Empowering women through inclusive, digital-first banking, whilst being open to everyone. Foluke Alakija is a Founder & Managing Director, Mayden Microfinance Bank, created to redefine the banking experience for women in Nigeria by recognizing them as powerful economic drivers with unique financial needs. The bank’s core values reflect a purpose beyond profit, aiming to contribute to broader development goals by closing the financial inclusion gap for women.
Spotlight Summary
Profile Overview
With over 40 years in Nigeria’s financial sector, Foluke Alakija is a seasoned C-suite banking and finance executive, gender advocate, and the Founder & CEO of Mayden Microfinance Bank, a female-focused, digitally enabled financial institution. She is redefining financial inclusion by building a bank designed to empower women-owned businesses, SMEs, and underserved female customers. Her work sits at the intersection of empathy, innovation, and sustainable financial empowerment, combining deep industry knowledge with a commitment to gender-focused impact.
Foluke has held numerous leadership roles across Nigeria and Africa’s banking and finance sector, including:
– Founder & Managing Director- Mayden Microfinance Bank (Current)
– Independent Non-Executive Director – Willis Towers Watson Nigeria Limited (Current)
-Independent Non-Executive Director – Xtra MFS Ghana Limited (Current)
– Non-Executive Director, National Bank of Commerce, Tanzania (Current)
– Independent Non-Executive Director at Rand Merchant Bank Nigeria (Former)
– Deputy Managing Director(Ag)/ Executive Director -Ecobank Nigeria (Former)
– Vice President – Citibank Nigeria (Former)
Her career reflects a lifelong dedication to driving inclusive financial access, mentoring women in finance, and leveraging technology to create scalable, sustainable solutions that transform communities.
Q- Could you briefly share how your career led you into fintech?
A– My journey into fintech started long before it was called that. I spent decades in traditional banking; learning, leading, and helping people access financial solutions. Over time, however, I noticed a recurring gap: too many women were still left out of the financial system.
These were women running businesses, managing homes, and driving communities, yet finance remained complicated or inaccessible to them. I wanted to change that. That desire led me to create Mayden Microfinance Bank; a female-focused and digitally enabled institution built to make finance simple, inclusive, and empowering.
Q -What does your current role entail, and what excites you most about it?
A– As Founder & CEO of Mayden Microfinance Bank, I ensure that the strategic goals and objectives of the bank are achieved, while complying with regulations and keeping all stakeholders satisfied.
What excites me most at the moment is the shift from traditional banking to digital banking. I am learning every minute of the day.
Q- What professional milestones or achievements are you most proud of?
A- When the Central Bank of Nigeria issued us a banking license and Mayden Microfinance Bank became a reality.
Q- As a woman in fintech, what challenges have you faced and how did you navigate them?
A– One of the biggest challenges has been changing mindsets, both within and outside the banking sector. In a market where microfinance banks are often associated with traditional, paper-based systems, introducing a digital-first approach requires continuous education and trust-building.
That is why our mantra — “We are Paperless & Cashless” is boldly displayed in front of our premises.
Q- What do you see as the biggest opportunity for fintech in Africa right now?
A– Women-owned microbusinesses, SMEs, and underserved female customers remain a strong target segment. A digital banking and fintech-driven approach can deliver tailored products such as savings, credit, and payments designed specifically for them.
Women are financially disciplined but require strong trust-building, excellent user experience, and supportive digital touchpoints.
While adoption is growing, financial inclusion gaps remain. A significant portion of the population still lacks full digital banking access due to behavioural, educational, and trust barriers. For example, regional studies show that while awareness of digital banking may be good, acceptance remains modest in certain zones of Nigeria.
Q- Who or what has inspired you along the way?
A– Throughout my years in banking, I encountered countless women who were talented, hardworking, and enterprising, yet excluded from the kind of financial support that could help them grow. Women running successful businesses, leading startups, and managing family finances, yet still facing barriers in today’s world.
To me, Mayden is not just a bank. It is a movement — built on the belief that when women thrive financially, families, communities, and entire economies thrive too.
Q- How do you balance personal life, family, leadership, and professional demands?A– Having a strong support system from family, friends, and domestic staff has been invaluable.
Q- Do you have a personal mantra, quote, or saying that inspires you and could inspire others?
A- “If your dreams do not scare you, then they are not big enough.”
— Ellen Johnson Sirleaf
Q- What advice would you give to young women or professionals aspiring to build careers in fintech?
A– Follow your passion and stay focused.
Q-What legacy do you hope to leave in this ecosystem?
