Fairmoney Microfinance Bank has announced the appointment of Gbenga Shobo as chairman of its board, alongside the addition of Debo Aderoju as executive director and chief risk officer.


The digital lender disclosed the appointments as part of efforts to reinforce its leadership structure and position the company for its next phase of growth. Both roles remain subject to regulatory approval.


In a statement, the company said the move underscores its focus on strengthening governance frameworks and maintaining regulatory compliance as it scales operations.


These appointments reflect our continued commitment to strong governance, regulatory excellence, and sustainable growth, the company stated.

Leadership Reinforcement Tied to Growth Strategy

Speaking on the development, the managing director of Fairmoney, Henry Obiekea, explained that the appointments are aligned with the company’s broader strategic direction.


According to him, as the company expands its footprint, there is a need to ensure that governance and risk management structures evolve in parallel.


The appointments of Gbenga Shobo and Debo Aderoju are part of our broader effort to strengthen governance, risk management, and institutional leadership as FairMoney continues to scale its banking operations, Obiekea said.

He added that both executives bring extensive experience that will support disciplined growth and long-term stability.



Focus on Governance and Risk Management

Obiekea further noted that the new leadership additions directly reflect the company’s priorities for the year.


He highlighted Shobo’s decades of experience at the board and executive levels, which is expected to enhance strategic oversight. At the same time, Aderoju’s expertise in enterprise risk and credit management is positioned to strengthen the bank’s operational resilience.


Both appointments align strongly with our priorities this year. Gbenga brings decades of board and executive leadership experience, providing strategic oversight at the board level, while Debo’s background in enterprise risk and credit management strengthens our operational capacity. Together, they add significant depth to our leadership team, he said.

Scaling Digital Banking Operations

Fairmoney has established itself as one of the early players in Nigeria’s digital lending space, building a reputation for providing structured and accessible loan services.


Beyond lending, the platform has expanded into full-service digital banking, offering customers the ability to send, receive, and save money within a unified ecosystem.


The company operates under the legal entity MyCredit Investments Limited and continues to expand its presence across Nigeria and other African markets.


Read More: Paystack moves into lending as it acquires Ladder Microfinance Bank


Strong Financial Performance Supports Expansion

The leadership changes come on the back of strong financial performance.

For the 2024 financial year, Fairmoney reported operating revenue of N112.3 billion. In 2025, the company also paid out more than N7 billion in interest to its savings customers, reflecting growing customer engagement and deposit activity.


These performance metrics contributed to an upgrade in the company’s issuer ratings by Global Credit Ratings, further strengthening its credibility within the financial services sector.


Positioning for Sustainable Growth

With a strengthened board and executive team, Fairmoney is positioning itself to scale its banking operations while maintaining strong governance and risk controls.


The appointments of Shobo and Aderoju signal a deliberate effort to balance rapid growth with institutional discipline, an increasingly critical requirement for digital financial institutions operating in Nigeria’s evolving regulatory environment.