Payhippo, a leading Nigerian fintech company specializing in providing capital to small and medium-sized enterprises (SMEs), has announced the appointment of Dami Olawoye, its former Chief Financial Officer (CFO), as its new Chief Executive Officer (CEO). This strategic move will see Olawoye take over from Zach Bijesse, the outgoing CEO, who will transition to a role on the company's board of directors.
Payhippo is known for its innovative use of artificial intelligence to offer credit to small businesses in Nigeria. Under Zach Bijesse's leadership, the company has disbursed over 36,000 loans to SMEs and developed an AI-driven credit engine.
Dami Olawoye, the newly appointed CEO, expressed his enthusiasm for the new role and his vision for the company's future. "I am deeply honored to become CEO of Payhippo," said Olawoye. "Payhippo is a leading player in Nigeria's fintech sector, and I am excited to lead the company's growth and continued support for small businesses across the country."
Olawoye also unveiled plans to focus on small businesses in the renewable energy sector, aiming to help them "scale up and create jobs" with Payhippo's new products. With SMEs forming the backbone of the Nigerian economy, contributing 48% to the national GDP, and accounting for 96% of businesses and 84% of employment, Payhippo's commitment to this sector is poised to make a significant impact.
In addition to the renewed emphasis on the renewable energy sector, Payhippo is expanding its product offerings to include asset finance and inventory finance. The company identified a significant gap in the lower end of the solar equipment distribution chain and plans to leverage its expertise in SME lending to fill this gap.
Outgoing CEO Zach Bijesse expressed his confidence in Payhippo's mission and the transition to new leadership. "I've always believed that Payhippo has the potential to be a force for good in Nigeria, helping small businesses grow and create jobs. I'm confident that Dami will continue to lead Payhippo forward on this mission, and I'm excited to see what the future holds for the company," said Bijesse. "As I transition from CEO to board member, I'm especially grateful to Chioma, Uche, and Dami for their contributions to Payhippo's success. They are the ones who helped build this company from scratch, and I'm excited to continue watching it grow."
The move to appoint Dami Olawoye as CEO comes at a pivotal time for Payhippo, and the company's focus on small businesses, renewable energy, and expanding its financial product offerings is expected to further solidify its position as a key player in Nigeria's fintech sector.
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