Moniepoint Makes Big Moves: Raids Access Bank and Stanbic IBTC for Top Talent as It Expands

 Moniepoint Makes Big Moves: Raids Access Bank and Stanbic IBTC for Top Talent as It Expands

Moniepoint Makes Big Moves: Raids Access Bank and Stanbic IBTC for Top Talent as It Expands - Business, Finance, Companies, Technology, Tech Companies

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Moniepoint, Nigeria's fintech unicorn, is making headlines with its bold and aggressive hiring strategy, snatching top talent from major players like Access Bank and Stanbic IBTC. Since 2023, Moniepoint has been on a recruitment spree, bolstering its workforce across critical departments like compliance, risk management, sales, and product roles—all essential as the company scales its operations.

Some of the standout names in the latest wave of hires include Michael Afolabi, who was the acting Chief Information Security and Data Protection Officer at Oxygen X, Access Bank’s digital lending subsidiary. Another notable hire is Bayo Olujobi, a former Stanbic IBTC executive who now serves as Moniepoint’s CFO. Over the past two years, at least 19 employees have left Access Bank for Moniepoint, with half of them joining in the last six months alone. Similarly, six former Stanbic IBTC employees have made the switch, including Ikenna Ndugbu, who now leads Moniepoint's compliance team.

Moniepoint’s vice president for corporate affairs, Didi Uwemakpan, shared the company’s approach to hiring, saying, “Moniepoint’s hiring strategy is industry-agnostic. We believe mastery is paramount, and we’re committed to attracting the brightest minds, irrespective of their industry experience.”

While Access Bank and Stanbic IBTC have yet to comment, Moniepoint’s targeted hiring spree is a noteworthy development in the Nigerian financial landscape. Unlike the mass hiring frenzy seen in the post-pandemic boom, Moniepoint’s recent moves are focused on attracting senior-level talent with deep expertise in banking.

Sources close to the company reveal that Moniepoint even poached the compliance team from a leading remittance startup, a strategic decision that aligns with the fintech’s ongoing expansion and growing regulatory scrutiny. The company is also in discussions with the Central Bank of Nigeria (CBN) about securing a commercial banking license, further expanding its reach into new areas like contactless payments and more complex financial services. This move is backed by Moniepoint's recent investment from global payments giant, Visa, which reinforces the fintech's ambitions.

This wave of recruitment signals a broader shift in Nigeria’s financial sector, with fintechs increasingly attracting senior-level professionals from traditional banks. The influx of ex-bankers into fintech is seen as a key strategy for strengthening financial systems, compliance, and risk management as these companies scale to new heights.

One significant factor driving this talent migration is money. Sources reveal that fintechs like Moniepoint often offer significantly higher salaries—sometimes doubling the compensation for senior roles at traditional banks. This financial incentive has forced banks to rethink their pay structures, with institutions like Sterling Bank raising salaries by over 35% in February, following a modest 7% increase earlier in the year. GTBank, Union Bank, and Wema Bank are also adjusting their pay scales in response to the increasing talent war.

As fintechs continue to attract top banking professionals, traditional banks face a growing challenge. If they can’t match the flexibility and competitive salaries offered by companies like Moniepoint, they risk losing even more of their best talent to the rapidly growing fintech sector.

What do you think about this shift? Are fintechs like Moniepoint stealing the spotlight from banks? Share your thoughts in the comments below!