Fairmoney Microfinance Bank has appointed seasoned banking professionals, Gbenga Shobo as Chairman of the Board and Debo Aderoju as Executive Director and Chief Risk Officer.

The appointments are part of the Bank’s ongoing efforts to strengthen its corporate governance structure and executive leadership capacity, respectively, as it expands its footprint in Nigeria’s fast-growing digital financial services sector.

According to a statement, the strategic appointments mark a significant milestone in FairMoney’s institutional evolution, underscoring a deepened commitment to world-class corporate governance, regulatory excellence, and sustainable growth.

It said that as the organisation transitions from a high-growth fintech to a full-service microfinance bank, the integration of the industry leaders strengthens its governance framework and operational capacity.

It stated that the appointment of Shobo as Chairman brings over 35 years of experience in the banking industry to FairMoney.

Shobo, a former Deputy Managing Director at First Bank of Nigeria Limited, is a celebrated “titan” of African banking.

The statement explained that during his tenure at First Bank, he played a pivotal role in driving remarkable growth in digital banking volumes and supervised business units that generated significant portions of the bank’s total revenue.

An alumnus of the University of Ife, Harvard Business School, Stanford University and INSEAD, Shobo brings over 11 years of distinguished board-level experience at First Bank of Nigeria Limited.

Also joining the leadership team is Aderoju, a banking professional with more than two decades of experience in credit management, enterprise risk management and inclusive finance. Before this appointment, he served as Managing Director and Chief Executive Officer of Letshego Microfinance Bank Nigeria.

Earlier in his career, Aderoju worked at United Bank for Africa and later moved to First Bank of Nigeria Limited, where he oversaw risk management functions across multiple Sub-Saharan African markets. His appointment is subject to regulatory approval.

Commenting on the appointments, Managing Director of FairMoney Microfinance Bank, Henry Obiekea, said: “The bank is at a critical inflexion point, wherein strong corporate governance is essential to sustain the impressive growth that we have achieved over the past few years. Welcoming Gbenga Shobo and Debo Aderoju reinforces our commitment to transforming FairMoney into a market-leading financial institution.

“Shobo joins our board with extensive experience in managing complex operations and a deep understanding of the retail and tech-enabled sectors, which will be invaluable as we continue to expand our services and deliver even greater value to our customers. In addition, Aderoju’s strong expertise in governance and inclusive finance will serve as a key driver for enhancing operational efficiency, risk management and regulatory compliance.”