Payhippo, a Nigerian fintech company that utilises artificial intelligence to provide credit to small businesses, has appointed Dami Olawoye as its new Chief Executive Officer, succeeding Zach Bijesse, who will transition to a role on the company’s board of directors.
Under Olawoye’s leadership, Payhippo is set to focus on supporting small businesses in the renewable energy sector, helping them scale up and generate employment opportunities with new products. Olawoye expressed his honor in taking on the role of CEO and emphasised Payhippo’s significance in Nigeria’s fintech sector, particularly in its support for small businesses.
Payhippo will also expand its product offerings to encompass asset finance and inventory finance. The company has identified a notable gap in the distribution of solar equipment, particularly in the lower end of the supply chain, and aims to leverage its expertise in lending to small and medium-sized enterprises (SMEs) to address this gap.
In Nigeria, small businesses are integral to the economy, contributing significantly to the national GDP (48%) and representing a substantial portion of businesses (96%) and employment (84%). Under Zach Bijesse’s leadership, Payhippo disbursed over 36,000 loans to small businesses and developed an AI-powered credit assessment system. During his tenure as CFO, Dami Olawoye introduced a partnership platform and played a key role in enhancing the company’s profitability.
Zach Bijesse, the outgoing CEO, expressed his belief in Payhippo’s potential to positively impact Nigeria by aiding small businesses in their growth and job creation. He expressed confidence in Dami’s ability to lead Payhippo forward in this mission as he transitions into a board member role, looking forward to the company’s future growth and success.