FairMoney Microfinance Bank has appointed Gbenga Shobo as Chairman of its Board and Debo Aderoju as Executive Director and Chief Risk Officer, in a strategic move to strengthen governance and leadership.
The appointments come as the digital lender accelerates its transition into a full-service microfinance bank, positioning itself for deeper growth in Nigeria’s fast-expanding financial services sector.
The bank said the move reflects its commitment to strong corporate governance, regulatory compliance and long-term sustainability as it scales operations.
Shobo brings more than 35 years of banking experience, including his previous role as Deputy Managing Director at First Bank of Nigeria Limited. During his time there, he played a key role in expanding digital banking volumes and overseeing major revenue-generating business units.
Widely regarded as a heavyweight in the industry, Shobo also has extensive boardroom experience across banking, insurance, fintech and microfinance institutions. His appointment is expected to reinforce FairMoney’s governance structure and strategic direction.
Aderoju joins with over 20 years of experience spanning credit risk, enterprise risk management and inclusive finance. He previously served as Managing Director and CEO of Letshego Microfinance Bank Nigeria and held roles at United Bank for Africa and First Bank, where he managed risk operations across several African markets.
His appointment, subject to regulatory approval, is expected to strengthen the bank’s risk management framework and compliance systems.
Speaking on the development, Managing Director Henry Obiekea said the bank is at a critical growth stage where strong governance is essential.
He noted that Shobo’s deep industry experience and Aderoju’s expertise in risk and inclusive finance will help drive operational efficiency, enhance compliance, and support FairMoney’s ambition to become a market-leading institution.
Founded as a digital lending platform, FairMoney has evolved into a licensed microfinance bank offering loans, savings and payment solutions, aimed at expanding financial inclusion across Nigeria.
The lender said its continued focus on strong leadership and governance will underpin its efforts to deliver secure, accessible and customer-focused financial services.
