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Tag: Budgeting

  • Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer

    Moniepoint MFB Appoints Bayo Olujobi as Chief Financial Officer

    Moniepoint Microfinance Bank, recognized by the Financial Times as Africa’s fastest-growing financial institution, has announced the appointment of Bayo Olujobi as its Chief Financial Officer (CFO) to complement the bank’s visionary commitment to powering financial inclusion and ensuring the creation of a society where everyone experiences financial happiness. Bayo brings a wealth of experience and a proven track record in financial management, including financial & regulatory reporting, management accounting, compliance & capital management, and budgeting & strategy formulation as well as strategic leadership to the bank’s executive team.

    Buoyed by the recent announcement of a Series C round, where its holding company, Moniepoint Inc successfully raised $110 million led by Development Partners International, with other investors like Google’s Africa Investment Fund, Verod Capital, and Lightrock, Moniepoint MfB is expected to consolidate its leading position as the definitive bank for small and medium-sized businesses in Nigeria, as well as their customers and employees.

    It will be recalled that in February 2024, Moniepoint MFB and Corporate Affairs Commission (CAC) joined forces to digitize and formalize operations for over 2 million small and medium businesses across Nigeria in a bid to ensure alignment with regulatory compliance whilst providing SMEs with access to capital that will enable them unlock their potentials, contribute significantly to job creation and drive shared prosperity, and a target to onboard 30 million businesses over the next 5 years. In August 2023, Moniepoint MFB entered the personal banking market and has since experienced 2,000% growth in personal finance customers over the past year. 

    Bayo Olujobi joins Moniepoint MFB from Stanbic IBTC Bank (a member of Standard Bank Group), where he served as the Chief Financial Officer and also as a Non-Executive Director, Stanbic IBTC Capital. With close to twenty years of experience in the financial sector, Bayo, who is a Certified Treasury Professional (CTP) has held various senior roles, demonstrating exceptional expertise in finance, business development & strategy and treasury management. His strategic vision and leadership have been instrumental in driving financial performance and operational efficiency at both Stanbic IBTC and Asset and Resource Management Company (ARM) where he previously worked. The CTP designation is the gold standard for competency in the finance profession and is recognized as the leading credential in corporate treasury worldwide, which signifies that the individual can effectively execute critical functions related to corporate liquidity, capital, and risk management.

    “We are delighted to welcome an accomplished and business savvy professional like Bayo to the Moniepoint family,” said Tosin Eniolorunda, Group CEO, Moniepont Inc. “His extensive experience in traditional banking and strategic insight as an innovative thought leader will be invaluable as we continue to grow, innovate and consolidate on our market leadership in the financial services industry. Bayo’s leadership will undoubtedly strengthen our financial operations and support our long-term goals.”

    Bayo holds a Master of Business Administration, MBA from the Cranfield School of Management, UK, as well as a Bachelor of Science Degree in Economics from the Lagos State University, where he finished as Best graduating student. Bayo’s financial nous has also been globally acknowledged as the recipient of the Financial Services CFO of the Year (West Africa), and Most Innovative Financial Services CFO (Africa) at the Acquisition International Global CFO Excellence Awards in 2021 and 2022 respectively. 

    “I am really excited to have the opportunity to join Moniepoint at this time. The bank has developed an unparalleled customer proposition across the business and personal banking segments and I believe it is on the cutting edge of delivering what the consumer craves – a secure, convenient and easy platform to manage their financial lives – Moniepoint is right at the forefront of this movement,” Bayo Olujobi said. 

    Moniepoint MFB Managing Director, Babatunde Olofin added, “We are pleased to have Bayo join us and contribute to the Bank’s continued success. His solid track record in delivering optimal results & business value in high-growth environments stands him out as well as his remarkable ability to serve as mentor to peers and colleagues. I look forward to working with him and the super talented team at Moniepoint to drive financial growth and deliver value to our stakeholders.”

  • Personal Finance – ABC of Investing I

    Personal Finance – ABC of Investing I

    Whether your dreams include buying a home, starting a business, or traveling the world, sound financial management is the key to turning these dreams into reality. Personal finance is the comprehensive practice of managing your money in a way that aligns with your financial aspirations and goals. This multifaceted discipline includes a variety of activities such as budgeting, saving, investing, and planning for retirement. Each of these components plays a crucial role in ensuring your financial stability and growth.

    Budgeting in personal finance is the process of creating a plan to manage your income, expenses, and savings. It involves deciding in advance how you will allocate your money to cover various needs and goals. Here are some key points about budgeting, Income and Expenses, Spending Control, Savings. Creating a budget can give you more control over your finances and help you achieve both short-term and long-term financial stability. Do you have any specific goals or areas you’d like to focus on in your budget?

    Savings refers to the portion of your income that you set aside and do not spend immediately. This money is typically reserved for future use, such as emergencies, large purchases, or long-term goals like buying a house or retirement. cash idling in a savings account becomes wasteful because it loses purchasing power to inflation over time. Instead, cash not tied up in an emergency should be placed in something that will help it maintain its value or grow, such as investments.

    Investing is the act of allocating money into financial assets or ventures with the expectation of generating a profit or income over time. Investing can be a powerful tool for growing your wealth, but it’s important to understand the risks and do thorough research or consult with a financial advisor.

    Planning for retirement in personal finance involves preparing financially for the period in your life when you will no longer be working full-time. The goal is to ensure you have enough money saved and invested to maintain your desired lifestyle after you stop working. It’s never too early to start planning and seeking advice from a financial advisor can be very helpful.

    Keep in mind that managing personal finances is an ongoing journey, not a single destination. The financial landscape is always evolving, and it’s crucial to stay informed and adaptable. Continuously educating yourself about new financial strategies and adapting to changing circumstances will help you navigate this journey successfully. By doing so, you can ensure that your financial decisions are well-informed and aligned with your long-term goals.

    Here are few steps to aid your journey into sound personal finance management.

    1. Access your Financial Health

    Financial health refers to the overall condition of your financial situation, encompassing all actions that impact your monetary affairs. It’s important to recognize that everyone’s circumstances are unique, so it’s essential to tailor your assessment to your personal needs and goals. Financial health includes various aspects, such as:

    • Cash Balance: A growing cash balance indicates positive financial health.
    • Expenses and Debt: Monitor your expenses and debt, such as credit cards, mortgages, and loans. Aim for minimal fluctuations in expenses.
    • Savings and Net Worth: Assess your net worth—whether it’s positive or negative. Consider your savings, investments, and assets available for current or future use.
    • Investment Returns: Strong returns on investments contribute to financial health. Diversify your investments for stability.

    To improve your financial health:

    • Assess your net worth                                                       Pay down your debts       
    • Create a budget you can stick to                                    Build an emergency fund
    1. Understanding Investment basics

    An investment involves using capital in the present to increase an asset’s value over time. It’s the act of allocating resources (usually money) with the expectation of generating income, profit, or gains. When making an investment decision, an individual must consider some key factors; investment objective, risk and return, liquidity need and investment duration.

    • Investment Objective

    An investment objective is a set of financial goals that guide an investor’s decisions regarding their investment. The objective of the investment defines the goal of an investment. It could be Increasing the value of your investment over time (Growth), generating regular income from the investment (Income), Protecting the initial investment from loss or a combination of more than one. Understanding your investment objective helps in creating a tailored investment strategy that aligns with your personal finance goal.

    • Risk and Returns

    In personal finance, risk refers to the potential for losing some or all your investment. When considering risk, it’s important to understand both your willingness and ability to take risks. These two concepts help determine your overall risk tolerance.

    Willingness to Take Risk

    This is your personal comfort level with taking risks. It reflects your attitude and emotional response to potential losses and gains. Some people are naturally more risk-averse, preferring safer investments, while others are more risk-tolerant and comfortable with the possibility of higher losses for the chance of higher returns.

    Brought to you by FBNQuest Asset Management

    …to be continued