Fairmoney names ex FBN director Gbenga Shobo as board chair

Fairmoney Microfinance Bank has announced the appointment of Gbenga Shobo, a former director at First Bank of Nigeria, as the company’s board chair, alongside Debo Aderoju, the new Executive Director and Chief Risk Officer.

The digital lender announced the development yesterday as it looks to strengthen its management team and meet its objectives for the year.

” We are pleased to announce the appointment of Gbenga Shobo as Chairman of the Board and Debo Aderoju, MBA, FCIB, MCIB as Executive Director and Chief Risk Officer, subject to regulatory approval,” Fairmoney said

” These appointments reflect our continued commitment to strong governance, regulatory excellence, and sustainable growth,” The firm added

Speaking to Condia, Henry Obiekea, the Managing Director of Fairmoney, outlined the company’s rationale for the new appointments and how they reflect the broader growth strategy of the MFB.

” The appointments of Gbenga Shobo and Debo Aderoju are part of our broader effort to strengthen governance, risk management, and institutional leadership as FairMoney continues to scale its banking operations,” Obiekea said.

” As we grow, it is important that our governance and risk structures evolve alongside the business, and both leaders bring deep experience that will support sustainable and disciplined growth.” He added.

Fairmoney was among the first MFB’s to crack the digital loans market, offering loan services in a professional manner. The bank also offers full-service banking, allowing customers to send, receive, and save money.

New Appointments Reflect Fairmoney’s Priority for the Year

Speaking further on the new appointments, Fairmoney’s Managing Director, Henry Obiekea, revealed that the appointments highlight the company’s focus for the year and areas it is looking to improve.

” Both appointments align strongly with our priorities this year. Gbenga brings decades of board and executive leadership experience, providing strategic oversight at the board level, while Debo’s background in enterprise risk and credit management strengthens our operational capacity. Together, they add significant depth to our leadership team.” Obiekea explained

The appointments will help the firm in its ongoing quest to scale its banking operations in Nigeria and Africa. Fairmoney operates under the legal business name MyCredit Investments Limited, and the digital lender posted N112.3 billion in operating revenue for the full year of 2024.

In 2025, the bank paid out over ₦7 billion in interest to its savings customers. These strong financial indicators earned the MFB long- and short-term issuer ratings upgrades from Global Credit Ratings (GCR) last year.

Last updated: March 17, 2026