FairMoney appoints Gbenga Shobo as Chairman, Debo Aderoju as Executive Director

FairMoney Microfinance Bank has appointed Gbenga Shobo, former deputy managing director of First Bank of Nigeria, as chairman of its board. The financial institution also named Debo Aderoju, former CEO of Letshego Microfinance Bank, as executive director and chief risk officer.

The appointments are part of FairMoney‘s efforts to strengthen corporate governance and executive leadership capacity as it expands its footprint in Nigeria’s digital financial services sector.

The bank employed nearly 79,000 people as of December 31, 2025, according to its latest filing.

Shobo brings over 35 years of banking experience to FairMoney. During his tenure at First Bank, he played a pivotal role in driving growth in digital banking volumes and supervised business units that generated significant portions of the bank’s total revenue.

From fintech to a full-service microfinance bank

The strategic appointments mark a significant milestone in FairMoney’s institutional evolution as it transitions from a high-growth fintech to a full-service microfinance bank. The integration of these seasoned industry leaders strengthens its governance framework and operational capacity.

Shobo, an alumnus of the University of Ife, Harvard Business School, Stanford University, and INSEAD, brings over 11 years of board-level experience at First Bank. He has also served on the boards of various financial institutions, including microfinance banks, insurance companies, and fintechs.

Aderoju joins with more than two decades of experience in credit management, enterprise risk management, and inclusive finance. Before his appointment, he served as managing director and CEO of Letshego Microfinance Bank Nigeria.

Read also: Kuda and FairMoney tipped to aggressively snatch traditional bank customers in 2026

Earlier in his career, he worked at United Bank for Africa and First Bank, where he oversaw risk management functions across multiple Sub-Saharan African markets.

Why the appointments are significant to the bank

Henry Obiekea, managing director of FairMoney Microfinance Bank, said the bank is at a critical inflection point where strong corporate governance is essential to sustain growth.

“Welcoming Gbenga Shobo and Debo Aderoju reinforces our commitment to transforming FairMoney into a market-leading financial institution,” Obiekea said.

“Mr. 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.” He added.

Obiekea added that Aderoju’s expertise in governance and inclusive finance will serve as a key driver for enhancing operational efficiency, risk management, and regulatory compliance.

FairMoney has evolved from a rapid credit platform into a full-fledged licensed microfinance bank since 2021, offering a comprehensive suite of digital financial services, including loans, savings accounts, and payment solutions.

The appointments signal that FairMoney is prioritising institutional maturity over rapid growth as it scales operations. Bringing in experienced banking executives with decades of regulatory experience suggests the company is preparing for increased scrutiny from financial regulators as it expands its customer base and product offerings.

Aderoju’s appointment is subject to regulatory approval from the Central Bank of Nigeria.

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