Moniepoint, the Nigerian fintech unicorn, has intensified its recruitment drive, attracting top talent from Access Bank and Stanbic IBTC since 2023 as it scales its operations. The company has been hiring aggressively for compliance, risk management, sales, and product roles, positioning itself for expansion in the financial services sector.
Among its high-profile hires are Michael Afolabi, former acting Chief Information Security and Data Protection Officer at Oxygen X, a subsidiary of Access Bank, and Bayo Olujobi, a former Stanbic IBTC executive who now serves as Moniepoint’s Chief Financial Officer.
Industry data indicates that at least 19 employees have exited Access Bank for Moniepoint in the past two years, with half of them making the switch in the last six months. Similarly, six former Stanbic IBTC staff have joined Moniepoint in recent months, including Ikenna Ndugbu, who now leads the company’s compliance team.
According to Moniepoint’s vice president for corporate affairs, Didi Uwemakpan, the company prioritizes hiring the best talent, regardless of their industry background. However, both Access Bank and Stanbic IBTC declined to comment on the talent migration.
Moniepoint’s hiring spree comes amid increased scrutiny of fintechs by the Central Bank of Nigeria (CBN) as their customer base grows. The company has reportedly poached an entire compliance team from a major remittance startup while also engaging with the CBN about securing a commercial banking license.
A recent investment from Visa further highlights Moniepoint’s ambitions, particularly in expanding into areas such as contactless payments and complex financial services.
The fintech sector’s ability to offer significantly higher salaries than traditional banks has fueled this shift, with some fintechs doubling compensation for senior roles. This has forced banks to review their pay structures, with Sterling Bank implementing salary hikes of over 35% in February following an earlier unsatisfactory 7% increase. Other banks, including GTBank, Union Bank, and Wema Bank, have also made salary adjustments to retain talent. As fintechs like Moniepoint continue to lure top banking professionals, traditional banks may struggle to keep pace, not just in customer acquisition but also in retaining their best people.