepoint has also engaged with the Central Bank of Nigeria (CBN) regarding a potential commercial banking license, signaling its long-term ambitions. Its recent strategic investment from global payments giant, Visa further highlights its expansion plans. As Moniepoint ventures into areas such as contactless payments and more sophisticated financial services, regulatory expertise is becoming even more crucial.
Moniepoint’s hiring spree reflects a broader shift in Nigeria’s financial sector, where fintech firms are increasingly attracting senior banking professionals. Former bankers bring critical expertise in financial systems, risk management, and compliance—skills that are essential for scaling fintech operations effectively.
Compensation also plays a key role in this migration. Industry insiders reveal that fintech companies frequently offer significantly higher salaries than traditional banks, with some fintechs doubling pay for senior roles. This trend has forced banks to reevaluate their compensation structures.
In response to this talent drain, Sterling Bank raised salaries by over 35% across multiple positions in February, following a modest 7% increase in January that failed to meet employee expectations. GTBank, Union Bank, and Wema Bank have also introduced salary adjustments to remain competitive.
As fintechs like Moniepoint continue to offer higher pay and greater flexibility, traditional banks face a critical challenge: retaining top talent. The competition is no longer just about acquiring customers—fintechs are actively targeting banks’ most valuable employees. And for now, they’re succeeding.
