Dami Olawoye Takes Helm as Payhippo's New CEO

Published 8 months ago

Dami Olawoye has been announced as the new Chief Executive Officer (CEO) of Payhippo, a leading AI-powered lender for SMEs in Nigeria. Olawoye, who previously held the position of Chief Financial Officer (CFO) at the company, is set to replace Zach Bijesse, who will transition to a role on the board of directors.

Payhippo’s Evolution under Bijesse

During Bijesse’s tenure, Payhippo made significant strides, including the disbursement of over 36,000 SME loans and the development of an advanced AI-driven credit engine. The company also secured $16 million in equity and debt funding, positioning itself as a top provider of working capital to small businesses in Nigeria.

High Expectations for the New CEO

Olawoye comes into his new role with a wealth of executive and investment experience in high-growth SMEs across West Africa. His impressive career includes leadership at a renowned asset finance company in the UK. Olawoye’s understanding of Nigerian small businesses’ needs equips him to steer Payhippo into its next growth phase.

Under Olawoye’s guidance, Payhippo has expanded its product offerings, initiated successful fundraising efforts, and launched a partnership platform. His leadership has consistently contributed to enhancing the company’s profitability.

Payhippo’s Expansion Plans

Payhippo plans to broaden its product offerings with asset finance and inventory finance, focusing on Nigeria’s burgeoning renewable energy sector. The company has identified a substantial gap in the lower end of the solar equipment distribution chain. The aim is to leverage its expertise in SME lending to address end-users and installers’ challenges in accessing finance for equipment acquisition and inventory maintenance. This expansion aligns with the 50% growth in solar equipment sales in Nigeria in 2022, highlighting the increasing need for financing solutions among small businesses in this sector.

Outgoing CEO’s Farewell Remarks

Bijesse, the outgoing CEO, expressed confidence in Olawoye’s ability to lead the company towards its mission of helping small businesses grow and create jobs in Nigeria. As he transitions to his new role as a board member, Bijesse praised the contributions of Olawoye and other team members to the company’s success.