Nigerian fintech unicorn Moniepoint 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 vice president for corporate affairs, Didi Uwemakpan, attributed the company’s hiring strategy to its industry-agnostic approach. "We believe mastery is paramount, and we’re committed to attracting the brightest minds, irrespective of their industry experience," Uwemakpan said.

Access Bank and Stanbic IBTC did not respond to requests for comments on the matter. However, industry insiders say 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.

Moniepoint’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. The company has also engaged with the Central Bank of Nigeria (CBN) about securing a commercial banking licence.

In addition to expertise, money is also a key factor in the talent war. 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.

The implications of Moniepoint’s hiring spree are far-reaching, signaling a significant shift in Nigeria’s financial landscape. As fintechs continue to poach top talent from traditional banks, the industry will likely see a wave of innovation and disruption. Whether banks can adapt to this new reality remains to be seen, but one thing is clear: Moniepoint is positioning itself for dominance in Nigeria’s fintech space.