The CTOs And The Tech Faces Of Some Of Nigeria’s Fintech Companies

CTO means Chief Technology Officers and they are becoming more and more important as Nigeria’s fintech industry grows to extraordinary heights.

More than 200 firms that catered to the requirements of small enterprises and marginalized communities arose by the end of 2023.

Nigeria is positioned as a major participant in the e-payments market because of this development, which is mostly driven by rising internet and smartphone usage.

The fintech sector is not without difficulties, though. Major obstacles include cybersecurity issues and infrastructure constraints. Aiming for a 95% financial inclusion rate by 2024, the Central Bank of Nigeria (CBN) has developed the National Financial Inclusion Strategy (NFIS), highlighting the significance of initiatives like the cashless initiative.

Chief Technology Officers (CTOs) have a wider range of responsibilities as they navigate the heavily regulated fintech industry. This involves managing a complicated web of legal and regulatory regulations.

In addition to managing technology infrastructure, CTOs are responsible for developing novel solutions that improve operational effectiveness and financial accessibility. Their proficiency in data analytics, software engineering, and strategic technology implementation is crucial for creating services that enable millions of Nigerians.

We will explore the histories and accomplishments of the CTOs of the top fintech companies in Nigeria in this series of spotlights. To ensure that technology keeps driving financial inclusion in the nation, their insights are essential for navigating the ever-changing landscape.

In no order these are some of the CTO’s 

Operations and Technology, Interswitch; Babafemi Ogungbamila, EVP

Babafemi Ogungbamila is a seasoned technology executive with more than 21 years of experience in finance, software development, and IT infrastructure. He has played a key role in directing Interswitch’s digital transformation and payment infrastructure as its executive vice president of operations and technology.

Ogungbamila began working with Interswitch in 2003 and has held a number of positions since then. As Chief Information Officer, he oversaw a group of more than 200 engineers in many locations to promote the use of big data and cloud-native technologies. His first experience was with Accenture before joining Interswitch, where he worked as a software engineer at Neptune Software.

He is a graduate of the Lagos Business School’s Senior Management Program and Obafemi Awolowo University’s Computer Engineering Department.

CTO of Flutterwave, Gurbhej Dhillon 

At Flutterwave, a well-known fintech startup in Africa, Gurbhej Dhillon has been the Chief Technology Officer from May 2022. Having over two decades of expertise, he is in charge of the product development and technology foundation that drives Flutterwave quickly spreading payment solutions throughout international markets.

Dhillon had an illustrious 17-year career at Goldman Sachs, rising to the rank of Managing Director and Technology Fellow before joining Flutterwave. Led by a worldwide team, he developed the Marcus Lending platform in his capacity as CTO and Head of Lending Engineering. Dhillon has held positions as Senior Architect for Investment Banking Technology and CTO for Capital Markets Technology in the past.

Dhillon has a wealth of expertise in platform development, system architecture, and leading big, international teams. Working as an application developer for JetBlue Airways was another part of his prior employment.

Kuda’s Chief Technology Officer and co-founder, Musty Mustapha

A visionary technologist and entrepreneur, Musty Mustapha has been instrumental in transforming digital banking in Africa. Musty has led the way in developing cutting-edge solutions to satisfy the financial demands of the contemporary, mobile-first client as the co-founder and chief technology officer of Kuda, Nigeria’s first full-service digital-only bank. The development of Kuda’s smart banking platform has been under his supervision since 2018.

Musty had a successful career in finance and fintech before he co-founded Kuda. In his role as Senior Software Development Engineer at Stanbic IBTC, he oversaw a group of employees that carried out the bank’s digital transformation plan, concentrating on state-of-the-art tools to improve operational effectiveness and customer experience.

As a forerunner of Kuda, he co-founded Kudimoney, Nigeria’s first online-only loan and savings business.

He started his career as a Business Solutions Developer at First Bank of Nigeria Ltd. and then moved on to Keystone Bank Limited. He received a Distinction degree in his Master of Science (MSc) in Computer Science from the esteemed University of Lagos. Prior to that, he graduated with First Class Honours from the University of Ilorin with a Bachelor of Science (BSc) in Computer Science. There, he established De07, an organization of programmers who are passionate about investigating cutting-edge software solutions.

Chief Operating Officer and Chief Technology Officer of OPay, Dotun Daniel 

A seasoned executive with extensive knowledge in operations management and technology, 

Dotun Daniel specializes in fintech. He joined OPay in July 2024 as Chief Operating Officer and Chief Technology Officer, managing day-to-day and strategic operations to guarantee steady development and the smooth incorporation of cutting-edge technology.

Dotun led Flutterwave’s expansion in important areas as Senior Vice President of Offline Payments from 2022 to 2024, before taking on his present position. He joined OPay in 2019, and at that time he handled a number of important positions, such as Vice President of Product and Engineering and CTO for Nigeria.

Dotun has been the Chairman and Founder of CMYK Studios since 2016.

He graduated from the University of Roehampton with an MBA and the Texas McCombs School of Business with a postgraduate diploma in artificial intelligence and machine learning. Plus, he has TOGAF 9 Certification.

CTO of Moniepoint Inc. Felix Ike 

As the Chief Technology Officer of Moniepoint Inc., Felix Ike is an experienced technology leader and visionary who is instrumental in developing software solutions and spearheading innovation that empowers people and companies in Nigeria financially.

Felix has over nine years of experience using software to alter financial operations, and in his role as CTO, he oversees Moniepoint’s technology strategy.

Felix served as Lead Architect prior to taking on the CTO position, where his proficiency in software development, architecture, and team leadership was evident. In addition to supervising and coaching a skilled group of software developers, he was in charge of guaranteeing the delivery of reliable solutions.

His prior experience includes working as a software developer at Interswitch, where he was a member of a specialist R&D team entrusted with creating software solutions for both internal and external usage inside the organization. Felix started off at Tiketmobil as the Lead Developer. Felix completed his undergraduate studies in computer science at the University of Lagos, earning a first-class honors degree in the subject.

Trove Finance’s Co-founder and Chief Technology Officer, Opeyemi Olanipekun

Opeyemi Olanipekun is a well-known technological leader with a plethora of innovative and software development experience. He has been a key player in advancing Trove Finance’s technical vision as Co-Founder and CTO since July 2018, which has made investing options in Nigeria more accessible. In a former role, he worked as DropBuddies’ Head of Technology from January 2016 to June 2018, where he was responsible for creating online and mobile apps and making sure that the software performed well through extensive testing and debugging.

He designed the first Computer-Based Test (CBT) application and built scalable services during his tenure as a senior software developer at Prep class in his previous profession. During Supermart.ng, where he started his career in technology, Opeyemi made a substantial contribution to the creation of the website’s application and offered crucial operational assistance.

With a B.Sc. in Computer Engineering from the University of Lagos and an Advanced Diploma in Software Engineering from APTECH Nigeria, Opeyemi is well-prepared to succeed in the technology sector. His dedication to technology development keeps the Nigerian financial scene innovative.

Cowrywise’s CTO and Co-founder, Edward Popoola

Cowrywise is a prominent digital wealth management platform in Nigeria, and Edward Popoola is its Chief Technology Officer and Co-Founder.

Edward has led Cowrywise’s technology developments since the company’s creation in 2017, which support the organization’s goal of democratizing access to savings and investing for marginalized groups.

Edward supervised local and remote teams to offer vital Value-Added Services (VAS) solutions throughout the continent while holding the position of Technical Director at African Advantage Telecoms West Africa Limited (AAT) prior to co-founding Cowrywise.

In a previous role, Edward was employed by AAT in a number of technical leadership capacities, most notably as the Team Lead for Infrastructure Support and Integration. During his tenure, he supervised the maintenance and integration of USSD gateways and mobile money services for over 40 million customers, while also handling high-level accounts with MTN in several African nations. A noteworthy achievement in the telecom sector was achieved by him when he oversaw the construction of MTN’s outbound voice campaign platform, which handled over 2.3 million consumer calls daily.

Edward graduated from Obafemi Awolowo University with a B.Sc. in computer engineering and the Stanford University Center for Professional Development awarded him a certificate in innovation and entrepreneurship.

CTO of Paga Group, Eric Chijioke

Leading digital payments platform Paga Group Ltd., which aims to increase financial inclusion nationwide, employs Eric Chijioke as its chief technology officer. Eric has been instrumental in propelling Paga’s technology innovations since joining the firm in February 2011, making sure that consumers can complete transactions with ease.

Eric worked as Managing Partner of Apposit LLC, which he co-founded in 2007, prior to his employment at Paga. Paga claimed to have handled transactions totaling N14 trillion during the previous 15 years. The last five years have seen the recording of almost 80% of the transactions.

Eric started his professional career at Harvard University, where he worked as the DSA Project’s Lead Software Architect from January 2005 until November 2007. In this capacity, he oversaw the design and development of the Government of Ethiopia’s Integrated Financial Management Information System (IFMIS), a project that demonstrated his capacity to oversee intricate, significant technology projects.

Eric worked as a Senior Systems Analyst at ERisk, specializing in risk management software solutions for financial institutions, from May 2000 until December 2004, before starting his employment at Harvard. His professional trajectory has been molded by the abilities and insights he gained from this key event.

Eric graduated from Brown University with a bachelor’s degree in mechanical engineering in 1998.