FairMoney Microfinance Bank has appointed Gbenga Shobo, former Deputy Managing Director of First Bank of Nigeria Ltd., as Chairman of its Board, alongside the appointment of Debo Aderoju as Executive Director and Chief Risk Officer, in a move aimed at strengthening leadership and corporate governance as the bank expands its digital financial services operations.
Managing Director Henry Obiekea said the appointments come at a critical stage where strong governance has become essential. “The bank is at a critical inflection point where strong corporate governance is essential to sustain the growth achieved over the past few years. Welcoming Shobo and Aderoju reinforces our commitment to transforming FairMoney into a market-leading financial institution,” Obiekea stated.
Shobo brings more than 35 years of banking experience to the role. During his tenure at First Bank, he played a key role in driving digital banking growth and supervised business units generating significant revenue. An alumnus of Obafemi Awolowo University, Shobo also attended leadership programmes at Harvard Business School, Stanford University, and INSEAD. Obiekea noted that Shobo has more than a decade of board-level experience across microfinance, insurance, and fintech institutions, adding that his experience managing complex banking operations and technology-driven retail services would support the bank’s expansion strategy.
Aderoju, whose appointment remains subject to regulatory approval, is a banking professional with more than two decades of experience in credit management, enterprise risk management, and inclusive finance. Before joining FairMoney, he served as Managing Director and CEO of Letshego Microfinance Bank Nigeria. He previously worked at United Bank for Africa before joining First Bank, where he oversaw risk management across several Sub-Saharan African markets. Aderoju has attended leadership programmes at the Gordon Institute of Business Science, University of Pretoria, and the Massachusetts Institute of Technology.
FairMoney Microfinance Bank is a technology-driven institution focused on expanding financial inclusion through digital banking services. The bank provides loans, savings accounts, and payment solutions aimed at improving access to financial services for individuals and businesses across Nigeria. The leadership appointments signal a strategic focus on strengthening governance frameworks as the digital lending sector faces increased regulatory scrutiny and competition. Strong board-level oversight is becoming increasingly important for fintech firms seeking to scale operations while maintaining compliance with Central Bank of Nigeria regulations and building sustainable business models.
