Moniepoint, the Nigerian fintech unicorn, has been aggressively hiring top talent from Access Bank and Stanbic IBTC since 2023, deepening its bench as it scales operations. The recent hires span compliance, risk management, sales, and product roles—functions critical to scaling financial services.
Notable hires include Michael Afolabi, former acting Chief Information Security and Data Protection Officer at Oxygen X, Access Bank’s digital lending subsidiary, and Bayo Olujobi, a former Stanbic IBTC executive now serving as CFO. According to LinkedIn, at least 19 employees have left Access Bank for Moniepoint in the past two years, with half of them joining in the last six months. Similarly, six Stanbic IBTC employees have switched in recent months, including Ikenna Ndugbu, who now leads Moniepoint’s compliance team.
“Moniepoint’s hiring strategy is industry-agnostic,” said Didi Uwemakpan, the company’s vice president for corporate affairs . “We believe mastery is paramount, and we’re committed to attracting the brightest minds, irrespective of their industry experience.”
Access Bank did not respond to a request for comments.
Stanbic IBTC did not respond to a request for comments.
A strategic hiring spree
While fintech companies poached talent from banks during the post-pandemic exuberance when many startups were flush with cash, Moniepoint’s recent wave of hires stands out because of its focus on hiring senior-level banking talent.
According to a person familiar with the matter who asked not to be named discussing a confidential matter, Moniepoint poached the compliance team of a top remittance startup. These moves followed closer scrutiny of fintech by the Central Bank as their retail base expanded. The company has also engaged with the Central Bank of Nigeria (CBN) about securing a commercial banking licence.
The fintech’s recent strategic investment from global payments giant Visa further underscores its ambitions. Strong regulatory expertise will be critical as it scales into new areas like contactless payments and more complex financial services.
Moniepoint’s hiring spree is part of a broader shift in Nigeria’s financial sector, where fintechs are increasingly luring senior banking professionals. Fintechs rely on ex-bankers to bring deep expertise in financial systems, compliance, and risk management—capabilities that are crucial for scaling operations.
Money is also a key factor. Industry insiders say fintechs frequently offer significantly higher salaries than banks, sometimes doubling compensation for senior roles. The migration has forced traditional banks to review their pay structures. In February, Sterling Bank raised salaries by over 35% across several roles after a modest 7% increase in January failed to satisfy employees. GTBank, Union Bank, and Wema Bank have also implemented salary adjustments in response to the growing talent war.
If banks can’t match the salaries and flexibility fintechs offer, they risk losing more top talent to upstarts like Moniepoint. Fintechs aren’t just competing with banks for customers anymore—they’re coming for their best people. And they’re winning.
