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The Chief Executive Officer (CEO) of Renmoney Microfinance Bank Limited, Oluwatobi Boshoro, has resigned from her position just 10 months after her appointment.

The company’s Chairman, Kieran Donnelly, has also stepped down from the role.

Renmoney did not disclose the reason for Boshoro’s resignation which came as a surprise to many staff of the organisation, as she took the reins in November last year.

The MD’s resignation was disclosed in a statement signed by the company Secretary, Igbiwi Erhahon, on Tuesday.

[READ MORE: As economy bites, companies use ‘shrinkflation’ to rip off Nigerians]

According to the statement, the Chairman will step down from his position to serve as acting CEO pending the appointment of a substantive managing director.

During Boshoro’s tenure, Renmoney deepened its penetration in Nigeria by launching mobile centres across the country. The centres were initiated to fast-track financial inclusion and improve lending to individuals and investments in Small and Medium Enterprises (SMEs) in a more convenient way.

The centres would enable customers to complete end-to-end transactions at their convenience.

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Renmoney Mobile Experience Centers

Since its establishment, Renmoney has provided over 200,000 loans to individuals and small businesses in Nigeria, with over N50 billion provided to 140,000 customers. The company has over N170 billion in Fixed Deposit inflows.

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Oluwatobi Boshoro’s Profile prior to her appointment as Renmoney’s CEO.

  • She served as the Head of Digital Strategy, Issuing and Service Management at Stanbic IBTC.
  • She also headed Stanbic IBTC’s Electronic Banking and Digital Strategy units at various times, where she was responsible for the digital transformation of the bank.
  • Between 2008 and 2014, Tobi held senior positions at the Interswitch Group, including Group Head of Issuer Management.
  • She is an alumnus of Harvard Business School, having completed multiple Executive Management programmes, including the General Management Programme in 2013.
  • Boshoro also holds an M.Sc. in Strategic Marketing  from Cranfield University School of Management.
  • She has a B.Sc degree. in Economics from the Olabisi Onabanjo University, Ogun State.
  • Tobi is a member of the Chartered Institute of Marketing, United Kingdom and The Market Research Society, UK, with experience in Oil and Gas, FMCG, Electronic Payments and Banking.


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