Dr. Oluwasijibomi Sanya, is the chief financial officer at Tranzfar Group UK, and chairman of Orisun Microfinance Bank in Ago-Iwoye, Ogun State. Tranzfar is a financial technology company specialising in digital banking, remittances, and payment infrastructure. Its operations span about 100 countries, and its primary focus is on making payments faster, seamless, and secure for users worldwide.
The Genesis
“My co-founder, Ryan Romeo and I had been in the UK oil industry for a few years. In 2016, we began brainstorming on ways to simplify the lives of the diaspora community members. We examined various challenges and identified the need for a platform that would enable people to send remittances back to their home countries, especially Nigerians, using technology.
“This platform would provide quality customer service, a user-friendly interface, and fair value to the diaspora community. After receiving regulatory approval in the UK, we assembled a team to develop the platform, build systems, establish strategic partnerships, and handle marketing to launch our product and grow our business.
Motivations
“My exposure to banking in Nigeria, where my late father, Sir (Dr.) Adeyemi Sanya established a Microfinance bank in 2001, and my experience working at Goldman Sachs in the UK laid the foundation for my interest in the banking and financial space. These experiences gave me a deep understanding and passion for the industry. The confidence to create a banking platform for a specific user base stemmed from this exposure.
Potential For Growth
“Our sector, which encompasses financial technology and payments, offers substantial room for growth and innovation. Through innovation, we can create new products, expand opportunities, and develop sub-sectors. The key lies in the commitment of passionate and ethical companies and individuals to better serve customers by providing a superior financial experience and maintaining strong relationships with regulators and other stakeholders.
Challenges
“When we launched Tranzfar in the UK in 2017, establishing trust as a new financial services provider was a significant challenge. We had to build trust within the community, with regulators, and among other UK financial services players, such as banks and merchant acquirers. Gaining the trust of potential investors was also a hurdle.
“Over time, we overcame this challenge by being persistent, demonstrating integrity, delivering on our promises, and actively participating in the community. Winning awards such as the Black British Business Awards in 2019 and the Nigerian British Business Forum Awards in 2017 further boosted our credibility and acceptance.
Advice
“To succeed as an entrepreneur, one must have the grit of a soldier. It is also crucial to have in-depth knowledge of your chosen sector, a strong passion for what you do, and the necessary skills and support to execute your deliverables excellently. The mindset must be one of embracing the opportunity to positively impact people’s lives by creating and delivering innovative products/services that add value,” he pointed out.
Background And Accomplishments
Dr. Oluwasijibomi Sanya was born in Ibadan, Nigeria. He is an economist who has practiced across various organisations/industries; economic and policy research, multilateral organisations, oil and gas, investment banking, and financial technology where he currently operates. He is the Chief Financial Officer at Tranzfar Group UK, and chairman of Orisun Microfinance Bank in Ago-Iwoye, Ogun State.
He started his professional journey shortly after graduating from Covenant University with a bachelor’s degree in economics. He worked as a research assistant to the Director General of NISER (Nigerian Institute for Social and Economic Research) during my NYSC.
Oluwasijibomi , was a commodities research analyst at Goldman Sachs in London, within the Global Investment Research division. He also served as a consultant to the Commonwealth Secretariat in London, focusing on public finance management. Oluwasijibomi, later joined the oil trading subsidiary of British Petroleum in London, where he functioned as an economist/econometrician. Subsequently, his co-founder and himself established Tranzfar, where he became the chairman of Orisun Microfinance Bank in Nigeria, working closely with the management and board to drive its success.
