In a world where technology continues to redefine how people live and work, few sectors have experienced as much transformation as finance. From mobile payments to digital lending, the rise of fintech is reshaping how individuals and businesses interact with money.
At the center of this shift in Nigeria is Ayomide Olupitan, a co-founder of LOMA Bank and a growing voice in the fintech ecosystem. With over eight years of experience spanning both finance and technology, Olupitan has built a career focused on improving access, efficiency, and innovation within the financial system.
In this exclusive conversation with Top Society, he speaks on his journey into tech, the story behind LOMA Bank, industry challenges, and his broader vision for financial inclusion in Nigeria and beyond.
May we meet you, sir?
My name is Ayomide Olupitan. I studied Physics at the university, but I’ve always been drawn to technology and problem-solving. That curiosity naturally pushed me into the tech space, where I’ve spent over eight years working across both finance and technology in Nigeria.
From early on, I enjoyed experimenting with ideas and building solutions that make life easier. Over time, that passion evolved into something bigger co-founding LOMA Bank, which is not just about financial services, but about creating an ecosystem where individuals and businesses can manage their finances more efficiently.
Can you walk us through the journey of LOMA Bank?
LOMA Bank was born out of experience and observation.
Before launching, my team and I worked closely with commercial banks, licensed operators, and financial institutions, building technology solutions that improved their operations. We were also involved in facilitating government payments and supporting service delivery through tech.
That exposure gave us a clear view of the gaps in the system delays, inefficiencies, and limitations in customer experience. We realised there was a need for a more seamless, end-to-end financial solution.
Our entry point was securing a microfinance banking licence, which we began working on in March 2023. That milestone gave us the regulatory backing to operate fully, innovate responsibly, and build products that serve both individuals and businesses in a more holistic way.
What does it really take to build a fintech or banking brand?
It goes far beyond funding.
First is compliance you must understand and strictly adhere to regulatory frameworks. Trust is everything in finance, and without it, nothing works.
Then comes value. You need to solve real problems, not just build for the sake of innovation. It also requires discipline, experience, and strategic thinking.
There are obvious costs—technology development, licensing, staffing but the real investment lies in building something that genuinely meets users’ needs and earns their confidence over time.
How does fintech differ from traditional commercial banking?
Both play important roles, but they approach service delivery differently.
Traditional banks operate through physical branches, established systems, and large infrastructure. They are stable and highly regulated.
However, technology drives fintech. It allows users to send money, pay bills, save, and access financial tools directly from their mobile devices.
The key advantages are speed, accessibility, and convenience, especially for younger users and underserved communities.
That said, it’s not a rivalry. Fintechs and banks can—and should complement each other. Collaboration between both sectors is essential for a stronger financial ecosystem.
What sets LOMA Bank apart?
One major difference is our approach to accessibility and user experience.
For small and medium-scale businesses, we remove many of the traditional barriers: lengthy paperwork, delays, and rigid requirements. Our platform allows them to receive payments, manage cash flow, and access microloans seamlessly.
For individuals, the focus is on simplicity and convenience. Users can carry out transactions, pay bills, save, and even access funds ahead of salary through our solutions.
We’ve also integrated agent support, so customers can carry out transactions without needing to visit a physical branch.
Tell us about your AI innovation.
We’ve begun integrating artificial intelligence into our systems to improve efficiency and decision-making.
For instance, AI helps us analyse transaction patterns and user behaviours, enabling smarter financial insights, better security, and improved service delivery.
It’s part of our effort to stay ahead in a rapidly evolving digital landscape.
What challenges have you faced as a fintech entrepreneur?
Trust is a major one. People want assurance that their money is safe.
Regulatory compliance is another it can be complex, but it’s absolutely necessary. There are also infrastructure challenges, especially around internet access and digital literacy in some areas.
However, every challenge presents an opportunity to innovate, educate users, and build stronger, more reliable systems.
What’s your take on increasing regulation in the fintech space?
It’s a positive step, as long as it’s implemented with the right intentions. Regulation helps maintain stability and trust, but it must evolve alongside innovation.
Continuous updates are necessary to ensure policies remain relevant in a fast-changing industry.
How do you see the future of fintech in Nigeria?
The future is digital, inclusive, and mobile-first.
We’re moving towards a system where financial services are instant and accessible to everyone even those previously excluded from traditional banking.
At LOMA Bank, our vision is to build a complete financial ecosystem where users can manage every aspect of their financial lives seamlessly—from payments to savings to business support.
What advice would you give to young people looking to enter fintech?
Start now, don’t wait! Stay curious, keep learning, and focus on solving real problems. Users’ needs form the foundation of the most successful fintech solutions.
Furthermore, don’t be afraid of failure. Every setback is part of the learning process.
Tell us a bit about your personal life and background.
I come from a family of seven children, and I’m the sixth. Growing up was quite unique I spent a lot of time on my own because my older siblings had already moved out, while the youngest was much younger; that experience helped shape my independence.
Today, I’m married with a son. I met my wife during my university days, and she has been incredibly supportive throughout my journey. My son is also a strong source of motivation he’s very intelligent and always eager to contribute ideas.
If you weren’t in tech, what would you be doing?
I would likely be in Human Resources. I’m passionate about people understanding them, helping them grow, and creating environments where they can thrive.
What does success mean to you?
Success, for me, is aligning with purpose following God’s direction. Once that alignment is there, sustaining success becomes much easier.
If given the opportunity to lead,
What would you change?
I would focus on leadership. Strong leadership is key to national development, and I believe everyone has a role to play in improving systems.
Any final thought?
Thank you for having me. It’s been a pleasure sharing my story, and I hope it inspires more young Nigerians to pursue their dreams with dedication and purpose.
