Biography of OPay Nigeria’s CEO, Olu Akanmu

Olu Akanmu is the President and co-CEO of Opay Nigeria, a prominent fintech company in Nigeria. Before his appointment to this role, he had an extensive and impressive career in both the banking and telecommunications sectors.

Akanmu’s journey in the Nigerian banking industry began at FCMB (First City Monument Bank) where he held various key positions. He served as the Executive Director for Retail Banking for over eight years, showcasing his expertise in the banking sector. Prior to that, he was the Senior Vice President and Divisional Head of Retail Banking at FCMB.

In addition to his banking experience, Akanmu also had a notable stint in the Nigerian telecommunications services industry. He worked as the Chief Marketing Officer for Airtel Nigeria for a brief period between 2012 and 2013. Before that, he was the Managing Director for Retail and Consumer Banking at the now-defunct Bank PHB.

Further, Akanmu also held the position of General Manager for Consumer Marketing at MTN, one of Nigeria’s major telecom companies. He also worked as the Client Service Director at Insights Communication before joining MTN.

Olu Akanmu’s educational background is equally impressive. He earned a Bachelor’s Degree in Pharmacy from Obafemi Awolowo University, Ile-Ife, and later pursued an MBA at Lagos State University. Additionally, he attended the University of Witwatersrand and Edinburgh Business School, where he obtained a distinction in the Management Advancement Program and a post-graduate certificate in Business Research, respectively.

Akanmu’s appointment as President of Opay Nigeria came during a challenging time for the company. Opay entered the Nigerian market in May 2019 with various verticals, including bike-hailing, classified ads, food delivery, loans, ride-hailing, bus-hailing, and investments. However, due to the COVID-19 pandemic and government regulations prohibiting commercial motorcycles in some areas, the company had to suspend some of its business units, including ride-hailing services and delivery.

Despite the challenges, Opay managed to rebound and achieve unicorn status in August. A $400 million funding round led by Softbank valued the company at $2 billion, surpassing the predicted valuation of $1.5 billion. Opay continues to focus on supporting emerging markets in their economic development and has gained a substantial user base with over 5 million users and more than 300,000 agents across Nigeria.

With Olu Akanmu’s background in banking and telecommunications and the company’s significant growth, Opay Nigeria remains a major player in the Nigerian fintech sector under his leadership.